§ 3-2-15. Functions of the Board.


Latest version.
  • (a)

    Subject to the limitations of this Article, the Board shall, from time to time, establish rules and regulations for the administration of the System and for the transaction of its business, copies of which shall be made available to interested parties.

    (b)

    The Board may employ and pay out of the System funds for all services as shall be required.

    (c)

    The Board shall keep in convenient form such data as shall be necessary for an actuarial valuation of the System and for checking the experience of the System.

    (d)

    The Board shall keep minutes of all its proceedings. These minutes shall be open to the public for inspection, unless applicable law provides otherwise.

    (e)

    The Board shall submit to the Board of Supervisors annually an independent audit showing the fiscal transactions of the System for the preceding fiscal year, the amount of accumulated cash and securities of the System, and the last balance sheet indicating the financial condition of the System.

    (f)

    Beginning on July 1, 1990, the Board shall cause an actuarial valuation to be made of the System annually.

    (g)

    The Board shall review adverse decisions as provided by Section 3-2-48. (20-81-3; 27-90-3, § 1; 2-16-3; 22-18-3.)