24 CAR § 10-102. Description of the system

(a) The Arkansas Teacher Retirement System is a cost-sharing, multiple-employer, defined benefit pension plan established on March 17, 1937, by authority of the General Assembly under Arkansas Code § 24-7-101 et seq. (b) The system is operated as a qualified trust under 26 U.S.C. § 401(a) of the Internal Revenue Code. (c) The system is a component unit of the State of Arkansas. (d) The General Assembly is responsible for setting benefits and contributions and amending plan provisions. (e)(1) Ultimate authority, general administration, and responsibility for the proper operation of the system, and for making effective the provisions of Arkansas Code § 24-7-201 et seq., are vested in the fifteen-member Board of Trustees of the Arkansas Teacher Retirement System. (2) Eleven (11) members are elected and four (4) members serve as ex officio members by virtue of their positions in state government. (3) The board appoints the Executive Director of the Arkansas Teacher Retirement System who serves as the chief executive officer of the system. (f) The board promulgates rules as it deems necessary in the transaction of its business and in administering the system. (g) For administrative purposes, the executive director may organize the system in a manner that he or she determines is most efficient for the operation of the system.