97B.8A INVESTMENT BOARD.
1. Board established. A board is established to be known as
the "Investment Board of the Iowa Public Employees' Retirement
System", referred to in this chapter as the "board". The duties
of the board are to establish policy, and review its implementation,
in matters relating to the investment of the retirement fund. The
board shall be the trustee of the retirement fund.
2. Investment review.a. At least annually the board shall review the investment
policies and procedures used by the board and system, and shall hold
a public meeting on the investment policies and investment
performance of the retirement fund. Following its review and the
public meeting, the board shall, pursuant to the requirements of
section 97B.7A, and in consultation with the chief investment officer
and other relevant personnel of the system, establish an investment
policy and goal statement that shall direct the investment activities
concerning the retirement fund.
b. The board shall review and approve, prior to the execution
of a contract with the system, the hiring of each investment manager
and investment consultant outside of state government.
c. The board shall be involved in the performance evaluation
of the chief investment officer.
3. Actuarial responsibilities.a. The board shall select the actuary to be employed by the
system as provided in section 97B.4.
b. The board shall, in consultation with the chief executive
officer, the actuary, and other relevant personnel of the system,
adopt from time to time mortality tables and all other necessary
factors for use in actuarial calculations required in connection with
the retirement system. The board shall also adopt the actuarial
methods and assumptions to be used by the actuary for the annual
valuation of assets as required by section 97B.4.
4. Membership.a. The board shall consist of eleven members, including seven
voting members and four nonvoting members.
(1) The voting members shall be as follows:
(a) Three public members, appointed by the governor, who are not
members of the retirement system and who each have substantial
institutional investment experience or substantial institutional
financial experience.
(b) Three members, appointed by the governor, who are members of
the retirement system. Prior to the appointment by the governor of a
member of the board under this subparagraph, the benefits advisory
committee shall submit a slate of at least two nominees per position
to the governor for the governor's consideration. The governor is
not required to appoint a member from the slate submitted. Of the
three members appointed, one shall be an active member who is an
employee of a school district, area education agency, or merged area;
one shall be an active member who is not an employee of a school
district, area education agency, or merged area; and one shall be a
retired member of the retirement system.
(c) The treasurer of state.
(2) The nonvoting members of the board shall be two state
representatives, one appointed by the speaker of the house of
representatives and one by the minority leader of the house, and two
state senators, one appointed by the majority leader of the senate
and one by the minority leader of the senate.
b. Four voting members of the board shall constitute a
quorum.
c. The three members who have substantial institutional
investment experience or substantial institutional financial
experience, and the member who is a retired member of the retirement
system, shall be paid their actual expenses incurred in the
performance of their duties and shall receive a per diem as specified
in section 7E.6 for each day of service not exceeding forty days per
year. Legislative members shall be paid the per diem and expenses
specified in section 2.10, for each day of service. The per diem and
expenses of the legislative members shall be paid from funds
appropriated under section 2.12. The members who are active members
of the retirement system and the treasurer of state shall be paid
their actual expenses incurred in the performance of their duties as
members of the board and the performance of their duties as members
of the board shall not affect their salaries, vacations, or leaves of
absence for sickness or injury.
d. The appointive terms of the members appointed by the
governor are for a period of six years beginning and ending as
provided in section 69.19. If there is a vacancy in the membership
of the board for one of the members appointed by the governor, the
governor has the power of appointment. Gubernatorial appointees to
this board are subject to confirmation by the senate.
5. Closed sessions. In addition to the reasons provided in
section 21.5, subsection 1, the board may hold a closed session
pursuant to the requirements of section 21.5 of that portion of a
board meeting in which financial or commercial information is
provided to or discussed by the board if the board determines that
disclosure of such information could result in a loss to the
retirement system or to the provider of the information.
Section History: Recent Form
2001 Acts, ch 68, §12, 24; 2003 Acts, ch 145, §286; 2008 Acts, ch
1032, §201
Referred to in § 97B.1, 97B.1A, 97B.8B
Confirmation; §2.32
97B.8A INVESTMENT BOARD.
