Senator Bee announced the confirmation of Richard Archer, who was unable to be present, would be held until the next meeting. She stated she was Special Assistant to the Director of DOR, and that she had been with the DOR since June. She had held several legislative liaison positions prior to that, with a focus on customer service. She asked that problems and questions be funneled through her. Mr. Gilbertson noted the Board consists of seven members and has about 120 full time employees.
Counseling is provided for retirees, as well as disability, medical and dental programs.
He noted the system does not use outside money managers, and utilizes investment saving and revenue enhancements. Mr. Gilbertson noted a five-year vesting plan. Mr. Gilbertson said there would be a bill this session for the reorganization of the Board and the Council, in an effort to consolidate them. Most retirement plans allow the Board to make decisions on benefits, which they cannot in Arizona. ASRS would like to have nine members and increase the amount of money it can manage internally.