(a) With regard to the plan, the board may not engage in any transaction prohibited by Title 26, Section 503, subsection (b) of the United States Code.
(b) The Board may require a third-party administrator, record keeper, custodian, or investment manager that is contracted with, or appointed by, the system to be subject to the duties set forth in subsection (a) of this section.
(c) The Board shall have control of the investment of the assets of the fund.
(d) Notwithstanding any other provision of law, the Board may retain a bank or trust company to serve as a custodian for safekeeping, record keeping, delivery, securities valuation, investment performance reporting, or other services in connection with investment and administration of the fund.
(e) All monies in the fund are annually appropriated, without regard to fiscal years or plan years, to the Board to carry out the purposes of this chapter.
(f) The assets of the fund must be valued annually, and may be valued more frequently as prescribed by the Board.
(g) Any person who is an eligible employee may elect, in a manner prescribed by the Board, to participate in the plan.