(a)

(1) After receiving the advice of its actuary, the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall from time to time adopt such mortality and other tables of experience, and rates of regular interest, as shall be necessary for the actuarial requirements of the Arkansas Local Police and Fire Retirement System.

(2) It shall require the Executive Director of the Arkansas Local Police and Fire Retirement System to keep in convenient form such data as shall be necessary for actuarial investigations of the experiences of the system and such data as shall be necessary for the annual actuarial valuations of the system.

(b) The board shall keep a record of its proceedings, which shall be open to public inspection.

(c) The board shall prepare annually and render to each employer a report showing the financial condition of the system. The report shall contain, but shall not be limited to:

(1) A financial balance sheet;

(2) A statement of income and disbursements;

(3) A detailed statement of investments acquired and disposed of during the year, including a composite rate of return on the investments;

(4) A summary of the results of the last actuarial valuation of the system; and

(5) Such other data as the board shall deem necessary or desirable for a proper understanding of the condition of the system.

(d) The board shall determine and decide all questions of doubt raised by any provisions of this chapter.

(e) The headquarters of the system shall be located within twenty-five (25) miles of the State Capitol Building.