38-803

38-803. Powers and duties of the board

A. The board, in the administration, management and operation of the plan and fund,
shall:

1. Account for the operation, administration and investment expenses and allocate
them against investment income.

2. Contract on a fee basis with an actuary to make an actuarial valuation of the
plan based on the valuation method and valuation assumptions recommended by the actuary
and approved by the board. The actuary shall be a member of the American academy of
actuaries.

3. Contract on a fee basis with an independent auditing firm to make an annual
audit of the accounting records of the fund and file a copy of the audit with the auditor
general.

4. Invest the monies in the fund as provided in article 4 of this chapter.

5. Within a period of six months after the close of each fiscal year, submit a
detailed report of the operation and the investment performance of the plan to the
governor, the legislature and the members of the plan.

6. By November 1 of each year provide a preliminary report and by December 15 of
each year provide a final report to the governor, the speaker of the house of
representatives and the president of the senate on the contribution rate for the ensuing
fiscal year.

B. The board, in the administration, management and operation of the plan and fund,
may:

1. Employ services as it deems necessary.

2. Either keep invested monies separate or commingle invested monies as it deems
appropriate.

3. Delegate authority as it deems necessary and prudent to the administrator
employed pursuant to section 38-848, subsection K, paragraph 6.

4. Do all acts, whether expressly authorized, which may be deemed necessary or
proper for the protection of the fund.