- Alaska Statutes.
- Title 37. Public Finance
- Chapter 10. Public Funds
- Section 220. Powers and Duties of the Board.
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AS 37.10.220. Powers and Duties of the Board.
- (a) The board shall
- (1) hold regular and special meetings at the call of the chair or of at least five members; meetings are open to
the public, and the board shall keep a full record of all its proceedings;
- (2) after reviewing recommendations from the Department of Revenue, adopt investment policies for each of the
funds entrusted to the board;
- (3) determine the appropriate investment objectives for the defined benefit plans established under the
teachers' retirement system under AS 14.25 and the public employees' retirement system under AS 39.35;
- (4) assist in prescribing the policies for the proper operation of the systems and take other actions necessary
to carry out the intent and purpose of the systems in accordance with AS 37.10.210 - 37.10.390;
- (5) provide a range of investment options and establish the rules by which participants can direct their
investments among those options with respect to accounts established under
- (A) AS 14.25.340 - 14.25.350 (teachers' retirement system defined contribution
- (B) AS 39.30.150 - 39.30.180 (State of Alaska Supplementary Annuity Plan);
- (C) AS 39.35.730 - 39.35.750 (public employees' retirement system defined contribution individual accounts); and
- (D) AS 39.45.010 - 39.45.060 (public employees' deferred compensation program);
- (6) establish the rate of interest that shall be annually credited to each member's individual contribution
account in accordance with AS 14.25.145 and AS 39.35.100 and the rate of interest that shall be annually credited to each
member's account in the health reimbursement arrangement plan under AS 39.30.300 - 39.30.495; the rate of interest shall be adopted on the basis
of the probable effective rate of interest on a long-term basis, and the rate may be changed from time to time;
- (7) adopt a contribution surcharge as necessary under AS 39.35.160(c);
- (8) coordinate with the retirement system administrator to have an annual actuarial valuation of each retirement
system prepared to determine system assets, accrued liabilities, and funding ratios and to certify to the appropriate budgetary
authority of each employer in the system
- (A) an appropriate contribution rate for normal costs; and
- (B) an appropriate contribution rate for liquidating any past service liability;
- (9) review actuarial assumptions prepared and certified by a member of the American Academy of Actuaries and
conduct experience analyses of the retirement systems not less than once every four years, except for health cost assumptions, which
shall be reviewed annually; the results of all actuarial assumptions prepared under this paragraph shall be reviewed and certified by a
second member of the American Academy of Actuaries before presentation to the board;
- (10) contract for an independent audit of the state's actuary not less than once every four years;
- (11) contract for an independent audit of the state's performance consultant not less than once every four years;
- (12) obtain an external performance review to evaluate the investment policies of each fund entrusted to the
board and report the results of the review to the appropriate fund fiduciary;
- (13) by the first day of each regular legislative session, report to the governor, the legislature, and the individual
employers participating in the state's retirement systems on the financial condition of the systems in regard to
- (A) the valuation of trust fund assets and liabilities;
- (B) current investment policies adopted by the board;
- (C) a summary of assets held in trust listed by the categories of investment;
- (D) the income and expenditures for the previous fiscal year;
- (E) the return projections for the next calendar year;
- (F) one-year, three-year, five-year, and 10-year investment performance for each of the funds entrusted to the board; and
- (G) other statistical data necessary for a proper understanding of the financial status of the systems;
- (14) submit quarterly updates of the investment performance reports to the Legislative Budget and Audit Committee; and
- (15) develop an annual operating budget;
- (16) administer pension forfeitures required under AS 37.10.310 using the procedures of AS 44.62 (Administrative Procedure Act).
- (b) The board may
- (1) employ outside investment advisors to review investment policies;
- (2) enter into an agreement with the fiduciary of another state fund in order to
assume the management and investment of those assets;
- (3) contract for other services necessary to execute the board's powers and duties;
- (4) enter into confidentiality agreements that would exempt records from AS 40.25.110 and 40.25.120 if the records contain information that could affect the value of
investment by the board or that could impair the ability of the board to aquire, maintain, or dispose of investments.
- (c) Expenses for the board and the operations of the board shall be paid from the retirement fund.
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