Arizona Laws 38-803. Powers and duties of the board; reporting requirements
A. The board, in the administration, management and operation of the plan and fund, shall:
Terms Used In Arizona Laws 38-803
- Board: means the board of trustees of the system. See Arizona Laws 38-801
- Contract: A legal written agreement that becomes binding when signed.
- fiscal year: means the period beginning on July 1 of any year and ending on June 30 of the next succeeding year. See Arizona Laws 38-801
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fund: means the elected officials' retirement plan fund. See Arizona Laws 38-801
- Plan: means the elected officials' retirement plan. See Arizona Laws 38-801
1. Account for the operation, administration and investment expenses and allocate them against investment income.
2. Contract on a fee basis with an actuary to make an actuarial valuation of the plan based on the valuation method and valuation assumptions recommended by the actuary and approved by the board. The actuary shall be a member of the American academy of actuaries.
3. Contract on a fee basis with an independent auditing firm to make an annual audit of the accounting records of the fund and file a copy of the audit with the auditor general.
4. Invest the monies in the fund as provided in article 4 of this chapter.
5. Within a period of six months after the close of each fiscal year, submit a detailed report of the operation and the investment performance of the plan to the governor, the legislature and the members of the plan.
6. By November 1 of each year provide a preliminary report and by December 1 of each year provide a final report to the governor, the speaker of the house of representatives and the president of the senate on the contribution rate for the ensuing fiscal year.
B. The board, in the administration, management and operation of the plan and fund, may:
1. Employ services as it deems necessary.
2. Either keep invested monies separate or commingle invested monies as it deems appropriate.
3. Delegate authority as it deems necessary and prudent to the administrator employed pursuant to section 38-848, subsection M, paragraph 6.
4. Do all acts, whether expressly authorized, that are deemed necessary or proper for the protection of the fund.