[§88F-3] Board of trustees. (a) The authority to establish the plan and implement this chapter is vested in the board of trustees which currently administers the state deferred compensation plan under chapter 88E.

(b) The board shall adopt, in accordance with chapter 91, rules as are necessary to implement this chapter. The board may engage services, as necessary, to establish, administer, or maintain the plan under its direction. An administrator may be engaged only after a solicitation of proposals from interested persons in accordance with specifications deemed appropriate by the board. [L 1996, c 212, pt of §2]