Expenses and per diem. (1) There is established the Utah State Retirement Board composed of seven board members determined as follows: (a) Four board members, with experience in investments or banking, shall be appointed by the governor from the general public. (b) One board member shall be a school employee appointed by the governor from at least three nominations submitted by the governing board of the school employees' association that is representative of a majority of the school employees who are members of a system administered by the board. (c) One board member shall be a public employee appointed by the governor from at least three nominations submitted by the governing board of the public employee association that is representative of a majority of the public employees who are members of a system administered by the board. (d) One board member shall be the state treasurer. (2) Four board members constitute a quorum for the transaction of business. (3) (a) All appointments to the board shall be made on a nonpartisan basis, with the advice and consent of the Senate. (b) Board members shall serve until their successors are appointed and take the constitutional oath of office. (c) When a vacancy occurs on the board for any reason, the replacement shall be appointed for the unexpired term. (4) (a) Except as required by Subsection (4)(b), all appointed board members shall serve for four- year terms. (b) Notwithstanding the requirements of Subsection (4)(a), the governor shall, at the time of appointment or reappointment, adjust the length of terms to ensure that the terms of board members are staggered so that: (i) approximately half of the board is appointed every two years; and (ii) no more than two of the board members appointed under Subsection (1)(a) are appointed every two years. (c) A board member who is appointed as a school employee or as a public employee who retires or who is no longer employed with a participating employer shall immediately resign from the board. (5) (a) Each year the board shall elect a president and vice president from its membership. (b) A board member may not receive compensation or benefits for the board member's service, but may receive per diem and travel expenses in accordance with: (i) Section 63A-3-106; (ii) Section 63A-3-107; and (iii) rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107.
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