A recently amended Arkansas law has allowed Governor Asa Hutchinson to replace three of the nine members of the Arkansas Public Employees’ Retirement System’s (APERS) board of trustees.
The new law changed the rules governing vacancies and terms of service on the APERS board. According to the new rules, three members who are state employees and three who are non-state employees are to be appointed by the governor. Each non-state employee trustee and each state employee trustee must have at least five continuous years of service with a public employer, and must be a member of the system.
The new rules also stipulate that no more than one of the three members who are non-state employee trustees, and no more than one of the three members who are state employee trustees, may be a retired member of the system.
The main difference between the old and new rules is that it cut in half the required number of years of service with a public employer from 10 years to five, and limited the number of retired members allowed on the board to two. Because the board currently has more retirees than the amended law allows, Gov. Hutchinson was required to replace three retired members of the board.
The three new members are Daryl Bassett, Candace Franks, and William Gaddy.
Bassett, who is director of the Department of Workforce Services, replaces Artee Williams. Bassett had succeeded Williams as director of the Department of Workforce Services In 2014, and his term expires March 9, 2020.
Arkansas bank commissioner Franks, replaces William Gaddy, and her appointment expires March 9, 2019.
The retired Faris, a former state senator, replaces Ouida Wright, and his appointment expires March 9, 2023.
As of June 30, 2016, APERS had assets of $7.37 billion, with 45,676 active members, and 34,214 retired members.