The board shall annually analyze for internal control purposes the fund's;

1. (1) income and expenditures;
2. (2) actuarial condition;
3. (3) reserve accounts;
4. (4) investments; and

5. (5) such other data as necessary to interpret the fund's condition and the board's administration of the fund.

   As added by Acts 1979, P.L.17, SEC.7.