§ 16-16-37 - Administration.
SECTION 16-16-37
§ 16-16-37 Administration. – (a) The retirement board shall administer and carry out the provisions of§§ 16-16-25 – 16-16-38, and shall fix the rate of regularinterest payable under §§ 16-16-25 – 16-16-38 to be changed fromtime to time, based upon the amount of interest earned by the teachers'survivors benefit fund. The retirement board shall also cause a study andreview to be made of the financial condition of the teachers' survivors benefitfund at least once every two (2) years by a qualified actuary who shall reporthis or her findings and make recommendations to the board.
(b) Any negotiated agreement entered into between any stateor municipal agency or department and an employee or employees, whoseconditions are contrary to the general laws or the rules and regulations andpolicies as adopted and promulgated by the retirement board, shall be null andvoid unless and until approved by formal action of the retirement board, forgood cause shown.