(a) (1) The Board of Trustees of the Arkansas Public Employees' Retirement System shall hold meetings regularly, at least one (1) meeting in each quarter year, and shall designate the time and place of the meeting.
(2) Special meetings may be held in accordance with such rules and regulations as the board shall adopt from time to time.
(3) Five (5) trustees shall constitute a quorum at any meeting of the board, and at least five (5) concurring votes shall be necessary for a decision by the board at any of its meetings.
(b) In addition to such other duties as are imposed upon the board by this act, the board shall:
(1) Make all rules and regulations as it shall deem necessary from time to time in the transaction of its business and in administering the Arkansas Public Employees' Retirement System;
(2) Provide for the administrative direction and control of the Executive Director of the Arkansas Public Employees' Retirement System and such clerical staff as may be required in the administration of the system;
(3) Provide for an actuarial valuation of the system as may be deemed necessary by the board;
(4) Exercise discretionary power and authority in the investments of, and disbursements of, the funds of the system, subject to the provisions of this act;
(5) Adopt such mortality and other tables of experience, and a rate or rates of interest, as shall be required in the proper operation of the system;
(6) Perform the duties of trustee without additional compensation therefor, but may receive expense reimbursement in accordance with ยง 25-16-901 et seq.; and
(7) Do any and all things necessary for the proper administration of the system and for carrying out and making effective the provisions of this act.
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