The board has the exclusive control of the administration and investment of the fund, with the same powers and duties, and subject to the same limitations and restrictions, that are applicable to the administration and investment of the Public Employees’ Retirement Fund. All of the provisions of the Public Employees’ Retirement Law applicable to the administration, investment, and custody of the Public Employees’ Retirement Fund are hereby made applicable to the Legislators’ Retirement Fund, to the same extent and with the same effect as if the Legislators’ Retirement Fund were expressly mentioned therein.