All monies in said pension trust fund and said supplementary trust fund shall be deposited, administered and disbursed in accordance with the terms of this act N.M. Stat. Ann. § 29-4-1 to 29-4-11 and with the terms of the pension trust agreement and supplementary trust agreement which shall be drafted pursuant to the terms of this act and shall not become effective until specifically approved by the governor of New Mexico, the board of supervisors of the New Mexico state police [secretary of public safety] and the insurance department of the state of New Mexico [public regulation commission].