The Board of Trustees shall adopt regulations providing for: the administration of the several systems; the management of the assets of the several systems; the transaction of its business; the imposition of an administrative fee on any participating employer that fails to provide the information required by the State Retirement Agency to properly enroll eligible employees in the several systems; notwithstanding the provisions of § 9–602 of the Criminal Law Article, the management of monitoring and recording, for training and quality control purposes: incoming telephone conversations to employees of the Member Services division of the State Retirement Agency, to telephones within the offices of the State Retirement Agency; and outgoing telephone conversations initiated by the Member Services division’s virtual hold callback feature of the automated call distribution system; and rules regarding the retention of recordings made in accordance with paragraph (5) of this subsection, including a prohibition on the retention of recordings for longer than 10 years. Subject to the approval of the Board of Public Works, the Board of Trustees may adopt regulations for the administration of funds of a pension or retirement system established under §§ 7-206 and 7-603 of the Transportation Article. The Maryland Transit Administration shall pay all financing costs of a pension or retirement system established under §§ 7-206 and 7-603 of the Transportation Article, including the pro rata share of the administrative costs that the Board of Trustees incurs.