Section 49-1503 - Board of trustees(1) The general administration and responsibility for the proper operation of the retirement system and for making effective the provisions of this law are hereby vested in a board of trustees.(2) The board shall consist of eight (8) members, as follows: (a) The state commissioner of education, ex officio;(b) The state treasurer, ex officio;(c) Six (6) members to be appointed by the governor. Three (3) of the appointed members shall be members of the teaching profession of the state and three (3) who are neither members of the teaching profession nor state employees, one (1) from each grand division of the state. The term of office of members so appointed shall be three (3) years. The three (3) appointed members who are teachers shall be appointed from a list of teachers, nominated by the representative assembly of the Tennessee education association, who are teachers in service in schools or institutions supported in whole or in part by state appropriations. One shall be appointed from a list of three (3) nominated from each of the three (3) grand divisions of the state.
If a vacancy occurs in the office of a trustee, the vacancy shall be filled for the unexpired term in the same manner as the office was previously filled.
(3) The trustees shall be paid ten dollars ($10.00) per day during sessions of the board and shall be reimbursed from the expense fund for all necessary expenses that they may incur through service to the board. The board of trustees shall meet quarterly on Friday after the first Monday in January, April, July, and October. Special meetings of the board for the transaction of business may be called by the chairman by giving written notice to all members at least ten (10) days prior to the date of the meeting.(4) Each trustee, other than the ex officio members, shall take an oath of office, that, so far as it devolves upon him, he will diligently and honestly administer the affairs of the said board, and that he will not knowingly violate or willingly permit to be violated any of the provisions of law applicable to the retirement system. Such oath shall be subscribed by the member taking it, and certified by the officer before whom it is taken, and immediately filed in the office of the secretary of state.(5) Each trustee shall be entitled to one (1) vote on the board. Five (5) affirmative votes shall be necessary for a decision by the trustees at any meeting of the said board. Five (5) members of the board of trustees shall constitute a quorum.(6) Subject to the limitations of this chapter, the board of trustees shall, from time to time, adopt and publish rules and regulations for the administration of the funds created by this chapter and for the transaction of its business.(7) The state commissioner of education shall be ex officio chairman of the board of trustees. The board of trustees shall, by a majority vote of all the members, elect a secretary, who may be, but need not be, one (1) of its members. The board of trustees shall engage such actuarial and other service as shall be required to transact the business of the retirement system. The compensation of all persons engaged by the board of trustees, and all other expenses of the board necessary for the operation of the retirement system, shall be paid at such rates and in such amounts as the board of trustees shall approve.(8) The board of trustees shall keep in convenient form such data as shall be necessary for actuarial valuation of the various funds of the retirement system and for checking the expenses of the system.(9) The board of trustees shall keep a record of all of its proceedings which shall be open to public inspection. It shall publish annually a report showing the fiscal transactions of the retirement system, including assets and liabilities, receipts and expenditures, for the preceding year, the amount of the accumulated cash and securities of the system, and the last balance sheet showing the financial condition of the system by means of an actuarial valuation of the assets and liabilities of the retirement system.(10) The board of trustees shall provide for an annual audit to be made by a reliable independent auditor. A complete audit by the office of the comptroller of the state shall be deemed a sufficient compliance with this requirement.Acts 1945, ch. 29, §§ 6, 7; 1947, ch. 112, § 1; C. Supp. 1950, §§ 2540.6, 2540.7 (Williams, §§ 2524.6, 2524.7); modified; Acts 1961, ch. 127, § 1.