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(1) The board has all powers necessary to carry out and effectuate the purposes, objectives, and provisions of this chapter pertaining to the plan.
(2) The duties, responsibilities, funds, liabilities, and expenses of the board in oversight and governance of the plan shall be maintained separate and apart from the board's other duties, responsibilities, funds, liabilities, and expenses.
(3) The board shall make policies governing the:
(a) administration of the plan; and
(b) appointment and duties of the plan's executive director.
(4)
(a) The board may appoint advisory committees to aid the board in fulfilling its duties and responsibilities.
(b) An advisory committee member may receive compensation and be reimbursed for reasonable expenses incurred in the performance of the member's official duties as determined by the board.