ARMB Powers & Duties

• Hold meetings, keep records
• Adopt investment policies for each fund
• Determine appropriate investment objectives fordefined benefit plans
• Assist in prescribing policies for proper operation of systems
• Provide range of investment options for SBS, defined contribution for PERS and TRS, and deferred comp
• Establish rate of interest annually credited to each member’s account and rate of interest to health reimbursement arrangement plan account
• Adopt contribution surcharge as necessary under 39.35.160(c)
• Coordinate with administrator for annual actuarial valuation to determine system assets/liabilities, funding ratios, and to certify to employers an appropriate contribution for normal costs and appropriate contribution for past service liability
• Review actuarial assumptions prepared and certified not less than every 4 years
• Review health cost assumptions annually
• Have all actuarial assumptions reviewed and certified by second actuary before presentation to board
• Contract for independent audit of state’s actuary every four years
• Contract for independent audit of performance consultant every four years
• Obtain external performance review to evaluate investment policies and report to fund fiduciary
• Report to governor, legislature, individual employers, LB&A by first day of each legislative session
• Develop annual operating budget

• Employ outside investment advisors to review investment policies
• Enter into an agreement with the fiduciary of another state fund in order to assume the management and investment of those assets
• Contract for other services necessary to execute the board’s powers and duties
• Enter into confidentiality agreements that would exempt records from AS 40.25.110 and 40.25.120 if the records contain information affecting value of investment or impair ability of board to acquire, maintain or dispose of investments
• The Board may appoint an investment advisory council composed of at least three and not more than five members