A. The ASRS board is established consisting of the following nine members appointed by the governor pursuant to section 38-211:

Terms Used In Arizona Laws 38-713

  • ASRS: means the Arizona state retirement system established by this article. See Arizona Laws 38-711
  • Board: means the ASRS board established in section 38-713. See Arizona Laws 38-711
  • Compensation: means :

    (a) For members whose membership began on or before December 31, 2019, the gross amount paid to a member by an employer as salary or wages, including amounts that are subject to deferred compensation or tax shelter agreements, for services rendered to or for an employer, or that would have been paid to the member except for the member's election or a legal requirement that all or part of the gross amount be used for other purposes, but does not include amounts paid in excess of compensation limits established in section 38-746. See Arizona Laws 38-711

  • Fiduciary: A trustee, executor, or administrator.
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
  • Political subdivision: means any political subdivision of this state and includes a political subdivision entity. See Arizona Laws 38-711
  • Retired member: means a member who is receiving retirement benefits pursuant to this article. See Arizona Laws 38-711
  • State: means this state, including any department, office, board, commission, agency, institution or other instrumentality of this state. See Arizona Laws 38-711

1. Five members from among the members of ASRS to represent the members of ASRS as follows:

(a) An educator.

(b) An employee of a political subdivision.

(c) A retired member.

(d) An employee of this state.

(e) An at large member who may represent any ASRS member group.

2. Four members who are not members of ASRS to represent the public.

B. Four of the members shall have at least ten years’ substantial experience as any one or a combination of the following:

1. A portfolio manager acting in a fiduciary capacity.

2. A securities analyst.

3. An employee or principal of a trust institution, investment organization or endowment fund acting either in a management or an investment related capacity.

4. A chartered financial analyst in good standing as determined by the CFA institute.

5. A professor at the university level teaching economics or investment related subjects.

6. An economist.

7. Any other professional engaged in the field of public or private finances.

C. Each member who represents an ASRS member group shall have not less than five years of administrative management experience.

D. The following persons are not eligible for membership on the board:

1. A person who is a stockbroker or bond broker and who is actively engaged in the profession of a stockbroker or bond broker.

2. A person who holds a real estate license pursuant to Title 32, Chapter 20.

E. A member may be reappointed. Vacancies occurring other than by expiration of a term shall be filled for the balance of the term in the same manner as for initial appointment. On the expiration of any term, the governor shall appoint a successor for a full term of three years that expires on the third Monday in January of the appropriate year.

F. Board members are eligible to receive compensation for performing their duties in an amount of fifty dollars a day, but not more than one thousand dollars in any one fiscal year, and are eligible for reimbursement of expenses pursuant to chapter 4, article 2 of this title.