The board of trustees has powers and duties to administer the system, including investments, records, benefits, meetings, and staffing.
§1542. Board of trustees; powers and duties
The board of trustees shall have the following powers and duties:
(1) To carry a blanket fidelity insurance policy covering all officers and employees who handle the money or securities of the fund in the amount of five hundred thousand dollars, and to pay the premiums therefor from board funds.
(2) To manage and control the funds of the system and to draw sums of money from its treasury and to invest such sums in the name of the fund in accordance with the provisions of R.S. 11:263.
(3) To deposit all money received by it in the bank or banks of its selection, provided the deposits are secured by the federal insurance plan.
(4) To appoint a secretary and other employees, to define and designate their powers and duties, and to determine and pay salaries as compensation for such services, which shall be paid from system monies.
(5) To adopt such mortality, actuarial, and other tables necessary for the proper administration and management of the fund.
(6) To formulate, establish, promulgate, make, alter, and amend any and all rules and regulations necessary, desirable, or required for the establishment, maintenance, and administration of the system and to facilitate the proper functioning of the system and the transaction of its business.
(7) To determine all questions of coverage and qualifications as to participation in and receipt of benefits from the system.
(8) To construe and administer the provisions of this Chapter.
(9) To authorize or suspend the payment of any benefit in accordance with law.
(10) To compel witnesses to attend meetings and to testify upon any matter concerning the system.
(11) To hear appeals from persons who claim their rights under the laws or the rules of the system have been violated and to issue appropriate orders in such cases.
(12) To obtain by employment or by contract such actuarial services, investment counsel, legal services, and counsel and medical, clerical, or other services as may be required for the efficient management and administration of the system and to determine the rate of and pay compensation from system monies for such services.
(13) To request such information from any member, former member, beneficiary, or clerk as is necessary for the proper operation of the system.
(14) To establish an office or offices with suitable space for meetings of the board and for use of system personnel, in which office shall be kept all books and records of the system, unless otherwise designated by the board, and to furnish said office or offices with necessary furniture and equipment.
(15) To determine the limitations on the amount of cash to be invested in order to maintain such cash balances as may be deemed advisable to meet current requirements, to invest the available cash within these limits, and to buy and sell securities for investment.
(16) To keep cash available on deposit in one or more banks or trust companies of the state of Louisiana organized under the laws of the state of Louisiana or of the United States for the purpose of making disbursements for pensions, annuities, and other payments.
(17) To keep in convenient form the data necessary for all required calculations and valuations as required by the actuary.
(18) To keep a permanent record of all the proceedings of the board and such other records as shall be necessary or desirable for administration of the system.
(19) To appoint committees of at least four trustees to perform such functions as may be directed by the board.
(20) To carry on generally any other reasonable activities which are necessary for carrying out the intent of the system in accordance with the provisions of law.
(21) The board of trustees shall establish an Investment Advisory Subcommittee composed of not less than four board members which shall monitor the investment of system assets, including the rate of return thereon, and make such reports and recommendations regarding those investments as requested by the board.
(22) To meet at least quarterly but not more than six times per year.
Acts 1986, No. 1063, §1, eff. Oct. 1, 1986; Redesignated from R.S. 13:952 by Acts 1991, No. 74, §3, eff. June 25, 1991.
