§ 15-5-306 — Board powers and duties

(a) The board has the power to compel witnesses to attend
and testify before it upon all matters connected with the
operation of this article in the same manner as provided by law
for the taking of testimony in courts of record in this state.
The chairman or any member of the board may administer oaths to
witnesses.
(b) The board may provide for the payment from the fund of
all necessary expenses and printing not to exceed five percent
(5%) of the annual revenue. However, no compensation or
emolument may be paid to any member of the board for any duty
required or performed under this article.
(c) The board may make all necessary rules and regulations
for its guidance in conformity with the provisions of this
article.
(d) Upon recommendation of the board the governing body of
each city or town may hire a professional investment counselor
or management firm to make recommendations on the investment of
monies in the fund, which may be invested in any securities
specified in W.S. 9-3-408(b). The cost of such counselor or firm
shall be paid from the fund.
(e) The board shall:
(i) At least once in every six (6) year period cause
an actuarial valuation of the accounts within the fund to be
made;
(ii) At least every two (2) years cause an actuarial
investigation of all the experience under the accounts within
the fund to be made;
(iii) Pay out of funds which shall be provided by the
cities or towns the cost of the valuations and investigations
under paragraphs (i) and (ii) of this subsection;
(iv) Reduce employee and employer contribution rates
under W.S. 15-5-302(b), in an amount to be actuarially
determined, if at any time the assets in the existing or new
accounts of the fund exceed the liabilities in those accounts.