The Board of County Commissioners may in their discretion investigate the matter of providing retirement pensions for county employees and officers whose compensation is paid by the county commissioners and for whom pensions are not otherwise provided, and may, in their discretion, establish and maintain a general county retirement or pension system, including through private insurance for such employees and officers. For these purposes the board of county commissioners may:
(a) Employ such persons as they deem necessary under their direction to investigate the matter of providing such pensions and to prepare, establish, maintain and administer a system which will operate on a sound actuarial basis;
(b) Prescribe classifications and conditions of admission or exclusion from any system adopted and provide for a general system of allowances, benefits and payments to the members of such system, or in the case of their death, to the dependents, and prescribe all rules and regulations necessary or advisable for the operation of such system;
(c) Levy such taxes and appropriate and expend such sums as may be necessary to pay for all salaries, expenses, contributions and charges arising out of the exercise of the powers herein conferred.
(Code 1959, § 10B-1; 1962, March Ex. Sess., Chapter 1; 1965, Chapter 227, § 1)