Section 74-4906 - Board of trustees; meetings; quorum; compensation(1) The board shall hold regular meetings in Topeka, Kansas, at least once each quarter, the dates, time and place to be fixed by the board. The regular meeting held in July of each year shall be the annual meeting and the board shall elect the chairperson of the board as prescribed by subsection (c) of K.S.A. 74-4905, and amendments thereto. Special meetings may be called upon written call of the chairperson or by agreement of any five members of the board. Notice of a special meeting shall be delivered to all other trustees in person or by registered or certified United States mail not less than seven days prior to the date fixed for the meeting. Notice of any such meeting may be waived by any member either before or after such meeting and attendance at such a meeting shall constitute a waiver of notice of such meeting, unless a member participates therein solely to object to the transaction of any business because the meeting has not been legally called or convened.(2) Five trustees shall constitute a quorum for the transaction of business, but any official action of the board shall be based upon a favorable vote by at least five trustees at a regular or special meeting of the board.(3) Members of the Kansas public employees retirement system board of trustees shall receive compensation in the amount provided for members of the legislature pursuant to K.S.A. 75-3223, and amendments thereto and shall receive subsistence allowance, mileage and expenses in addition to subsistence allowance and mileage in the amount provided for a member of a board pursuant to K.S.A. 75-3223, and amendments thereto, for each day or part thereof in which such member attended a meeting authorized by the board. Amounts paid under this subsection shall be paid from the expense reserve fund provided for in section (d) of K.S.A. 74-4922, and amendments thereto.(4) Duties performed for the system by any member of the board who is a public officer or employee shall be considered duties in connection with regular public employment of such individual, and such member shall suffer no loss in normal compensation from public funds by reason of the performances of such duties.L. 1961, ch. 427, § 6; L. 1963, ch. 412, § 3; L. 1973, ch. 321, § 20; L. 1974, ch. 348, § 73; L. 1992, ch. 218, § 2; L. 1992, ch. 218, § 3; L. 1993, ch. 227, § 12; L. 2006, ch. 143, § 7; July 1.