(a) accords with best practices for retirement savings vehicles;

(b) maximizes participation, savings, and sound investment practices including considering the use of automatic enrollment as allowed under federal law;

(c) maximizes simplicity, including ease of administration for participating employers and enrollees;

(d) provides an efficient product to enrollees by pooling investment funds;

(e) ensures the portability of benefits; and

(f) provides for the deaccumulation of enrollee assets in a manner that provides a financial benefit in retirement. 2. Explore and establish or authorize investment options, subject to this article, that offer enrollees returns on contributions and the conversion of individual retirement savings account balances to secure retirement income without incurring debt or liabilities to the state. 3. Establish or authorize the process by which interest, investment earnings, and investment losses are allocated to individual program accounts on a pro rata basis and are computed at the interest rate on the balance of an individual's account. 4. Make and enter into contracts necessary for the administration of the program and fund, including, but not limited to, retaining and contracting with investment managers, financial organizations, other financial and service providers, consultants, actuaries, counsel, auditors, third-party administrators, and other professionals as necessary. 5. Conduct a periodic review of the performance of any financial organizations, including, but not limited to, a review of returns, fees, and customer service. A copy of reviews shall be posted to the program's Internet website. 6. Cause moneys in the program to be held and invested as pooled investments or otherwise, with a view to achieving cost savings through efficiencies and economies of scale. 7. Evaluate and establish or authorize the process for:

(a) an enrollee to contribute a portion of his or her wages to the program via payroll deduction; and

(b) the voluntary enrollment of participating employers in the program. 8. The board may contract with financial organizations and third-party administrators with the capability to receive and process employee information and contributions for payroll deduction IRA or similar arrangements. 9. Evaluate and establish or authorize the process for enrollment including the process by which an employee may participate in the program, select a contribution level, select an investment option, and terminate participation in the program. 10. Evaluate, or cause to be evaluated, the need for, and procure as needed, insurance against any and all loss in connection with the property, assets, or activities of the program, and indemnify as needed each member of the board from personal loss or liability resulting from a member's action or inaction as a member of the board. 11. Make provisions for the payment of administrative costs and expenses for the creation, management, and operation of the program. Subject to appropriation, the state may pay administrative costs associated with the creation and management of the program until sufficient assets are available in the program for that purpose. Thereafter, all administrative costs of the program, including repayment of any start-up funds provided by the state, shall be paid only out of moneys on deposit therein. However, private funds or federal funding received in order to implement the program until it is self-sustaining shall not be repaid unless those funds were offered contingent upon the promise of such repayment. The board shall keep its annual administrative expenses as low as possible. 12. Allocate administrative fees to individual retirement accounts in the program on a pro rata basis. 13. Set or authorize minimum and maximum contribution levels in accordance with limits established for IRAs by the Internal Revenue Code. 14. Facilitate education and outreach to employers and employees. 15. Facilitate compliance by the program with all applicable requirements for the program under the Internal Revenue Code, including tax qualification requirements or any other applicable legal, financial reporting and accounting requirements. 16. Carry out the duties and obligations of the program in an effective, efficient, and low-cost manner. 17. Exercise any and all other powers reasonably necessary for the effectuation of the purposes, objectives, and provisions of this article. 18. Determine or authorize withdrawal provisions, such as economic hardships, portability and leakage. 19. Determine employee rights and enforcement of penalties. 20. Delegate such authority and responsibility for the development and implementation of the program to the department of taxation and finance as the board deems proper.