The Council meets on a monthly basis, generally the second Thursday of each month; however, meetings are scheduled at the discretion of the Chair. The Council's meetings are open to the public, and its records are available for public inspection.

All legislation involving any of the five state retirement systems comes before the Council. The Council staff provides a complete analysis of the content, policy implications, and fiscal impact of such legislation, along with a specific recommendation. The nine voting members of the Council act upon the staff recommendation, with at least five affirmative votes required for the Council to take action on any piece of legislation. Any action by the Council is reported to the state legislature.