(a)
(1) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall employ an executive director, not one of its number, for at least three (3) years, who shall be the executive officer of the board.
(2) Other employees of the board shall be chosen only upon the recommendation of the Executive Director of the Arkansas Local Police and Fire Retirement System.
(b) After the operative date, the board shall appoint an actuary or a firm of actuaries to be a technical advisor to the board on matters regarding the operation of the system on an actuarial basis. The actuary shall perform such duties as are required of him or her under this chapter and as are from time to time required by the board.
(c) The board shall appoint an attorney at law, or firm of attorneys at law, to be the legal advisor of the board and to represent the board in all legal proceedings.
(d) The board shall appoint an investment advisor, as defined in § 24-10-402.
(e)
(1) The board shall arrange for annual audits of the records and accounts of the Arkansas Local Police and Fire Retirement System by a certified public accountant or by a firm of certified public accountants.
(2) The Division of Legislative Audit shall examine the audits at least one (1) time every three (3) years and report to the Joint Committee on Public Retirement and Social Security Programs, the Legislative Council, the Board of Trustees of the Arkansas Local Police and Fire Retirement System, the Arkansas Fire and Police Pension Review Board, and the Governor.
(f) The executive director shall be:
(1) The Plan Administrator of the Arkansas Local Police and Fire Retirement System;
(2) The appointing authority in the employment of other professional and clerical employees of the system; and
(3) Responsible for the purchase of such equipment and supplies as are required for the proper operation of the system, subject to the approval of the board.
(g)
(1) The pay of the persons engaged by the system shall be consistent with the pay plan of the state.
(2) All other expenses of the board necessary for the operation of the system shall be paid at such rates and in such amounts as the board shall approve.