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F. To receive and process all applications for benefits. <br />G. To authorize all payments whatsoever from the Fund, and to notify the <br />disbursing agent, in writing, of approved benefit payments and other <br />expenditures arising through operation of the System and Fund. <br />H. To have performed actuarial studies and valuations, at least as often as <br />required by law, and make recommendations regarding any and all <br />changes in the provisions of the System. <br />I. To perform such other duties as are required to prudently administer <br />the System. <br />SECTION 62-454. FINANCES AND FUND MANAGEMENT. <br />Establishment and Operation of Fund. <br />1. As part of the System, there is hereby established the Fund, into which shall <br />be deposited all of the contributions and assets whatsoever attributable to the System. <br />2. The actual custody and supervision of the Fund (and assets thereof) shall be <br />vested in the Board. Payment of benefits and disbursements from the Fund shall be made <br />by the disbursing agent but only upon written authorization from the Board. <br />3. All funds of the General Employees' Pension Plan shall be deposited in a <br />qualified public depository as defined in §280.02, Florida Statutes, which depository with <br />regard to such funds shall conform to and be bound by all of the provisions of Chapter 280, <br />Florida Statutes. In order to fulfill its investment responsibilities as set forth herein, the <br />Board may retain the services of a custodian bank, an investment advisor registered under <br />the Investment Advisors Act of 1940 or otherwise exempt from such required registration, <br />an insurance company, or a combination of these, for the purposes of investment decisions <br />and management. Such investment manager shall have discretion, subject to any guidelines <br />as prescribed by the Board, in the investment of all Fund assets. <br />-6- <br />