24-6-204. Board of trustees.

24-6-204. Board of trustees. (a)(1) The Board of Trustees of the State Police Retirement System is created. (2)(A) The board shall consist of seven (7) trustees, as follows: (i) One (1) active member enrolled in the Tier I benefits program; (ii) One (1) active vested member enrolled in the Tier II benefits program; (iii) One (1) state police commissioner who shall be appointed by the Governor; (iv) The Chief Fiscal Officer of the State or his or her designee; and (v)(a) Three (3) citizens at large who shall be appointed by the Governor. (b) The citizens at large shall have no interest, direct or indirect, in the Division of Arkansas State Police. (B) The elections of member trustees shall be held under rules as the board shall from time to time adopt to govern the elections. (C) The regular term of office of a member trustee shall be seven (7) years. (D) The elections of the board's officer members shall be held under rules as the board shall from time to time adopt to govern elections. (E) At the board's first regular meeting following July 1, 2009, the members who are on the board shall draw lots to determine the length of terms. (F) The terms shall be staggered in the following manner: (i) One (1) member's term shall expire July 1, 2010; (ii) One (1) member's term shall expire July 1, 2011; (iii) One (1) member's term shall expire July 1, 2012; (iv) One (1) member's term shall expire July 1, 2013; (v) One (1) member's term shall expire July 1, 2014; (vi) One (1) member's term shall expire July 1, 2015; and (vii) One (1) member's term shall expire July 1, 2016. (b)(1) In the event any trustee provided for in subsection (a) of this section: (A) Ceases to be a state police officer; or (B) Fails to attend scheduled meetings of the board for three (3) consecutive meetings unless, in each case, he or she or she is excused by the remaining trustees attending the meetings, the board by resolution shall declare his or her office of trustee vacated as of the date of adoption of the resolution. (2) If a vacancy occurs in the office of trustee, the vacancy shall be filled for the unexpired term in the same manner as the office was previously filled. (c)(1) The administration, management, and control of the State Police Retirement System shall be vested in the board. (2)(A) The executive director and administrative staff of the Arkansas Public Employees' Retirement System shall be the executive secretary and the administrative staff of the State Police Retirement System. (B) All administrative records of the State Police Retirement System shall be maintained within the administrative offices of the Arkansas Public Employees' Retirement System. (3)(A) The executive secretary shall be the disbursing agent of all appropriations made by the General Assembly out of the State Police Retirement Fund. (B) The executive secretary shall furnish and file with the Auditor of State a bond with a corporate guaranty or indemnity surety thereon in the penal sum of two thousand dollars ($2,000), the premium on which shall be paid from appropriations made available to the division. (d) The Attorney General shall serve as legal advisor to the board. (e)(1) The board shall hold meetings regularly, at least one (1) in each quarter year, and shall designate the time and place of the meetings. (2) Special meetings may be held in accordance with rules as the board shall adopt. (3) Four (4) board members, including one (1) officer member, shall constitute a quorum at any meeting of the board, and at least four (4) concurring votes shall be necessary for a decision by the board at any of its meetings. (4) The board shall adopt its own rules or procedures and shall keep a record of its proceedings, which shall be open to public inspection. (f) In addition to other duties that are imposed upon the board by this subchapter, the board shall: (1) Make all rules from time to time as it shall deem necessary in the transaction of its business and in administering the State Police Retirement System; (2) Provide for the administrative direction and control of the Executive Secretary in the performance of his or her duties as Executive Secretary of the State Police Retirement System; (3) Provide for an actuarial valuation of the assets and liabilities of the State Police Retirement System or the retirement reserve account at least one (1) time in each four-year period from and after December 31, 1958; (4) Adopt mortality and other tables of experience and rates of regular interest that are required for the proper operation of the State Police Retirement System; (5) Perform the duties of trustee without additional compensation. However, trustees may receive expense reimbursement in accordance with § 25-16-901 et seq.; and (6)(A) Do all things necessary for the proper administration of the State Police Retirement System and for carrying out and making effective the provisions of this subchapter. (B) However, no recommendations for benefit enhancements shall be made that would cause the actuarially accrued unfunded liabilities of the State Police Retirement System to exceed thirty (30) years.