(1) Collect, receive, deposit, withdraw, and invest money on behalf of the fund;

(2) Appoint an administrator who shall be exempt from chapters 76 and 77 and shall serve under and at the pleasure of the board. The board of trustees may appoint staff necessary to carry out this chapter, subject to the limitations of available appropriations and chapters 76 and 77 and section 78-1;

(3) Make payments of periodic charges and reasonable expenses incurred to carry out the purposes of the fund, including the return of refunds to employee-beneficiaries;

(4) Contract for the performance of financial audits of the fund and claims audits of its insurance carriers; or

(5) Require any department, agency, or employee of the State and county to furnish information to the board to carry out the purposes of this chapter. [L 1961, c 146, pt of §1; Supp, §5A-17; HRS §87-28; am L 1999, c 126, §2; am L 2001, c 88, §2 and c 147, §3]