§ 24-7-303. Board of trustees — Officers — Committees

(a) The Board of Trustees of the Arkansas Teacher Retirement System shall select from its own number a chair and a vice chair.

(b)

1. (1) The trustees shall serve as trustees without compensation for their services as such, except that:

   1. (A) Each trustee may receive expense reimbursement in accordance with § 25-16-901 et seq.; and

   2. (B) The Arkansas Teacher Retirement System shall reimburse a trustee for reasonable expenses incurred in the performance of his or her duties as trustee, including without limitation, the cost of:

      1. (i) A substitute teacher for a trustee; and

      2. (ii) Communication services required for paperless board meetings.

2. (2) Trustees are authorized to attend all system committee meetings, board meetings, and other official system functions without negative impact on his or her employment status.

(c) The board shall appoint the Executive Director of the Arkansas Teacher Retirement System, and he or she shall serve as its chief executive officer. He or she shall perform, or cause to be performed, such duties as are required of him or her under this act and as the board shall delegate to him or her.

(d) The board shall appoint an actuary or a firm of actuaries to be technical advisor to the board on matters regarding the operation of the system on an actuarial basis. The actuary shall perform such duties as are required of him or her under this act and as are required of him or her by the board from time to time.

(e)

1. (1) The board shall appoint a professional investment counsel to be investment advisor to the board.

2. (2)

   1. (A) No investment shall be made by the board until it has received the advice of its investment advisor.

   2. (B) However, if the contemplated investment involves anything other than financial assets, as defined in § 4-8-102(a)(9), then in lieu of seeking advice from its investment advisor, the board shall seek and receive advice from a person having recognized expertise with respect to the type of investment contemplated.

(f) The board shall appoint a medical committee consisting of three (3) physicians to review applications for disability retirement.

(g) The executive director may employ such other professional and clerical services and purchase such equipment and supplies as are required for the proper operation of the system, subject to the approval of the board.

(h)

1. (1) The compensation of the persons engaged by the board shall be consistent with the pay plan of the state.

2. (2)

   1. (A) All other expenses of the board necessary for the operation of the system shall be paid at such rates and in such amounts as the board shall approve.

   2. (B) The board may create additional committees as necessary and appropriate to fulfill the duties and responsibilities of the board under this chapter.

(i)

1. (1) An audit committee created by the board shall perform an annual employee evaluation of an internal auditor of the system.

2. (2) The audit committee may:

   1. (A) Meet in executive session, with or without the internal auditor, for the purpose of conducting, reviewing, and discussing the employee evaluation of the internal auditor; and

   2. (B) Gather information necessary to conduct a fair review of the internal auditor.