(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 Director of the Department of Finance and Administration shall be ex officio members; and
(2) Three (3) members who are state employees and three (3) members who are nonstate employees to be appointed by the Governor; each nonstate employee trustee and each state employee trustee shall have at least ten (10) continuous years of service with a public employer or employers, and shall be a member or retired member of the system.
(c) (1) The term of office of appointed trustees shall be six (6) years.
(2) If any state employee trustee leaves the employ of the state or if any nonstate employee trustee leaves the employ of a participating public employer, the board shall, by a majority of the membership of the board, fill the vacancy for the remainder of the unexpired term by appointment of a state employee member or a nonstate employee member, as the case may be.
(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.
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