(1) The Arkansas Public Employees' Retirement System shall make studies concerning the problem of old age, survivors' and disability insurance, and health insurance protection for employees of the state and its political subdivisions and studies concerning the operation of agreements made and plans approved under this subchapter.
(2) The system shall submit a report at the beginning of each regular session covering the administration and operation of this subchapter during the preceding two (2) fiscal years and including such recommendations and amendments to this subchapter as it considers proper.