It is the intent of chapter 2, Laws of 2003 to:

     (1) Establish a board of trustees responsible for the adoption of actuarial standards to be applied to the plan;

     (2) Provide for additional benefits for firefighters and law enforcement officers subject to the cost limitations provided for in chapter 2, Laws of 2003;

     (3) Exercise fiduciary responsibility in the oversight of those pension management functions assigned to the board;

     (4) Provide effective monitoring of the plan by providing an annual report to the legislature, to the members and beneficiaries of the plan, and to the public;

     (5) Establish contribution rates for employees, employers, and the state of Washington that will guaranty viability of the plan, subject to the limitations provided for in chapter 2, Laws of 2003;

     (6) Provide for an annual budget and to pay costs from the trust, as part of the normal cost of the plan; and

     (7) Enable the board of trustees to retain professional and technical advisors as necessary for the fulfillment of their statutory responsibilities.

[2003 c 2 § 2 (Initiative Measure No. 790, approved November 5, 2002).]