(1) General administration and management. The general administration and management of the Retirement System is vested in the Board.

(2) Financial statements. At least once each year, the Board shall have prepared a financial statement summarizing the transactions of the Retirement System, and shall submit such statement to the Mayor. The Board shall maintain, in convenient form, such data as shall be necessary for actuarial valuation of the Retirement System and the plans thereunder.

(3) Risk management. Within seven (7) days of receipt of by the Board of an application for retirement benefits (other than survivor's benefits), the Board shall notify the City's Risk Manager of the application.