A.  At its first meeting held in January of each year the board shall elect one of its members chairman to serve until a new chairman is elected.  In the event of a vacancy in the office of the chairman, the board shall elect a new chairman to serve until the first meeting in the following January.  If the chairman is not present at a meeting, the board shall designate an acting chairman to preside at that meeting.

B.  Regular meetings of the board shall be held monthly at the time and place determined by the Board, provided that with notice to each member, the chairman or a majority of the board may call special meetings or cancel regular meetings.  Meetings of the board shall be conducted in accordance with Roberts Rules of Order unless the board prescribes a different procedure.  All meetings and hearings of the board are open to the public.

C.  A majority of the members of the board shall constitute a quorum for the transaction of business, and four votes shall be necessary for a decision.

D.  The director shall act as secretary of the board and shall keep records and minutes of its business and official actions.  The minutes of the proceedings of the board shall be prepared and maintained by the director on behalf of and subject to the approval of the board.

E.  The board shall have the accounts of the system audited annually by the legislative auditor and shall publish as of the end of each fiscal year a report showing the fiscal transactions of the system for the preceding fiscal year, the amount of the accumulated cash and securities of the system, a statement of income and expenditures and a balance sheet showing the financial condition of the system by means of an actuarial valuation of its assets and liabilities.  It shall also publish a synopsis of the report.

F.(1)  The members of the board shall receive for attendance at meetings of the board a per diem of seventy-five dollars per day plus the normal expense allowance allowed state employees by the Division of Administration, if funds are available for this purpose.  The board shall receive per diem for each meeting required by law.  There shall be no such per diem payment for those meetings above and beyond the number required by law.

(2)  The chairman of the Retirement Committee of the House of Representatives and the chairman of the Retirement Committee of the Senate of the Louisiana Legislature, or their designees if members of the legislature, shall receive for attendance at meetings of the board the same per diem and expenses as they receive for attendance at legislative committee meetings, and from the same source.

Acts 1972, No. 135, §1, eff. July 26, 1972; Acts 1983, No. 23, §1; Redesignated from La. Rev. Stat. 42:644 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 2003, No. 198, §1, eff. June 5, 2003.