1. Board established. A board is established to be known as
the "Investment Board of the Iowa Public Employees' Retirement
System", referred to in this chapter as the "board". The duties
of the board are to establish policy, and review its implementation,
in matters relating to the investment of the retirement fund. The
board shall be the trustee of the retirement fund.
2. Investment review.a. At least annually the board shall review the investment
policies and procedures used by the board and system, and shall hold
a public meeting on the investment policies and investment
performance of the retirement fund. Following its review and the
public meeting, the board shall, pursuant to the requirements of
section 97B.7A, and in consultation with the chief investment officer
and other relevant personnel of the system, establish an investment
policy and goal statement that shall direct the investment activities
concerning the retirement fund.
b. The board shall review and approve, prior to the execution
of a contract with the system, the hiring of each investment manager
and investment consultant outside of state government.
c. The board shall be involved in the performance evaluation
of the chief investment officer.
3. Actuarial responsibilities.a. The board shall select the actuary to be employed by the
system as provided in section 97B.4.
b. The board shall, in consultation with the chief executive
officer, the actuary, and other relevant personnel of the system,
adopt from time to time mortality tables and all other necessary
factors for use in actuarial calculations required in connection with
the retirement system. The board shall also adopt the actuarial
methods and assumptions to be used by the actuary for the annual
valuation of assets as required by section 97B.4.
4. Membership.a. The board shall consist of eleven members, including seven
voting members and four nonvoting members.
(1) The voting members shall be as follows:
(a) Three public members, appointed by the governor, who are not
members of the retirement system and who each have substantial
institutional investment experience or substantial institutional
financial experience.
(b) Three members, appointed by the governor, who are members of
the retirement system. Prior to the appointment by the governor of a
member of the board under this subparagraph, the benefits advisory
committee shall submit a slate of at least two nominees per position
to the governor for the governor's consideration. The governor is
not required to appoint a member from the slate submitted. Of the
three members appointed, one shall be an active member who is an
employee of a school district, area education agency, or merged area;
one shall be an active member who is not an employee of a school
district, area education agency, or merged area; and one shall be a
retired member of the retirement system.
(c) The treasurer of state.
(2) The nonvoting members of the board shall be two state
representatives, one appointed by the speaker of the house of
representatives and one by the minority leader of the house, and two
state senators, one appointed by the majority leader of the senate
and one by the minority leader of the senate.
b. Four voting members of the board shall constitute a
quorum.
c. The three members who have substantial institutional
investment experience or substantial institutional financial
experience, and the member who is a retired member of the retirement
system, shall be paid their actual expenses incurred in the
performance of their duties and shall receive a per diem as specified
in section 7E.6 for each day of service not exceeding forty days per
year. Legislative members shall be paid the per diem and expenses
specified in section 2.10, for each day of service. The per diem and
expenses of the legislative members shall be paid from funds
appropriated under section 2.12. The members who are active members
of the retirement system and the treasurer of state shall be paid
their actual expenses incurred in the performance of their duties as
members of the board and the performance of their duties as members
of the board shall not affect their salaries, vacations, or leaves of
absence for sickness or injury.
d. The appointive terms of the members appointed by the
governor are for a period of six years beginning and ending as
provided in section 69.19. If there is a vacancy in the membership
of the board for one of the members appointed by the governor, the
governor has the power of appointment. Gubernatorial appointees to
this board are subject to confirmation by the senate.
5. Closed sessions. In addition to the reasons provided in
section 21.5, subsection 1, the board may hold a closed session
pursuant to the requirements of section 21.5 of that portion of a
board meeting in which financial or commercial information is
provided to or discussed by the board if the board determines that
disclosure of such information could result in a loss to the
retirement system or to the provider of the information.
Section History: Recent Form
2001 Acts, ch 68, §12, 24; 2003 Acts, ch 145, §286; 2008 Acts, ch
1032, §201
Referred to in § 97B.1, 97B.1A, 97B.8B
Confirmation; §2.32
97B.8A INVESTMENT BOARD.
