Sec. 22. (a) Subject to the board obtaining the approval of the Internal Revenue Service as described in section 18(b) of this chapter, the board shall establish:

(1) a stable value fund as the regular investment program for the plan; and

(2) alternative investment programs for the plan.

     (b) The board may adopt requirements and rules that apply to the alternative investment programs within the plan, including the following:

(1) The board’s investment guidelines and limits for the alternative investment programs.

(2) A member‘s selection of and changes to the member’s investment options.

(3) The valuation of a member’s account.

(4) The allocation and payment of administrative expenses for the alternative investment programs.

     (c) The board shall determine the appropriate administrative fees to be charged to the member accounts.

As added by P.L.22-2011, SEC.2. Amended by P.L.6-2012, SEC.31; P.L.193-2016, SEC.16; P.L.86-2018, SEC.17; P.L.27-2019, SEC.8.