38-721. Administration account


A. ASRS shall maintain an administration account consisting of all monies for
administrative purposes. The following monies shall be deposited in the administration
account:


1. All monies appropriated by the legislature to pay administrative expenses of
ASRS.


2. All monies received for proportionate shares of administrative expenses from
departments that pay the salaries of their officers and employees wholly or in part from
monies received from sources other than appropriations from the state general fund.


3. All monies received for proportionate shares of administrative expenses from
political subdivisions paying employer contributions.


4. Monies that the director transfers from the investment account and that are
necessary for the payment of expenditures made pursuant to subsections C and D of this
section.


B. Except as provided in subsection C of this section, expenditures from the
administration account shall be made in accordance with board directives, subject to
legislative appropriation.


C. Expenditures for the following are continuously appropriated and shall be paid
from the administration account in the amount deemed necessary by the board:


1. Investment management fees and related consulting fees necessary to meet the
board's investment objectives.


2. Rent.


3. Actuarial consulting fees.


4. Retiree payroll.


D. With the approval of the board, the director:


1. May expend monies from the administration account for staff, expenses and
related consulting fees necessary to implement section 38-714, subsection F, paragraphs 1
and 6 and subsection H, paragraphs 2 and 3 and sections 38-755 and 38-756.


2. Shall pay from the administration account the costs for administering the health
insurance program for retired members pursuant to section 38-782, the cost of continuing
education programs for the board and the cost of legal counsel.