Arizona § 38-713 - ASRS board; qualifications; term; compensation

§ 38-713. ASRS board; qualifications; term; compensation

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

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.