1. It is the policy of this State to provide, through the Public Employees’ Retirement System:
(a) A reasonable base income to qualified employees who have been employed by a public employer and whose earning capacity has been removed or has been substantially reduced by age or disability.
(b) An orderly method of promoting and maintaining a high level of service to the public through an equitable separation procedure, which is available to employees at retirement or upon becoming disabled.
(c) A system which will make government employment attractive to qualified employees in various categories of service and which will encourage these employees to remain in government service for such periods of time as to give the public employer full benefit of the training and experience gained by these employees while employed by public employers.
2. It is the purpose of this chapter to make suitable provision for the accomplishment of the policy stated in subsection 1. The Board shall define the intermediate objectives and operating guidelines it considers necessary to produce the maximum in economy, efficiency and effectiveness within the System.