(a) The board is given the following powers and duties:

(1) To provide for the collection of all money provided for in this chapter;

(2) To provide for the payment of all administrative expenses;

(3) To hear and decide all applications for retirement benefits under this chapter;

(4) To provide for the payment of all retirement benefits that may be determined to be due under the rules and regulations adopted by the board;

(5) To make and promulgate all necessary rules and regulations not inconsistent with the laws of this state in order to carry out this chapter;

(6) To determine eligibility of persons to receive retirement benefits under this chapter;

(7) To make provisions for refunds or repayments to persons who may be entitled to receive them; and

(8) To keep records of all its meetings.

(b) The board shall also have all other powers necessary for the proper administration of this chapter.