1. Subject to the limitations of this chapter, the Board shall, from time to time, establish rules and regulations for transacting its business and for administering the System as a public agency. The rules must include, without limitation, rules relating to the administration of the retirement plans in accordance with federal law. 2. No rule is effective until 10 days after all of the following conditions have been substantially met: (a) A copy of the rule, in the form in which the Board proposes it, must be delivered, within 30 days after the Board proposes it, to all public employers participating in the System. (b) As soon as a public employer receives a copy of the proposed rule, the public employer immediately shall cause the copy to be posted on a bulletin board or in some conspicuous place in or near its headquarters. (c) If the Board deems a proposed rule to be of such length or of such other nature that it cannot feasibly be publicized by delivery and posting, a summary of the proposed rule must be delivered and posted in the manner and within the time required by paragraphs (a) and (b) of this subsection for copies of proposed rules. (d) There must likewise be posted a notice stating that, at a specifically designated time and place at least 15 days after the delivery of the copy of the proposed rule or summary, a hearing on the proposed rule will be held, at which hearing all interested persons have an opportunity to be heard and after which the Board may adopt the proposed rule in the form in which it is originally proposed or with such amendments as are deemed necessary by the Board as a result of the hearing. (e) A copy of the rule, in the form in which the Board finally adopts it, must be filed with the Secretary of State.
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