Same: Duties

The Board of Trustees shall have, in addition to other duties arising out of this Chapter, the following duties:

(a)establish and maintain an office in the facilities provided by the Government for the meetings of the Board and the keeping of the books, accounts and records of the Fund; hold regular meetings bi-monthly and such special meetings as may be deemed necessary; and keep a full record of all of its proceedings, which shall be open to inspection by the public.

(b)Provide for the installation of a system of accounts and records which will give full effect to the requirements of this Chapter; adopt all necessary actuarial tables to be used in the operation of the CH. 8 RETIREMENT OF PUBLIC EMPLOYEES fund; and provide for the compilation of such statistical and financial data as may be required for actuarial valuations, period surveys and calculations.

(c)Obtain such information from the participating members and the Government as shall be necessary for the proper operation of the Fund.

(d)Consider and pass upon all applications for annuities, benefits refunds and other payments and authorize the expenditures for such purposes, in accordance with the provisions hereof.

(e)Accept any gift, grant or bequest of any money or property of any kind, for the purposes designated by the granter if such purposes are specified as providing cash benefits to some or all of the members or annuitants of the Fund; if no such purposes are designated, the same shall be credited to the account representing income from investments.

(f)Have the accounts of the Fund audited as of the end of each fiscal year by a competent accountant and submit an annual report to the Government as soon as possible following the close of the year embodying, among other things, a balance sheet showing the financial and actuarial condition of the Fund, a statement of income and expenditures for the year, a statement showing changes in the asset, liability and reserve accounts during the year, a statement of investments owned by the Fund, detailed statements of investments acquired and disposed of during the year, including the description of each security, purchase or sale price and names of vendors and vendees, and such other financial or statistical data as are necessary for a proper interpretation of the condition of the Fund and the results of its operation. The Board shall also cause to be published for distribution among the members a synopsis of such report.