38-883

38-883. Board of trustees; powers and
duties

A. The board shall:

1. Maintain records of the operation and administration of the plan and fund.

2. Contract on a fee basis for an independent annual audit of the accounting
records of the plan and fund and file a copy of the audit report with the auditor
general.

3. Employ on a fee basis an independent firm of actuaries to perform annual
actuarial valuations for each participating employer of the plan and fund based on an
actuarial cost method and actuarial assumptions recommended by the actuary and adopted by
the board. The actuarial valuations shall be performed by or under the direct supervision
of an actuary who is a member of the American academy of actuaries. By November 1 of each
year, the board shall 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.

4. Invest and reinvest the monies and assets of the fund in accordance with the
investment provisions of the public safety personnel retirement system. The board may
commingle securities and monies of the fund subject to the crediting of receipts and
earnings and charging of payments to the account of the appropriate employer.

5. Submit a detailed annual report of the operation and investment performance of
the plan and fund to the governor, the legislature and the members of the plan. The
board shall submit the annual report no later than six months after the end of the fiscal
year to which it pertains.

B. The board of trustees may:

1. Employ services it deems necessary, including legal services, for the operation
and administration of the plan and fund.

2. Utilize separate or commingled investment vehicles.

3. Delegate authority to the administrator employed pursuant to section 38-848,
subsection K, paragraph 6.

4. Appear before local boards and the courts and political subdivisions of this
state through counsel or appointed representatives to protect the fund. The board of
trustees is not responsible for the actions or omissions of the local boards under this
plan but may seek review or a rehearing of actions or omissions of local boards. The
board of trustees does not have a duty to review actions of the local boards but may do
so, in its discretion, in order to protect the fund.

5. Perform all acts, whether or not expressly authorized, that it deems necessary
and proper for the protection of the plan and fund.