(a) The commission of any district created under this code or by special law may provide for and administer a retirement, disability, and death compensation fund for district officers and employees and may adopt plans to effectuate this purpose.
(b) The plans may include forms of insurance or annuities, or a combination of both, which the commission considers advisable.
(c) After notice to employees and a hearing, the commission may change the plan or any rule or regulation.