The commission shall have control and management of the funds and of the retirement of employees who are members of the fund. The commission shall, from time to time, subject to the limitations of this act, establish rules and regulations for the transaction of its business and the administration of the retirement system under this act. Under the direction of the commission, the head of each city department shall furnish such information and shall keep such records as the commission may require for the discharge of its duties.

L.1954, c. 218, p. 812, s. 7.