§ 1.04. Duties and powers of pension commission.

The commission shall have complete control of the administration of the system, subject to the provisions of this Act, with all powers necessary to enable it properly to carry out its duties in that respect. Not in limitation, but in amplification of the foregoing, the commission shall have the power, not inconsistent with the provisions of this Act, to construe this Act and to determine all questions that may arise hereunder, including questions relating to eligibility of employees to become members and the amount of benefit to which any member, beneficiary, survivor or contingent annuitant may become entitled hereunder. The decisions of the commission upon all matters within the scope of its authority shall be final. The commission shall establish rules and procedures to be followed by members, beneficiaries, survivors and contingent annuitants in filing applications for benefits, in furnishing and verifying proofs necessary to determine age, earnings, or in any other matters required to administer the system.

The commission shall receive all applications for benefits. Upon receipt by the commission of such an application, it shall determine all facts which are necessary to establish the right of the applicant to benefits under the provisions of the system and the amount thereof as provided in this Act. Upon request, the commission will afford any applicant the right of a hearing with respect to any findings of fact or determination. The commission, as it sees fit, shall prepare from time to time information concerning the system and distribute such information to employees and members. The commission shall prepare and publish an annual financial report showing all receipts, disbursements, assets and liabilities of the system. All proceedings and records of the commission shall be open for inspection by the public.

To enable the commission to perform its functions, the employer shall supply full and timely information to the commission on all matters relating to the earnings of members, their length of service, their retirement or other causes of termination of employment, contributions to the fund by members, and such other pertinent facts as the commission may require.

The commission shall certify to the Davidson County Trustee the signatures of all members of the commission. The Davidson County Trustee shall be entitled to rely on the last received such certification of signatures until written notice to the contrary from the commission has been received by the Davidson County Trustee.

The commission shall be empowered to employ the services of legal counsel, investment consultants, acturial consultants, and the services of others which, in the sole discretion of the commission, may be necessary to maintain a soundly designed, administered and financed pension system. All expenses incurred by or on behalf of the pension commission in the administration of the system during each fiscal year shall be paid from the fund upon receipt by the Davidson County Trustee of written authorization by the pension commission. Members of the commission shall serve without compensation as members of the commission, but members of the commission shall be reimbursed for the actual expenses incurred by them in the performance of their duties.

As soon as practicable after the effective date, the commission shall adopt such acturial and other tables as are necessary for the administration of the system. An annual acturial valuation shall be made to determine the contingent assets, contingent liabilities and funding requirements of the system. At least once in each five (5) year period, the commission shall cause an acturial investigation to be made of the experience under the system. The commission shall adopt from time to time, as it sees fit, new acturial and other tables necessary for the administration of the system.

The commission shall be entitled to rely upon all tables, valuations, certificates, and reports furnished by any consultant or actuary; all opinions given by any legal counsel selected or approved by the commission; and any advice of a qualified investment consultant. The commission shall be fully protected with respect to any action taken or suffered by the commission in good faith in reliance upon the advice or opinion of any such consultant, actuary, legal counsel, or investment consultant, and all actions so taken or suffered shall be conclusive upon each of them and upon all members or other persons interested in the system.

The commission shall have no power in any way to modify, alter, add to or subtract from any provision of this Act.

The pension commission shall be authorized and empowered to do all things and to take all actions necessary to meet all requirements of Section 218 (d) of the Social Security Act in order to effect retroactive coverage to January 1, 1956 for members of Division B who voluntarily elect to become covered by the Social Security Act and to transfer their coverage to Division A as provided in Article 3. The employer shall be authorized and empowered to negotiate any agreement with the State of Tennessee to accomplish such retroactive coverage; and the employer shall act in accordance with the directions of the commission in all matters relating to any agreements or modifications of any existing agreement which may be necessary to accomplish such retroactive coverage and which shall be executed by the employer on or before December 31, 1961. The commission shall be authorized and empowered to pay from the fund to the Social Security Administration the amount of any retroactive Social Security taxes as required by such agreement or agreements or modifications of any existing agreements.

The commission shall determine whether any employee meets the health examination requirements an employee must meet to become eligible for participation as provided in Section 2.03 or Section 2.05; and the commission shall determine all questions relating to the disability of any member applying for disability benefits under this Act. The commission shall employ from time to time, upon such terms and conditions as the commission may prescribe, one or more physicians who are not members of the system. The duties of such physician or physicians shall be to perform all medical examinations required by the commission, and to investigate all health and medical statements and certificates made by or on behalf of any employee applying for membership in the system or any member applying for or receiving disability benefits under this Act. The conclusions and recommendations on all matters submitted to such physician or physicians shall be reported in writing to the commission; provided, however, the commission shall not be bound by the conclusions and recommendations of such physician or physicians.

The pension commission shall be the trustee of the fund and shall have the power to invest and reinvest the principal and income of the fund, subject to the limitation that no investment shall be made except in securities and properties which at the time of making the investment are permitted by statute for the investment of funds by fiduciaries in the State of Tennessee. Subject to such limitations, the pension commission shall have full power to hold, purchase, sell, assign, transfer, or dispose of any assets of the fund.