§ 8-4004 — Rights, powers and duties of board

Subject to the administrative duties reserved by state law to the state treasurer with respect to all state retirement systems, the retirement board shall have complete control of the administration of the system, subject to the provisions of this chapter, with all powers necessary to enable it to carry out properly its duties in that respect. Specifically, the rights, powers and duties of the board shall include, but shall not be limited to the following: (a) The board shall determine all questions that arise hereunder including the eligibility of county officials to become members and the amount of benefit to which any member may become entitled hereunder. (b) The board shall establish rules, forms and procedures to be followed in filing applications for benefits, in furnishing and verifying proofs necessary to establish earnings or any other matters required to administer the system. (c) The board shall prepare and publish an annual, audited, financial report showing all receipts, disbursements, and assets and liabilities of the system. The board shall keep accurate minutes of all its proceedings. All proceedings, minutes, and records of the board shall be open at all reasonable times for inspection by the public. (d) The board shall be empowered to employ the service of investment consultants, actuarial consultants, and the service of others which may be necessary to maintain a soundly designed, administered and financed pension system. Expenses incurred by or on behalf of the board in the administration of this system shall be paid from the fund upon written authorization by the board.

Legislative History

Acts 1968 (Adj. S.), ch. 617, § 4.