(a) The commissioner of finance and administration, the chair of the finance, ways and means committee of the senate, the chair of the finance, ways and means committee of the house of representatives, and the chair of the consolidated retirement board shall serve as trustees of the optional retirement program established under § 8-25-202.

(b) The trustees shall establish an investment policy for the assets of the optional retirement program.

(c) The trustees may delegate to the state treasurer the duty to carry out the day-to-day operations and responsibilities for the administration of the optional retirement program. In exercising the delegation, the state treasurer shall be authorized to exercise such powers as are vested in the trustees that are necessary to fulfill the delegated duties and responsibilities; may assign any duties and responsibilities to the state treasurer's staff or private vendors and contractors, as the state treasurer deems necessary and proper; and may consult with professionals as necessary about the administration of the program. In administering the program, the state treasurer may make such rules as deemed necessary and proper for the effective functioning of the program. Any such rules shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. The state treasurer may also establish policies, guidelines, and operating procedures in exercising the state treasurer's delegation from the trustees, including, but not limited to, complying with all applicable state and federal laws and rules.

(d) The state treasurer may assess the costs associated with administering this program to the participating employees in order that such plan shall operate without administrative cost to or contribution from the state.

(e) The trustees shall designate a company or companies from which administrative services are to be purchased under the optional retirement program. The trustees may delegate to the state treasurer the authority to procure these administrative services in a manner prescribed by the trustees.

(f) The trustees, at the request of the board of trustees of the University of Tennessee and the board of regents, may authorize the adoption of optional features to such programs. Any such authorization shall be subject to the approval of the council on pensions and insurance. For the purposes of this subsection (f), “optional features” does not include optional investment products.

(g) The investment products offered to participants in the optional retirement program are subject to the approval of the trustees, and the trustees reserve the right to refuse or discontinue any product offered. The companies providing administrative services to the optional retirement program shall provide a report to the trustees at least semi-annually about participant use of the investment products offered.