1. Members of the Board are entitled to receive a fee of $80 per day for:
(a) Attendance at meetings of the Board;
(b) Any official function directly related to the System which is approved by the Board; or
(c) Necessary travel to attend a meeting of the Board or a conference or seminar on retirement or to perform an official function described in paragraph (b).
2. Fees and reimbursement for expenses must be paid from the Public Employees’ Retirement Administrative Fund.
3. Fees and reimbursement for expenses must be paid from commitment fees obtained from borrowers whenever the members of the Board hold special meetings or perform official functions, as described in paragraph (b) of subsection 1, which are limited solely to mortgage and real estate investments.