Arkansas Administrative Code › Agency 088 - Arkansas Teacher Retirement System › Rule 088.00.96-001 - Policy Changes - Board of Trustees

Current through Register Vol. 49, No. 6, June, 2024
POLICY CHANGES
Additions to policies are underlined; deletions are
			 strickes
BOARD OF TRUSTEES
COMPOSITION
Section 3 of Act 427 of 1073, as amended, (A.C.A. 24-7-301)
			 provides that the general administration and responsibility for the proper
			 operation of the System and for making effective the provisions of the Teacher
			 Retirement law are vested in the Board of Trustees of 12 13 persons. The State
			 Bank Commissioner, the State Treasurer, the state Auditor, and the State
			 Auditor, and the State Director of Education. (Amended by Act 523 of
			 1995)
BOARD OF TRUSTEES MEETINGS
1. Quorum: Seven (7) trustees, of whom at
		  least one (1) shall be an ex officio trustee or his designee, constitute a
		  quorum at any meeting of the Board. (Amended by Act 523 of 1995)
2. Each trustee shall be entitled to one (1)
		  vote on each question before the board, and at least seven (7) concurring,
		  votes shall be required for a decision by the board at any meeting.
3. Ex officio Trustees and Designated
		  Substitutes: Ex officio Trustees are urged and expected to attend meetings when
		  possible. Each ex officio trustee is authorized to designate an official
		  substitute to be approved by the Board to represent him/her when
		  responsibilities as a constitutional officer or head of a State agency make it
		  impossible for him/her to attend. Such designated substitutes shall be counted
		  in determining If a quorum is present. They shall have the same rights as other
		  trustees to participate in a meeting, including voting, making and speaking on
		  motions.
4. Roberts Rules of Order
		  shall be followed in the conduct of all meetings except when a departure from
		  Roberts is authorized by action of the Board.
5. Agenda: A suggested agenda for each
		  meeting shall be submitted in advance to all trustees. The Board shall adopt an
		  agenda at the beginning of each meeting.
6. Minutes: The board shall keep an official
		  record of the proceedings of each meeting, the final draft of which must be
		  approved by the board and signed by the Chairman and the Director.
7. Public Meetings, Freedom of Information
		  Act: All meetings of the Board shall be public and in compliance with the
		  Freedom of Information Act. Representatives of the Little Rock news media shall
		  be notified of each meeting.
INVESTMENT COMMITTEE
POLICIES
1. There shall be an Investment Committee
		  composed of six (6) members of the Board of Trustees. Four (4) will be
		  appointed by the Chairman of the Board. The Chairman and Vice-chairman of the
		  Board shall serve as ex-officio voting members of the Committee.
2. Appointments shall be for terms of four
		  (4) years with no limit on the number of times a member may be reappointed.
ACTIVE MEMBER
POLICIES
(Amended by Act 542 of 1995)
c) Deferred members acquire survivor,
		  disability, and early retirement privileges after rendering 30 days of service
		  credit subsequent to reentering the Teacher Retirement System.
d) An employee who is considered inactive,
		  will become an active member after' returning to employment and completing at
		  least 30 days of credited service.