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delivered to the director of finance and constitute the director of finance's authority to draw a check therefor upon the retirement fund for the amount therein specified. All paid vouchers shall be subject to review and approval by the board. Retirement benefits shall be approved by the board upon retirement of each employee and annually thereafter. 2.62.650 Use of Funds Effective as of January 1, 1954, neither the corpus or the income of the fund created pursuant to this chapter shall be diverted to or used for any other than the exclusive benefit of the members or their beneficiaries. Any person consenting to a diversion of any part of the fund to any other purpose shall, upon conviction thereof; be subject to a fine of not more than five hundred dollars ($500.00) in addition to any other penalties prescribed by law. 2.62.700 Benefits Not Assignable, Subject to Execution, etc. The benefits payable from the fund provided for by this chapter shall not be assignable, subject to counterclaim, recoupment or set off, nor shall they be subject to assignment, garnishment, sequestration, execution, injunction or any other decree, order, process or proceeding in any court for the payment of any debt of the beneficiary and the benefits shall be held and distributed for the purpose of this chapter, and for no other purpose whatsoever. p rp 2.62.710 Loans to Employees A. In accordance with and subject to any terms, conditions and procedures set forth in guidelines adopted by the board of trustees, or as amended by the board from time to time, loans shall be made available to all employees for whom an investment account has been established under Section 2.62.630 on a reasonably equivalent basis. Any such loan shall be treated as an investment of the employee's investment account, and all payments of principal and interest made by the employee shall be credited only to the employee's investment account. B. Loans must be adequately secured and bear a reasonable rate of interest. C. No loan shall exceed the lesser of (1) fifty thousand dollars ($50,000), reduced by the excess, if any, of the highest outstanding balance of any loans to the employee under this Section 2.62.710 and under any other retirement system maintained by the city during the one year period ending on the day before such loan is made, over the outstanding balance of such loans on the day such loan is made, or (2) one-half of the employee's investment account. The term and payment schedule of each loan shall satisfy the repayment period and level amortization requirements of the Internal Revenue Code, Section 72(p), and the Restated Police Pension Plan —City of University City Page 39