7.1411 Board of Trustees—Duties.

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The Board of Trustees shall have, in addition to other duties arising out of this chapter. the following duties:

(1) establish and maintain an office, in the facilities provided by the government; provided however that should the trustees determine that facilities provided by the government are inadequate, appropriate facilities may be built or leased by the Fund, for the meetings of the Board and the keeping of the books, accounts and records of the fund; hold regular meetings bimonthly, and such special meetings as may be deemed necessary; and keep a full record of all of its proceedings, which shall be open to inspection by the public;

(2) hire an Executive Director who shall be directly responsible to the Board for the management of the Retirement Fund and the Retirement Fund Office;

(3) provide for the installation of a system of accounts and records which will give full effect to the requirements of this chapter; adopt all necessary actuarial tables to be used in the operation of the Fund: and provide for the compilation of such statistical and financial data as may be required for actuarial valuations, periodic surveys and calculations;

(4) obtain such information from the participating members and the government as shall be necessary for the proper operation of the Fund;

(5) consider and pass upon all applications for annuities, benefits, refund and other payments, and authorize the expenditures for such purposes, in accordance with the provisions of this chapter; the Board may delegate this duty in whole or in part, to the executive director;

(6) accept any gift, grant, or bequest of any money or property of any kind, for the purposes designated by the grantor if such purposes are specified as providing cash benefits to some or all of the members or annuitants of the Fund: if no such purposes are designated, the same shall be credited to the account representing income from investments;

(7) have the accounts of the fund audited at the end of each fiscal year by a certified public accounting firm, and submit an annual report to the Governor and Legislature no later than 120 days following the close of the fiscal year embodying, among other things. a balance sheet showing the financial and actuarial condition of the Fund, a statement of income and expenditures for the year, a statement showing changes in the asset, liability and reserve accounts during the year. a statement of investments owned by the Fund, and such other financial and statistical data as are necessary for proper interpretation of the condition of the Fund and the results of its operation: the Board shall also cause to be published for distribution among the members a synopsis of such report;

(8) the board or its qualified agents or custodians shall hold, for the fund title to all assets of the Fund;

(9) establish and promulgate rules and regulations, not inconsistent with this chapter, determined necessary by the Board to carry out the purposes of this chapter.

History: 1971, PL 12-29 §§ 5, 16, 19;amd 1986, PL 19-37 § 5; amd 1989, PL 21-22.

Amendments: 1986 Subsection (2): added.

Subsection (3): renumbered from former subsection (2). Subsection (4): renumbered from former subsection (3).

Subsection (5): renumbered from former subsection (4); added provision on delegation of duties.

Subsection ( 6): renumbered from former subsection (5).

Subsection (7): renumbered from former subsection (6): replaced “competent accountant” with “certified public accounting firm”: replaced “government as soon as possible” with “Governor and Legislature no later than 120 days”; deleted statements of investment acquired and disposed of during the year, including the description of each security, purchase or sale price and names of vendors and vendees”.

Subsection (8): renumbered from former subsection (7).

Subsection (9): renumbered from former subsection (8).