(1) The board consists of the
following fifteen trustees:
(a) The state treasurer;
(b) Three members of the state division elected by the members of that
division, at least one of whom shall be an employee of a state institution of higher
education and at least one of whom shall not be an employee of a state institution
of higher education;
(c) Four members of the school division elected by the members of that
division;
(d) One member of the local government division elected by the members of
that division;
(e) One member of the judicial division elected by the members of that
division;
(f) Two retirees, one of whom shall be elected by those members who have
retired from the local government division, the judicial division, or from the state
division and one of whom shall be elected by those members who have retired from
the local government division, the judicial division, or the school division; except
that both retiree trustees cannot have retired from the same division; and
(g) Three trustees appointed by the governor and confirmed by the senate
who shall not be members, inactive members, or retirees of the association and who
shall have significant experience and competence in investment management,
finance, banking, economics, accounting, pension administration, or actuarial
analysis. Of the three trustees appointed by the governor, no more than two shall be
from the same political party.
(1.5) In addition to the board members specified in subsection (1) of this
section, there shall be one ex officio board member from the Denver public schools
division. The ex officio board member shall be elected by the Denver public schools
division through a Denver public schools division member election administered by
the association. The Denver public schools division ex officio member position
exists so long as the Denver public schools division remains as a separate division
of the association. The Denver public schools division ex officio member shall be a
member or retiree of the Denver public schools division and shall be treated like all
other members of the board, subject to the following:
(a) The ex officio member may sit with the board and participate in
discussions of agenda items, but shall not be allowed to vote on any matter coming
before the board or any committee of the board, or to make any motion regarding
any matter before the board or any committee of the board;
(b) The ex officio member may be reimbursed for his or her actual and
necessary expenses incurred in the execution of his or her duties as an ex officio
member of the board, subject to the same requirements and restrictions as apply to
reimbursement of expenses of statutory members of the board;
(c) The ex officio member's fiduciary obligations and responsibilities shall be
the same as any other board member, shall flow to the entire association
membership, and are not limited to those of the Denver public schools division;
(d) The ex officio member shall be provided the same board and committee
meeting materials as are provided to other members of the board, including any
information that may be deemed confidential;
(e) The ex officio member shall be allowed to participate in or attend
executive or closed sessions of the board or of any committee of the board subject
to all association board rules, regulations, and policies, including, but not limited to,
confidentiality and conflict of interest;
(f) The ex officio member may not be elected as an officer of the board;
(g) At the request of the ex officio member, the chair of the board may
appoint the ex officio member as an ex officio member of any standing committee
of the board;
(h) The ex officio member shall be allowed to attend and participate in any
open meeting discussion at any board or committee meeting; and
(i) The ex officio member shall observe all rules, regulations, and policies
applicable to members of the board and any other conditions, restrictions, or
requirements established or directed by vote of a majority of the members of the
board.
(2) (a) The board shall set the time and manner for the elections of trustees
representing members and retirees. Elected trustees may be reelected to the board
but shall not serve more than two consecutive terms. Except for the state treasurer,
the consecutive terms for any trustee shall not exceed eight years. A former
trustee who has served two consecutive terms may be reelected to the board after
not serving on the board for a period of at least one term.
(b) The limitation on the number of consecutive terms that a trustee
representing members or retirees may serve that is set forth in subsection (2)(a) of
this section applies to terms beginning on or after June 3, 2025.
(3) (a) The term for each of the trustees appointed by the governor is four
years; except that the terms shall be staggered so that no more than one trustee's
term expires in one year. Appointed trustees may be reappointed to the board but
shall not serve more than two consecutive terms. A former trustee who has served
two consecutive terms may be reappointed to the board after not serving on the
board for a period of at least one term.
(b) The limitation on the number of consecutive terms that a trustee
appointed by the governor may serve that is set forth in subsection (3)(a) of this
section applies to terms beginning on or after June 3, 2025.
(4) When a vacancy occurs on the board among the elected trustees, the
person who received the next highest number of votes in the most recent election
of trustees shall be appointed to serve as trustee until the next election of trustees.
If the person who received the next highest number of votes is unwilling to serve as
a trustee or if the trustee who created the absence ran unopposed, the board shall
appoint a trustee. In either case, the appointed trustee shall be from the same
division as the trustee whose absence created the vacancy. A person appointed to
serve as a trustee pursuant to this subsection (4) who serves at least one-half of the
term for which the person is filling the vacancy shall be considered to have served a
term for purposes of the limitation on consecutive terms set forth in subsection (2)
of this section.
(5) When a vacancy occurs among the three appointed trustees, the
governor shall appoint, with consent of the senate, a new trustee with the
experience and competence specified in subsection (1)(g) of this section to serve
the remainder of any unexpired term. The appointee may serve on a temporary
basis if the general assembly is not in session when the appointee is appointed until
the general assembly is in session and the senate is able to consent to the
appointment. A person appointed to serve as trustee pursuant to this subsection (5)
who serves at least one-half of the term for which the person is filling the vacancy
shall be considered to have served a term for purposes of the limitation on
consecutive terms set forth in subsection (3) of this section.
(6) The elected trustees shall serve without compensation but shall be
reimbursed by the association for any necessary expenses incurred in the conduct
of their official duties and shall suffer no loss of salary from an employer for service
on the board.
(7) The appointed trustees shall be compensated by the association for their
service on the board.
(8) No person can be or can continue to be a trustee of the board who has
been adjudicated of having violated any provisions of this article or who has been
convicted of a felony or any crime involving the misappropriation of funds.