FOR AN ACT ENTITLED, An Act to  expand the South Dakota Retirement System board membership.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
     Section  1.  That § 3-12-48 be amended to read as follows:
     3-12-48.   There is created a governing authority of the system to consist of a board known as the Board of Trustees. Voting representation on the board shall be the following is as follows :

             (1)      Two state employee members;

             (2)      Two teacher members;

             (3)      A participating municipality member;

             (4)      A participating county member;

             (5)      A participating classified employee member;

             (6)      A current contributing Class B member other than a justice, judge, or magistrate judge;

             (7)      A justice, judge, or magistrate judge;

             (8)      One head of a principal department established pursuant to §   1-32-2, or one head of

a bureau under the Office of Executive Management established pursuant to §   1-33-3 appointed by the Governor;

             (9)      An individual appointed by the Governor;

             (10)      A county commissioner of a participating county;

             (11)      A school district board member;

             (12)      An elected municipal official of a participating municipality;

             (13)      A retiree Three retirees ; and

             (14)      A faculty or administrative member employed by the Board of Regents and not subject to the provisions of chapter 3-6A.

     A representative of the State Investment Council shall serve as an ex officio nonvoting member.
     Section  2.  That § 3-12-52 be amended to read as follows:
     3-12-52.   The Board of Trustees shall meet at least twice each year , and shall adopt its own rules of procedure. A majority of trustees shall constitute a quorum. At the first meeting of each fiscal year , the board shall elect from their membership a chairman chair and a vice-chairman vice-chair . At least eight nine concurrent votes shall be required for a decision by the board for any of its meetings.
     Section  3.  That § 3-12-49 be amended to read as follows:
     3-12-49.   Each group of retirement system members who are vested or are currently contributing or employers as set out in §   3-12-48 shall elect their own trustee or trustees in a separate election. The trustees shall promulgate rules and regulations pursuant to chapter 1-26 to carry out such elections. The regular term of office of a trustee shall be four years with three terms the term expiring on June thirtieth of each year and two additional terms to expire on June thirtieth every its fourth year. The appointees of the Governor shall serve at the pleasure of the

Governor. The term of the representative of the Investment Council shall be one year and he the representative shall be appointed by the Investment Council. A trustee shall continue to serve until his a successor has been designated and has qualified.
     Section  4.  That chapter 3-12 be amended by adding thereto a NEW SECTION to read as follows:

     The provisions of § 3-12-49 notwithstanding, the two retiree representatives added by section 1 of this Act shall be elected in separate elections to be held with other trustee elections in 2003. One election shall be for a term of three years on the board and the other shall be for a term of four years on the board. A retiree may run for only one of the new retiree positions in 2003. After the expiration of the two initial terms, all retiree representatives shall hold standard four-year terms pursuant to § 3-12-49.