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There is established an executive committee of the board, which shall be composed of the state treasurer, the comptroller of the treasury, the secretary of state, one (1) board of trustees member appointed by the governor from among the board members who serve on the governor's cabinet, and three (3) additional board of trustees members selected by the entire board from among the employee or retiree board of trustees member representatives. The state treasurer shall also serve as chair of the executive committee, and the director of the division of retirement shall be the secretary to the committee.
Notwithstanding this title to the contrary, the executive committee shall have the power to disapprove, modify or otherwise change any of the following actions taken by the full board when, in the committee's sole judgment, the disapproval, modification or change is in the best interest of the retirement system:
Establishing the terms of the investment policy for the assets of the retirement system;
Adopting mortality, service and other such tables for the retirement system;
Determining the rate or rates of regular interest for use in calculations relative to the retirement system; and
Determining the employer contribution rate for state employees and teachers.
If the executive committee does not disapprove, modify or otherwise change any such action taken by the full board within thirty (30) calendar days after the action is taken, then the action of the full board shall become effective as of the expiration of the thirty-day period. Notwithstanding this subdivision (b)(2), if the executive committee affirms the action of the full board prior to the expiration of the thirty-day period, then the action shall become effective upon the executive committee's affirmation.
The executive committee shall meet at such times as deemed necessary by the chair in order to perform its responsibilities under this section, and shall keep a record of all its proceedings, which shall be open to public inspection. A report of any actions taken by the executive committee shall be presented to the full board at the board's next regular meeting following the action taken by the committee.
No action of the executive committee shall be binding unless taken at a meeting at which at least four (4) members of the committee are present and vote in favor of the action.
Notwithstanding this title to the contrary, the executive committee shall have the power to commence litigation or any legal action on behalf of the retirement system. The executive committee shall also have the power to delegate to the state treasurer the authority to respond to, defend, direct the course of, and settle any litigation, legal action, or regulatory proceeding on behalf of the retirement system. The authority may include, but not be limited to, litigation holds, amending pleadings, engaging expert witnesses, discovery, motions, tolling agreements, settlement agreements, waivers, attachments, releases, and stipulations.