§ 24-7-305 - Board of trustees -- Duties and responsibilities.
24-7-305. Board of trustees -- Duties and responsibilities.
(a) (1) Both the contributory plan provided by this act and the noncontributory plan established by 24-7-401 -- 24-7-411 and 24-7-701, 24-7-702, 24-7-704 -- 24-7-713, 24-7-715, and 24-7-716 shall be under the administration and control of the Board of Trustees of the Arkansas Teacher Retirement System as provided by 24-7-301.
(2) It is the intent of the General Assembly that neither the composition, responsibilities, nor the authority of the board be changed as a result of 24-7-401 -- 24-7-411 and 24-7-701, 24-7-702, 24-7-704 -- 24-7-713, 24-7-715, and 24-7-716.
(b) (1) The board shall promulgate rules as it deems necessary from time to time in the transaction of its business and in administering the Arkansas Teacher Retirement System.
(2) In order to fully comply with federal requirements that may affect the members or the members' benefits under this subchapter, the board may promulgate rules to:
(A) Establish the regular retirement age for members consistent with the provisions of Section 411 of the Internal Revenue Code; and
(B) Maintain the system's retirement plan tax qualification status by the federal government to remain tax exempt and tax qualified under Section 401(a) of the Internal Revenue Code.
(c) The board shall adopt from time to time such reasonable mortality and other tables of experience and a rate or rates of regular interest as shall be necessary for the actuarial requirements of the Arkansas Teacher Retirement System.
(d) The Executive Director of the Arkansas Teacher Retirement System shall keep, or cause to be kept, in convenient form such data as shall be necessary for actuarial investigations of the experiences of the system, and such data as shall be necessary for annual actuarial valuations of the system.
(e) (1) The board shall annually, not later than April 1 of each year, render a report to each employer showing the financial condition of the system as of the preceding June 30.
(2) The report shall contain, but shall not be limited to:
(A) A financial balance sheet;
(B) A statement of income and disbursements;
(C) A detailed statement of investments acquired and disposed of during the year, together with a detailed statement of the annual rates of investment income from all assets and from each type of investment;
(D) An actuarial balance sheet prepared by means of the last valuation of the system; and
(E) Such other data as the board shall deem necessary to comply with 24-2-702.
(3) In addition to the distribution of the report provided by this subsection, it shall also be distributed to the Legislative Council and to the Governor.
(f) All records of the system shall be kept and maintained in the office of the system.
(g) (1) The board shall arrange for adequate surety bonds covering the executive director and any other custodian of the funds or investments of the board.
(2) When approved by the board, the bonds shall be deposited in the office of the Treasurer of State.
(h) The records and accounts of the system shall be audited by the Division of Legislative Audit.
(i) The headquarters of the system shall be in Little Rock.