(1) There is hereby created the public employees' retirement association, for the purpose of providing the benefits and programs specified in this article, which shall be a body corporate with the right to sue and be sued and the right to hold property for its use and purposes. Notwithstanding the applicability of article 54.8 of this title and sections 2-3-103, 24-4-103, 24-6-202, and 24-6-402, C.R.S., as provided for in this article, the association shall not be subject to administrative direction by any department, commission, board, bureau, or agency of the state. The association is an instrumentality of the state.
(2) The public employees' retirement association, created pursuant to the provisions of subsection (1) of this section, shall consist of the following divisions:
(a) The state division;
(a.5) The school division;
(b) (Deleted by amendment, L. 97, p. 771, § 5, effective July 1, 1997.)
(c) The local government division;
(d) The judicial division; and
(e) The Denver public schools division.
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