RS 801.3 - Transfer; retirement boards
A.(1) The agencies transferred by the provisions of R.S. 36:769(D) shall be transferred as provided in R.S. 36:801, except that each such agency shall employ its own executive director and assistant director, if such positions are authorized by any other applicable law, independently of the treasurer, and shall be authorized to employ, appoint, remove, and assign such other personnel as may be otherwise authorized by law which is necessary to carry out its functions or duties subject to the overall review of the state treasurer; except that only the state treasurer is authorized to employ, appoint, remove, assign, promote, supervise, and control actuarial and investment personnel to assist the agencies transferred under the provisions of this Section in the performance of their functions and duties with the approval of a majority of the boards of retirement systems transferred herein. Notwithstanding the above provisions, any retirement board may employ or appoint, at its own cost and expense, additional actuarial, certified public accountant firm, and/or investment personnel to assist it, provided such employment or appointment receives the prior written approval of the governor. Each agency transferred herein shall be required to pay a pro rata share based on its gross assets, for the use of additional actuarial and investment personnel employed by the state treasurer.
(2) The state treasurer, with the approval of the respective retirement boards, may assign personnel of one system to also perform like functions for another system and, subject to such approval including approval of the terms therefor, may provide for the joint use of facilities and equipment by two or more systems.
B. Nothing in this Section, or in R.S. 36:769(D) shall be construed to transfer the Board of Supervisors of Louisiana State University and Agricultural and Mechanical College to the Department of the Treasury; however, the Louisiana State University Retirement System shall be so transferred and said board shall be subject to the provisions of this Section to the extent that it serves as the governing authority of such system.
C. The assets of each system shall be held in trust by the fiduciaries who are named to the system's governing board in accordance with the election or appointment procedure outlined in the Revised Statutes pertinent to that system. Such fiduciaries shall have exclusive authority and discretion to manage and control the assets of the system. The assets of each system shall be held for the exclusive purpose of providing benefits to members of the system and their beneficiaries and defraying reasonable expenses of administering the system.
Added by Acts 1977, No. 83, §1, eff. June 22, 1977. Amended by Acts 1981, No. 675, §1.