Sec. 22. (a) Subject to the board obtaining the approval of the Internal Revenue Service as described in section 18(b) of this chapter, the board shall establish:
(1) a stable value fund as the regular investment program for the plan; and
(2) alternative investment programs for the plan.
(b) The board may adopt requirements and rules that apply to the alternative investment programs within the plan, including the following:
(1) The board's investment guidelines and limits for the alternative investment programs.
(2) A member's selection of and changes to the member's investment options.
(3) The valuation of a member's account.
(4) The allocation and payment of administrative expenses for the alternative investment programs.
(c) The board shall determine the appropriate administrative fees to be charged to the member accounts.