(a) It shall keep minutes of its proceedings which shall be open to public inspection;

(b) Fix a time for regular meetings and provide for the means of calling special meetings;

(c) A majority of all of the board members present shall constitute a quorum for transaction of the affairs of the board;

(d) To hear, consider and pass upon all applications coming before it and order payments as provided by this article, and the board may hear witnesses and administer oaths, appoint hearing officers and make decisions in all matters properly before said board;

(e) It shall have full power to invest and reinvest the funds of the retirement system under the provisions of Section 25-11-121. Moreover, said board shall have full power to order the custodian of securities and funds hereafter designated to hold, purchase, sell, assign, transfer and dispose of any of the securities and investments in which any of the funds created herein shall have been invested, as well as the proceeds of said investments and all moneys belonging to said funds. The funds held by the board may be commingled with other Public Employees’ Retirement System investments for the most advantageous investments;

(f) It shall annually determine and allow interest on each individual account in the employees’ saving fund based on the average percentage of interest earned from investment or deposit of all funds of the retirement system. However, the interest to be credited to such individual accounts shall not exceed one percent (1%) per annum.