(a)
The board shall adopt rules and regulations to administer the award system, including, but not limited to, all of the following:
(1)
Eligibility requirements for a member to receive an award, including, but not limited to, minimum age and minimum years of certified service credit.
(2)
Eligibility requirements for a member to include certified prior service credit as certified service credit in calculating the amount of his or her award or to qualify for an award.
(3)
The amount of an award payable under this chapter and any cost-of-living adjustments or supplemental payments based upon that award.
(4)
Eligibility requirements for membership in the award system.
(5)
The maximum years of certified service credit a member may accrue under the award system.
(6)
Other rules and regulations that the board determines are appropriate to administer this chapter.
(b)
In addition to those powers and duties, the board shall determine if participation in the award system is adequate to ensure that sufficient funds will be available for the payment of awards on an actuarial reserve basis before any awards are paid. If the board determines that participation in the award system is inadequate to assure the financial success of the system, the board may terminate the award system pursuant to Section 50974 or may amend the award system pursuant to the rules and regulations of the board.