(1) Notwithstanding any other law to the contrary, the board may, at its option, contract for investment management services for the assets of either or both of the trust funds and provide for the powers, duties, functions and compensation of any investment managers so engaged. Any contract for investment management services shall be procured in the manner prescribed by the board.
(2) All expenses and fees incidental to outside investment management may, at the board's sole discretion, be charged to and paid from the earnings of the respective fund.