The state treasurer shall be the custodian of the trust funds, and the facilities and employees of the state treasurer shall be used and employed in the administration of the funds, including, but not limited to, the keeping of records, the management of bank accounts and other investments, the transfer of funds and the safekeeping of securities evidencing investments and may delegate or subcontract any or all such functions to any entity that the state treasurer deems qualified for such purpose when the state treasurer determines such delegation to be necessary or desirable.