Establishment of the statewide retirement plan

(1) The statewide retirement plan is hereby established to provide defined benefit and money purchase retirement benefits to members of employers affiliated with the plan. Initial employers affiliated with the plan include those departments that participated in the statewide defined benefit plan established pursuant to part 4 of article 31 of this title 31, the statewide hybrid plan established pursuant to part 11 of article 31 of this title 31, and the social security supplemental plan established pursuant to part 7 of article 31 of this title 31 as such plans existed before their merger into the statewide retirement plan pursuant to House Bill 22-1034, enacted in 2022. (2) The board is the trustee of the statewide retirement plan, and has those fiduciary duties to the plan and the members of the plan as expressly provided by law. (3) The board, as a fiduciary, may delegate one or more of its responsibilities under this article 31.5 but shall maintain its responsibility for oversight of the delegation. (4) (a) The statewide retirement plan is intended to comply with the qualification requirements specified in section 401 (a) of the "Internal Revenue Code of 1986", as amended and applicable to governmental plans, as defined in section 414 (d) of said code. (b) The board may adopt any provision for the plan that is necessary or in the board's judgment prudent to comply with state or federal law. (5) Repealed.