(1) General. All contributions made to the Retirement System, and all earnings thereon, shall be held for the exclusive benefit of the members and their survivors and beneficiaries. Such contributions and earnings shall not be used for, nor diverted to, purposes other than for the exclusive benefit of the members and beneficiaries and survivors.

(2) Refund of contributions. Notwithstanding the forgoing, a member's contributions may be refunded, if such refund is permitted under this Title, provided, however, that no such refund shall be allowed if such refund would deprive the retirement System of its tax-qualified status under the Tax Code.

(3) Expenses of the Retirement System. Notwithstanding the forgoing, assets of the Retirement System shall be used to defray expenses relating to the administration of the Retirement System and the management of assets thereunder.