Board: Alaska Retirement Management Board
Board identification number: 222
Department: REVENUE
Authority: AS 37.10.210; AS 39.50.200
Status: Active
Sunset date:
Requirements: Financial Disclosure
Prohibitions: None
Term: 4 years
Chair: Board elects Chair
Description: 9 members. The Commissioners of Administration and Revenue and 7 trustees appointed by the Governor who meet eligibility requirements for an Alaska permanent fund dividend and who are professionally credentialed or have recognized competence in investment management, finance, banking, economics, accounting, pension, administration, or actuarial analysis as follows: 2 Public- who may not hold another state office, position or employment and may not be members or beneficiaries of a retirement system managed by the board; 1 Finance officer for a political subdivision participating in either the public or teachers retirement system; 2 members of the public employee retirement system, selected from a list of four nominees submitted from among the public employees’ retirement system bargaining units; 2 members of the teachers retirement system, selected from a list of four nominees submitted from among the teachers’ employees’ retirement system bargaining units. The lists of nominees shall be submitted to the Governor within the time period specified in AS 37.10.240(a)
Function: The board’s primary mission is to serve as the trustee of the assets of the state’s retirement systems, the State of Alaska Supplemental Annuity Plan, the deferred compensation program for state employees, and the Alaska retiree health care trusts established under AS 39.30.097. Consistent with standards of prudence, the board has the fiduciary obligation to manage and invest these assets in a manner that is sufficient to meet the liabilities and pension obligations of the systems, plan, program, and trusts. The board may, with the approval of the commissioner of revenue and upon agreement with the responsible fiduciary, manage and invest other state funds so long as the activity does not interfere with the board’s primary mission. In making investments, the board shall exercise the powers and duties of a fiduciary of a state fund under AS 37.10.071.
Special facts: 5 Trustees constitute a quorum. Trustees may not designate another person to serve. Attorney General is the legal counsel and shall advise the board and represent in legal proceedings.
Compensation: Standard Travel and Per Diem and $400/day honorarium for trustees that meet eligibility requirements. (AS 37.10.250)
Meetings: Meets March, June, September, and December. Usually two full days at each meeting.
For further information and to reach individual members, contact:
Alysia Jones
ARMB Liaison Officer
Department of Revenue
P.O. Box 110400
Juneau, AK 998110400
Phone: (907) 465-3749
Fax: (907) 465-2389
