Section 1 of the bill defines the board of trustees of the public
employees' retirement association (board) as a local public body for purposes of the open meetings law. Section 2 limits the terms of both elected and appointed members
of the board to not more than 2 consecutive 4-year terms; except that the state treasurer is not subject to the 2-term limit. A former trustee who has served 2 consecutive terms may be reelected or reappointed to the board after not serving on the board for a period of at least one term. Section 2 also clarifies how such term limits apply in the case of a vacancy appointment. Section 3 requires the board, on and after January 1, 2025, to
conduct its meetings in accordance with the open meetings law as a local public body and requires the board to post and regularly maintain and update the public employees' retirement association's (association) website with information including:
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The notice with specific agenda information, if available, for the board's next public meeting;
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The policy for and process by which a member of the public may participate in any public meeting of the board;
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A link or other means of public access to the records of past public meetings of the board; and
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The official email address of the board. Section 3 also requires that, on or before January 1, 2026, and on or before January 1 of each calendar year thereafter, the board post certain financial information of the association on the association's website. Section 4 clarifies that, while the board may delegate matters of
day-to-day administration of the association to the executive director or other individuals, the board must retain authority and responsibility for the overall management of the association.
