38-715
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38-715. Director; powers and duties A. The board shall appoint a director. The term of the director is one year and expires on June 30. On expiration of a director's term, the board may reappoint the director for another term. The board may remove the director at any time for cause. B. The director shall appoint a deputy director and assistant directors with the approval of the board. C. The director, under the supervision of the board, shall: 1. Administer this article, except the investment powers and duties of investment management. 2. Hire employees and services the director deems necessary and prescribe their duties. 3. Prescribe procedures to be followed by members and their beneficiaries in filing applications for benefits. 4. Be responsible for: (a) Income and the collection of income and the accuracy of all expenditures. (b) Maintaining books and maintaining and processing records of ASRS. (c) The investment of temporary surplus monies only in obligations of the United States government or agencies whose obligations are guaranteed by the United States government, commercial paper or banker's acceptances for a term of not more than fifteen days. (d) Providing continuing education programs for the board to keep the board members informed of current issues and information needed to carry out their duties. 5. Perform additional powers and duties as may be prescribed by the board and delegated to the director. D. The director, under the supervision and approval of the board, may: 1. Delegate duties and responsibilities to such state departments as the director deems feasible and desirable to administer this article. 2. Appoint a custodian for the safekeeping of all investments owned by ASRS and register stocks, bonds and other investments in the name of a nominee. 3. Invest marketable securities owned by ASRS by entering into security loan agreements with one or more security lending entities. For the purpose of this paragraph: (a) "Marketable securities" means securities that are freely and regularly traded on recognized exchanges or marketplaces. (b) "Security loan agreement" means a written contract under which ASRS, as lender, agrees to lend specific marketable securities for a period of not more than one year. ASRS, under a security loan agreement, shall retain the right to collect from the borrower all dividends, interest, premiums and rights and any other distributions to which ASRS otherwise would have been entitled. During the term of a security loan agreement ASRS shall waive the right to vote the securities that are the subject of the agreement. A security loan agreement shall provide for termination by either party on terms mutually acceptable to the parties. The borrower shall deliver collateral to ASRS or its designated representative. At all times during the term of any security loan agreement the collateral shall be in an amount equal to at least one hundred per cent of the market value of the loaned securities. A security loan agreement shall provide for payment of additional collateral on a daily basis, or at such other less frequent intervals as the value of the loaned securities increases. A security loan agreement with a security lending entity shall contain the terms and conditions of the fees to be paid to a security lending entity for servicing the security loan agreement. ASRS shall pay the fees approved by the board to the security lending entity for servicing a security loan agreement from the revenues of the security lending program. 4. Establish one or more reserve holding accounts, into which the board shall close periodically the account balances of inactive accounts. If any person files a claim and furnishes proof of ownership of any amounts in any inactive account the claim shall be paid from the reserve holding account on the same basis as if no action had been taken under this paragraph. Interest and supplemental credits shall be allocated to each reserve holding account on June 30 of each year, as determined by the board. For the purposes of this paragraph, "inactive account" means an account to which contributions have not been paid for six months or more. 5. Make retirement under this article effective retroactively to on or after the day following the date employment is terminated if the member was unable to apply before the retroactive effective date through no fault of the member. E. The director, under supervision of the governing committee for tax deferred annuity and deferred compensation plans, may hire and supervise employees and obtain services the director deems necessary to administer article 5 of this chapter. The tax deferred annuity and deferred compensation programs established pursuant to article 5 of this chapter shall bear the costs for these employees and services. F. The director and all persons employed by the director are not subject to section 38-611 or title 41, chapter 4, article 5 or 6. |