Section 8-35-245 - Administration of preexisting public employee retirement plans(a) The retirement system, on request of the chief governing body of a political subdivision participating in the retirement system, may administer on behalf of such political subdivision any preexisting public employee retirement plan maintained by the political subdivision. However, any such plan must be a qualified plan under the Internal Revenue Code (26 U.S.C.) and must have a benefit structure suitable for efficient administration by the retirement system. Acceptance of the administration of the preexisting plan shall be subject to the approval of the board of trustees. If approval is given, such administration shall be in accordance with the terms specified by the chair of the board of trustees, and all assets and requisite records of the preexisting plan shall be transferred to the retirement system.(b) The state treasurer shall be responsible for investment of the plan assets in accordance with the laws, guidelines and policies which govern investments of the assets of the retirement system. All assets of the preexisting plan may be commingled for investment purposes with assets of the retirement system.(c) The retirement system shall not be liable for the payment of any retirement allowances or other benefits on account of the members, retirees or beneficiaries of any preexisting plan administered pursuant to this section for which reserves have not been previously created from funds contributed by the respective political subdivision or its employees for such benefits.(d) It is the legislative intent that the state shall realize no increased cost as a result of this section. All costs associated with this section, including administrative costs, shall be the responsibility of the respective political subdivision.