1. Board established. A board is established to be known as
the "Investment Board of the Iowa Public Employees' Retirement
System", referred to in this chapter as the "board". The duties
of the board are to establish policy, and review its implementation,
in matters relating to the investment of the retirement fund. The
board shall be the trustee of the retirement fund.
2. Investment review.a. At least annually the board shall review the investment
policies and procedures used by the board and system, and shall hold
a public meeting on the investment policies and investment
performance of the retirement fund. Following its review and the
public meeting, the board shall, pursuant to the requirements of
section 97B.7A, and in consultation with the chief investment officer
and other relevant personnel of the system, establish an investment
policy and goal statement that shall direct the investment activities
concerning the retirement fund.
b. The board shall review and approve, prior to the execution
of a contract with the system, the hiring of each investment manager
and investment consultant outside of state government.
c. The board shall be involved in the performance evaluation
of the chief investment officer.
3. Actuarial responsibilities.a. The board shall select the actuary to be employed by the
system as provided in section 97B.4.
b. The board shall, in consultation with the chief executive
officer, the actuary, and other relevant personnel of the system,
adopt from time to time mortality tables and all other necessary
factors for use in actuarial calculations required in connection with
the retirement system. The board shall also adopt the actuarial
methods and assumptions to be used by the actuary for the annual
valuation of assets as required by section 97B.4.
4. Membership.a. The board shall consist of eleven members, including seven
voting members and four nonvoting members.
(1) The voting members shall be as follows:
(a) Three public members, appointed by the governor, who are not
members of the retirement system and who each have substantial
institutional investment experience or substantial institutional
financial experience.
(b) Three members, appointed by the governor, who are members of
the retirement system. Prior to the appointment by the governor of a
member of the board under this subparagraph, the benefits advisory
committee shall submit a slate of at least two nominees per position
to the governor for the governor's consideration. The governor is
not required to appoint a member from the slate submitted. Of the
three members appointed, one shall be an active member who is an
employee of a school district, area education agency, or merged area;
one shall be an active member who is not an employee of a school
district, area education agency, or merged area; and one shall be a
retired member of the retirement system.
(c) The treasurer of state.
(2) The nonvoting members of the board shall be two state
representatives, one appointed by the speaker of the house of
representatives and one by the minority leader of the house, and two
state senators, one appointed by the majority leader of the senate
and one by the minority leader of the senate.
b. Four voting members of the board shall constitute a
quorum.
c. The three members who have substantial institutional
investment experience or substantial institutional financial
experience, and the member who is a retired member of the retirement
system, shall be paid their actual expenses incurred in the
performance of their duties and shall receive a per diem as specified
in section 7E.6 for each day of service not exceeding forty days per
year. Legislative members shall be paid the per diem and expenses
specified in section 2.10, for each day of service. The per diem and
expenses of the legislative members shall be paid from funds
appropriated under section 2.12. The members who are active members
of the retirement system and the treasurer of state shall be paid
their actual expenses incurred in the performance of their duties as
members of the board and the performance of their duties as members
of the board shall not affect their salaries, vacations, or leaves of
absence for sickness or injury.
d. The appointive terms of the members appointed by the
governor are for a period of six years beginning and ending as
provided in section 69.19. If there is a vacancy in the membership
of the board for one of the members appointed by the governor, the
governor has the power of appointment. Gubernatorial appointees to
this board are subject to confirmation by the senate.
5. Closed sessions. In addition to the reasons provided in
section 21.5, subsection 1, the board may hold a closed session
pursuant to the requirements of section 21.5 of that portion of a
board meeting in which financial or commercial information is
provided to or discussed by the board if the board determines that
disclosure of such information could result in a loss to the
retirement system or to the provider of the information.
Section History: Recent Form
2001 Acts, ch 68, §12, 24; 2003 Acts, ch 145, §286; 2008 Acts, ch
1032, §201
Referred to in § 97B.1, 97B.1A, 97B.8B
Confirmation; §2.32
