The state board shall adopt a written policy, including procedures, to guide staff in managing and administering contracts entered into by or on behalf of the pension system. The written policy adopted under this section must, at a minimum:
(1) address how the pension system:
(A) plans for contracting needs and develops solicitation documents;
(B) reviews, evaluates, and awards contract proposals;
(C) manages and approves contract changes;
(D) identifies performance issues and resolves contract disputes;
(E) monitors contract expenditures; and
(F) closes out contracts; and
(2) require the pension system to maintain a central location for filing contracts and information related to contracts entered into by or on behalf of the pension system.