(a) The administration and control of the Arkansas Public Employees' Retirement System shall be vested in a board called the “Board of Trustees of the Arkansas Public Employees' Retirement System”.
(b) The board shall consist of nine (9) trustees, as follows:
(1) The Auditor of State, the Treasurer of State, and the Secretary of the Department of Finance and Administration shall be ex officio members; and
(2)
(A) Three (3) members who are state employees and three (3) members who are nonstate employees to be appointed by the Governor.
(B) Each nonstate employee trustee and each state employee trustee shall have at least five (5) continuous years of service with a public employer or employers and shall be a member of the system.
(C) No more than one (1) of the three (3) members who are nonstate employee trustees and no more than one (1) of the three (3) members who are state employee trustees may be a retired member of the system.
(c)
(1) The term of office of appointed trustees shall be six (6) years.
(2)
(A) The Governor shall declare a vacancy on the board when a:
(i) Nonstate employee trustee leaves the employ of a participating public employer;
(ii) State employee trustee leaves state employment;
(iii) Member who is a nonstate employee trustee retires and there is another retired member of the system who is a nonstate employee trustee on the board; and
(iv) Member who is a state employee trustee retires and there is another retired member of the system who is a state employee trustee on the board.
(B) A vacancy declared under subdivisions (c)(2)(A)(iii) and (iv) of this section shall be for the seat of the newly retired trustee.
(C) The Governor shall appoint a state employee member or a nonstate employee member to fill the vacancy for the remainder of the unexpired term within thirty (30) days of the date on which the vacancy is declared.
(d)
(1) Annually, the board shall select from its membership a chair and a vice chair.
(2) The board shall appoint an executive director who shall be the executive administrative officer of the system and shall also be ex officio secretary of the board, but who shall have no vote on questions before the board and who shall be directly responsible to the board.
(3) By resolution duly adopted, the board may delegate to the executive director any of the powers and duties vested in or imposed upon it by law.
(4) Within such limitations as may be contained in legislative appropriations therefor, the executive director, subject to the approval of the board, may employ and fix the compensation of such secretarial, clerical, professional, and other personnel as may be required for the proper administration of the system.