(a) The board of trustees shall keep a record of all its proceedings which record shall be open to public inspection. It shall publish annually a report showing in detail: (1) the fiscal transactions of the system for the year ending the preceding June 30, (2) the amount of the accumulated cash and securities of the system, and (3) an actuarial valuation of the assets and liabilities of the system. The board shall submit the report to the governor and shall furnish copies thereof to the heads of the various departments of the State and county for their use and the use of the members employed therein.(b) The board shall include in its annual report submitted prior to January 1 of each odd-numbered year: (1) a comparison of the investment performance of the system with the investment performances of the public employees' retirement systems of other jurisdictions which have authority to make investments substantially similar to the investment authorized under section 88-119, and(2) a comparison of the funded ratio on June 30 of the preceding year with the funded ratios of the public employees' retirement systems of other jurisdictions.L 1925, c 55, §5(10); RL 1935, pt of §7924; RL 1945, pt of §707; RL 1955, § 6-67; HRS § 88-93; am L 1969, c 110, pt of §1; am L 1984, c 108, §7