Every county establishing a retirement fund and system under the terms of this act is authorized and directed to provide for the control and management of such system by resolution which in addition to other provisions shall provide for:
1. The qualifications of the persons eligible for retirement benefits;
2. The minimum age for retirement of employees;
3. The limitations of amounts to be paid to persons eligible for retirement benefits;
4. A board of trustees to administer the fund to be selected as provided for in Section 952.1 of this title;
5. The amount of contributions to be made by the county and the amount to be made by the employees; and 6. Such rules, regulations, policies, and procedures as the board of trustees shall determine necessary for the proper regulation of the retirement fund and system. Such fund and system shall be known as the "Employees' Retirement System of _________ County, Oklahoma", and by such name all of its business shall be transacted, all funds handled and all of its cash and securities and other property held.