Notwithstanding any other law to the contrary, any board of directors established under the provisions of this chapter administering its own retirement or other benefits-related plan shall administer such plan by a separate five-member pension board of trustees. Pension plan participants shall elect three such participants to be submitted to the board of directors. The board of directors shall select two of the three participants to serve on the five-member pension board of trustees. The board of directors shall be the other three members of the five-member pension board of trustees.