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.
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