(a) The general administration and responsibility for the proper operation of the plan and for putting this chapter into effect are vested in the board.

(b) The board shall engage such actuarial and other services as shall be required to transact the business of the plan.

(c) The board shall designate an actuary who shall be the technical advisor of the board on matters regarding the operation of the plan and shall perform such other duties as are required in connection therewith.

(d) At least once in each five-year period following the date of establishment, the actuary shall make an actuarial investigation into the mortality experience of the members and beneficiaries of the plan and shall make a valuation of the contingent assets and liabilities of the plan. The board, after taking into account the results of such investigation and valuation, shall adopt for the plan such mortality, service, and other tables as shall be deemed necessary.

(e) The board shall determine, from time to time, the rate of regular interest for use in all calculation of benefit payments made pursuant to Code Section 47-22-11.

(f) Subject to the limitations of this chapter, the board shall, from time to time, adopt the plan document and establish rules and regulations for the administration of the plan and for the transaction of business.

(g) The board shall keep a record of all of its proceedings under this chapter, which record shall be open to the public.

(h) All persons employed by the board and the expenses of the board in furtherance of this chapter shall be paid from funds appropriated to the plan until such time as the board determines that the return on investments is sufficient to cover such costs.

(i) The board may combine the moneys subject to this chapter with other moneys under the control of the board for purposes of investment, provided that a separate accounting is maintained for all moneys subject to this chapter.