19-20-201. Administration by retirement board. The retirement board shall administer and operate the retirement system within the limitations prescribed by this chapter, and to this end, it is the duty of the retirement board to:
     (1) establish rules necessary for the proper administration and operation of the retirement system;
     (2) approve or disapprove all expenditures necessary for the proper operation of the retirement system;
     (3) keep a record of all its proceedings, which must be open to public inspection;
     (4) submit a report to the office of budget and program planning as a part of the information required by 17-7-111, detailing the fiscal transactions for the 2 fiscal years immediately preceding the report due date, the amount of the accumulated cash and securities of the retirement system, and the last fiscal year balance sheet showing the assets and liabilities of the retirement system;
     (5) keep in convenient form that data which is necessary for actuarial valuation of the various funds of the retirement system and for checking the experience of the retirement system;
     (6) prepare an annual valuation of the assets and liabilities of the retirement system;
     (7) prescribe a form for membership application which will provide adequate and necessary information for the proper operation of the retirement system;
     (8) annually determine the rate of regular interest as prescribed in 19-20-501;
     (9) establish and maintain the funds of the retirement system in accordance with the provisions of part 6 of this chapter; and
     (10) perform other duties and functions as are required to properly administer and operate the retirement system.

     History: En. 75-6205 by Sec. 100, Ch. 5, L. 1971; amd. Sec. 2, Ch. 127, L. 1977; amd. Sec. 2, Ch. 331, L. 1977; R.C.M. 1947, 75-6205(1), (5) thru (7), (9), (11), (13), (16) thru (18); amd. Sec. 25, Ch. 112, L. 1991; amd. Sec. 25, Ch. 349, L. 1993; Sec. 19-4-201, MCA 1991; redes. 19-20-201 by Code Commissioner, 1993.