Current through Register Vol. 46, No. 12, March 20, 2024
(a) Function. The Investment Advisory
Committee shall advise the Retirement Board on system investment policies,
specific investments presented to the committee for recommendation to the
Retirement Board, and such other matters relating to fixed income, equity
security and alternative investments as may be presented to the committee by
the system.
(b) Membership.
(1) The committee shall be comprised of not
less than six members. A committee member's term of office shall be three years
and terms shall be staggered to provide stability and continuity. Appointments
shall be made by the Retirement Board. Should a member of the committee resign
or otherwise be unable to serve, the vacancy shall be filled by the Retirement
Board for the remainder of the member's term. The committee chair shall be
designated by the system's executive director.
(2) Members of the committee shall be
individuals with extensive experience in banking, investment, finance or
related fields.
(c)
Meetings.
(1) The system's executive
director, or his/her designee, shall prepare the agenda of each meeting of the
committee. The committee shall act only upon the affirmative vote of a majority
of the committee members in attendance or four members, whichever is
greater.
(2) A minimum of four
meetings shall be held each calendar year. Minutes shall be prepared and
distributed to the participants.
(3) Members of the committee shall be paid a
fee established by the Retirement Board, together with actual necessary
expenses incurred for attending committee meetings.
(4) In addition to any other procedure for
the conduct of meetings of the committee as may be adopted by the Retirement
Board by resolution, the committee may act by means of conference telephone or
other communications equipment allowing all persons participating in the
meeting to hear one another at the same time.
(d) Conflicts of interest. A committee member
shall not participate in any decision or recommendation involving the
performance of any action where the performance or nonperformance of such
action would provide the member for a related person a pecuniary or material
benefit which is different from that which would be provided to a broad class
of persons, or in circumstances where the exercise of independent judgment by
the member would be restricted or compromised or the member otherwise had a
material conflict of interest.
