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J 2. No two of the three at -large employee members of the commission shall be • employed in the same department of city government. Section 2.193. President and secretary; keeping of journal; preserving of books and papers. The mayor shall be the president and the director of finance the secretary of the retirement plan commission. The secretary shall keep a correct journal of the proceedings of every meeting, and shall preserve all books and papers of the commission in his office. Section 2.194. City treasurer to keep account and be custodian of funds. The city treasurer shall keep an account of and shall be the custodian of all money, securities, bonds and other evidences of debt belonging to the retirement fund, subiect to such conditions as the commission may prescribe. Section 2-195.1. Retirement fund. All of the funds and assets of the city's supplemental retirement or pension plan shall be maintained by the retirement plan commission in a fund to be known as the retirement fund In the retirement fund shall be accumulated all contributions made by the •city pursuant to the provisions of section 2-202 1 of this code and all income from the invested assets of the retirement fund. From the retirement fund shall be paid the retirement allowances and other benefits provided for under the terms of such retirement plan as set forth in Article XVI of this code. Section 2-196.1. Investment of funds. The retirement plan commission shall have charge of the investment and management of all assets of the retirement fund, subject to the standards for the invest- ment of funds by fiduciaries as set forth in Chapter 3 of Title 26 (6626-38 et seg.) of the Code of Virginia (1950) as amended. All interest, dividends or other income accruing from such investments shall be collected by the city treasurer when due and deposited to the credit of the retirement fund. All such funds shall be reinvested according to the provisions of this section; provided, that unless some other provision is made by city council for such payment, sufficient funds shall be retained as cash in the fund to provide for current retirement payments under the retirement plan and other legitimate expenses of the fund. Section 2-197.1. Valuations and reports. The retirement plan commission shall, through the city treasurer, not later than January 1st of each year, make an annual report to city council on the condition of the retirement fund and the retirement plan as of the preceding July 1st. Each such report •shall include the results of an actuarial valuation of the assets and liabilities of the retirement plan made not less frequently than biennially, and a statement of the amounts to be contributed by the city pursuant to 202.1 of this code. The report shall