; (2) invest and manage the Fund in accordance with investment policies and other policies established by the Board; (3) administer the provisions of this Act; (4) prescribe such regulations (other than regulations relating to fiduciary responsibilities) as may be necessary for the administration of this Act; (5) meet from time to time with the Council upon the request of the Council; and (6) enforce the financial literary requirements established by the Board pursuant to 201(f)(5). (c) Authorities The Executive Director may— (1) prescribe such regulations as may be necessary to carry out the responsibilities of the Executive Director under this section, other than regulations relating to fiduciary responsibilities; (2) appoint such personnel as may be necessary to carry out the provisions of this Act; (3) subject to approval by the Board, procure the services of experts and consultants under section 3109 of title 5, United States Code; (4) make such payments out of sums in the Fund as the Executive Director determines are necessary to carry out the provisions of this Act and the policies of the Board; (5) pay the compensation, per diem, and travel expenses of individuals appointed under paragraphs (2), (3), and (7) of this subsection from the Fund; (6) except as otherwise expressly prohibited by law or the policies of the Board, delegate any of the Executive Director’s functions to such employees under the Board as the Executive Director may designate and authorize such successive redelegations of such functions to such employees under the Board as the Executive Director may consider to be necessary or appropriate; and (7) take such other actions as are appropriate to carry out the functions of the Executive Director. 204. Investment policies and selection of asset managers (a) Investment Policies The Board shall develop investment policies under section 201(f)(1) which provide for— (1) prudent investments suitable for accumulating funds for payment of retirement income