A. The retirement board shall elect from its own number a chairman and a vice chairman.

B. The retirement board shall appoint an executive director who shall be the chief administrative officer for the retirement board and the association.

C. The retirement board shall employ professional, technical, clerical and other services as required for the operation of the association. The compensation for employed services shall be fixed by the retirement board.

D. The state treasurer shall be the treasurer of the association and the custodian of its funds. The treasurer's general bond to the state shall cover all liability for acts as treasurer of the association. The treasurer shall credit all receipts of money and assets of the association to the association. The treasurer shall make disbursements from association assets only upon warrants issued by the secretary of finance and administration based upon vouchers signed by the executive secretary or vouchers signed by the state treasurer for purposes of investment.

History: Laws 1987, ch. 253, § 131; 1997, ch. 189, § 10.

The 1997 amendment, effective June 20, 1997, substituted "director" for "secretary" in Subsection B.

Generally, as to salary of executive secretary. — The retirement board has the authority to fix the salary of the executive secretary of such board, and in the absence of any attempt of the state personnel board to classify the position and fix the salary of the executive secretary, no consent or approval from said board is required. 1955 Op. Att'y Gen. No. 55-6070.