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(a) The administration and control of the Arkansas Judicial Retirement System shall be vested in a board known as the “Board of Trustees of the Arkansas Judicial Retirement System”.
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(b)
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(1) The members of the board shall consist of five (5) persons appointed by the Arkansas Judicial Council.
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(2) The members shall serve at the pleasure of the council.
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(3) One (1) of the members shall be elected by the board to serve as chair.
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(c) The duties of the board shall be:
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(1) To make all rules necessary and proper for carrying out the provisions of this section;
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(2) To provide administrative direction and control of the executive director and staff as may from time to time be required;
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(3) To appoint an actuary, or firm of actuaries, to be a 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 by him or her under this subdivision (c)(3) and as are from time to time required by the board;
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(4) To appoint professional investment counsel to be the board’s investment advisor or money manager;
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(5) To serve without pay but may receive expense reimbursement in accordance with § 25-16-901 et seq.; and
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(6) To do any and all things necessary for the proper execution of this section.
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(d) The board shall meet at least quarterly and at other times as necessary at the call of the chair.
