59-1304. RETIREMENT BOARD — APPOINTMENT. (1) There is hereby created in the office of the governor a governing authority of the system to consist of a board of five (5) persons known as the retirement board. Each member of the board shall be appointed by the governor to serve a term of five (5) years. The governor shall designate one (1) member of the board to serve as chairman.
(2) Two (2) board members shall be appointed from among active members having at least ten (10) years of credited service.
(3) Three (3) board members shall be appointed from among Idaho citizens who are not members of the system except by reason of having served on the board.
(4) Members of the board shall be compensated as provided by section 59-509(p), Idaho Code. These allowances shall be paid from the administration account of the fund.
(5) A board member shall serve until his successor qualifies. Each board member shall be entitled to one (1) vote, and three (3) board members shall constitute a quorum. Three (3) votes shall be necessary for resolution or action by the board at any meeting except as otherwise provided in this chapter.
(6) The board shall hold regular meetings and shall hold special meetings at such times and at such places as it deems necessary. All meetings of the board shall be open to the public. The board shall keep a record of all its proceedings.
History:
[(59-1304) 59-1326, added 1963, ch. 349, Art. 8, sec. 1, p. 988; am. 1969, ch. 283, sec. 11, p. 856; am. 1974, ch. 22, sec. 45, p. 592; am. 1974, ch. 57, sec. 16, p. 1118; am. 1976, ch. 355, sec. 1, p. 1170; am. 1980, ch. 247, sec. 78, p. 646; am. 1988, ch. 234, sec. 1, p. 462; am. and redesig. 1990, ch. 231, sec. 4, p. 620; am. 2021, ch. 178, sec. 1, p. 493.]