In any such city which creates such retirement system there shall be created a board to be known as the “Officers and Employes Retirement Board,” consisting of the mayor, the city controller, the director of finance, two employes to be chosen by the employes contributing to the retirement fund, a retired city employe, and, if members of council participate in the retirement fund and are members of the fund, a member of council, chosen by council. A retired city employe receiving a city pension shall be a member of the board appointed using the following procedure:

Where a retired city employe association exists, nominations for appointment shall be accepted by the appointing authority. It shall be the duty of said board to register all persons employed by the said city, and to administer the collections and distribution of the fund, herein provided for, and make such reasonable rules in the premises as such board may deem necessary to carry into effect the provisions of this act.