3-12C-209. Appointment of executive director--Compensation--Employment of personnel--Bond. The board shall appoint an executive director, qualified by training and experience, to serve at the pleasure of the board. The board shall fix the compensation for the executive director. The compensation shall be based on a compensation policy, adopted by the board, that considers an analysis of the compensation and responsibilities of executive directors of regional statewide retirement systems. The board may adjust the salary of the executive director annually in accordance with the state employee salary policy as enacted by the Legislature in each corresponding year.
The board shall report any change in the executive director's compensation above the state employee salary policy to the Retirement Laws Committee before July first for the upcoming fiscal year. The change in compensation above the state employee salary policy is effective if approved by the majority vote of the Retirement Laws Committee.
The executive director may hire additional employees as may be required to transact the business of the retirement system and shall fix the remuneration for such services.
The board shall require the bonding of the executive director in an amount set by the board that shall be included under the state employees' blanket bond. The premium may be charged to the fund.
Source: SL 1967, ch 303, § 3 (4), (5); SDCL §§ 3-12-9, 3-12-10; SL 1968, ch 216, § 1; SL 1974, ch 35, § 13; SL 1979, ch 27, § 4; SL 1980, ch 32; SL 1995, ch 17; SL 1998, ch 20, § 1; SL 2016, ch 31, § 2; SL 2017, ch 30, § 1; SL 2018, ch 35, § 1; SDCL § 3-12-55; SL 2019, ch 22, § 1.
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