(a) The retirement board shall administer and carry out the provisions of §§ 16-16-25 — 16-16-38, and shall fix the rate of regular interest payable under §§ 16-16-25 — 16-16-38 to be changed from time to time, based upon the amount of interest earned by the teachers’ survivors benefit fund. The retirement board shall also cause a study and review to be made of the financial condition of the teachers’ survivors benefit fund at least once every two (2) years by a qualified actuary who shall report his or her findings and make recommendations to the board. (b) Any negotiated agreement entered into between any state or municipal agency or department and an employee or employees, whose conditions are contrary to the general laws or the rules and regulations and policies as adopted and promulgated by the retirement board, shall be null and void unless and until approved by formal action of the retirement board, for good cause shown.
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