The commission shall have the following powers and duties:
(1) To select the investments and to enter into contracts with the providers of such investments.
(2) To select the administrator, to enter into a contract with such firm and to do all such things as may be required in order to insure proper administration of the plan. In exercising this function, the commission shall act only after soliciting proposals from interested firms in accordance with specifications prepared by the commission. The preceding sentence notwithstanding, the commission may enter into a contract, without the necessity of soliciting proposals, with a nonprofit corporation whose membership is limited to participants and is open to all participants. The commission shall require the administrator to furnish bonds of the type and amount deemed appropriate by the commission.
(3) To choose the custodial financial institution(s) and to enter into appropriate contract(s) with such institution(s).
(4) To sue and be sued.
(5) To evaluate annually the performance of the administrator and of the investment products. Such evaluation shall include the administrator's performance in the handling of hardship applications. The commission shall take such action as is indicated by such evaluation. The results of each evaluation shall be made a part of the annual report referred to in Paragraph (9) of this Section.
(6) To agree by contract with any person to defer, in accordance with Section 457 of the United States Internal Revenue Code, as amended, future compensation which, except for the terms of the contract, would have been payable to such person, and to provide for any and all other available benefits under Section 457.
(7) To make use of the expertise, knowledge, and resources of any state officer, employee, or agency.
(8) To maintain minutes of all meetings, which minutes shall be available for inspection in the office of the state treasurer during regular office hours.
(9) To prepare and make available to participants an annual report concerning the status of the plan, which report shall supply information such as rates of return on, or performance of, investment products.
(10) To establish procedures for the processing of applications for withdrawal or deferral modification based upon hardship.
(11) To make, amend, repeal, and promulgate necessary rules, and to do such other things, not inconsistent with law, as are necessary to perform properly the powers and duties vested in it.