§ 24-7-403 — Restrictions on use of assets

(a) All assets of the Arkansas Teacher Retirement System shall be held for the sole purpose of paying benefits and making disbursements in accordance with the provisions of this act and shall be used for no other purpose whatsoever, unless the assets are used to purchase or construct a building to be used for the permanent offices of the system upon approval of the Board of Trustees of the Arkansas Teacher Retirement System. (b) (1) Except as to the rights of a member, retiree, or beneficiary, a trustee, officer, or employee of the board shall not have any direct or indirect interest in the gains or profits of any investment made by the board. (2) A trustee, officer, or employee of the board shall not directly or indirectly use the assets of the system in any manner for himself or herself or as an agent. (3) A trustee, officer, or employee of the board shall not in any manner become an endorser, surety, or obligor for moneys loaned by or borrowed from the board. (4) A trustee, officer, or employee of the board may make such current and necessary payments as are authorized by the board.

Legislative History

Amended by Act 2023, No. 107,§ 24, eff. 7/1/2023. Acts 1973, No. 427, § 7; 1975, No. 381, § 2; 1975, No. 839, § 2; 1977, No. 793, § 11; A.S.A. 1947, § 80-1441; Acts 1989, No. 652, § 2.