C.R.S. § 24-51-203: Board - composition and election.

(1) The board consists of the following sixteen trustees:

(a) The state treasurer;

(b) Three members of the state division elected by the members of that division, at least one of whom shall be an employee of a state institution of higher education and at least one of whom shall not be an employee of a state institution of higher education;

(c) Four members of the school division elected by the members of that division;

(d) One member of the local government division elected by the members of that division;

(e) One member of the judicial division elected by the members of that division;

(f) Two retirees, one of whom shall be elected by those members who have retired from the local government division, the judicial division, or from the state division and one of whom shall be elected by those members who have retired from the local government division, the judicial division, or the school division; except that both retiree trustees cannot have retired from the same division; and

(g) Three trustees appointed by the governor and confirmed by the senate who shall not be members, inactive members, or retirees of the association and who shall have significant experience and competence in investment management, finance, banking, economics, accounting, pension administration, or actuarial analysis. Of the three trustees appointed by the governor, no more than two shall be from the same political party.

(h) One trustee elected by the Denver public schools division through a Denver public schools election administered by the association. The trustee position created in this subsection (1)(h) exists so long as the Denver public schools division remains as a separate division of the association. The trustee elected pursuant to this subsection (1)(h) must be a member or retiree of the Denver public schools division. Effective June 1, 2026, the trustee elected pursuant to this subsection (1)(h) is a voting member of the board.

(1.5) Repealed.

(2) (a) The board shall set the time and manner for the elections of trustees representing members and retirees. Elected trustees may be reelected to the board but shall not serve more than two consecutive terms. Except for the state treasurer, the consecutive terms for any trustee shall not exceed eight years. A former trustee who has served two consecutive terms may be reelected to the board after not serving on the board for a period of at least one term.

(b) The limitation on the number of consecutive terms that a trustee representing members or retirees may serve that is set forth in subsection (2)(a) of this section applies to terms beginning on or after June 3, 2025.

(3) (a) The term for each of the trustees appointed by the governor is four years; except that the terms shall be staggered so that no more than one trustee's term expires in one year. Appointed trustees may be reappointed to the board but shall not serve more than two consecutive terms. A former trustee who has served two consecutive terms may be reappointed to the board after not serving on the board for a period of at least one term.

(b) The limitation on the number of consecutive terms that a trustee appointed by the governor may serve that is set forth in subsection (3)(a) of this section applies to terms beginning on or after June 3, 2025.

(4) When a vacancy occurs on the board among the elected trustees, the person who received the next highest number of votes in the most recent election of trustees shall be appointed to serve as trustee until the next election of trustees. If the person who received the next highest number of votes is unwilling to serve as a trustee or if the trustee who created the absence ran unopposed, the board shall appoint a trustee. In either case, the appointed trustee shall be from the same division as the trustee whose absence created the vacancy. A person appointed to serve as a trustee pursuant to this subsection (4) who serves at least one-half of the term for which the person is filling the vacancy shall be considered to have served a term for purposes of the limitation on consecutive terms set forth in subsection (2) of this section.

(5) When a vacancy occurs among the three appointed trustees, the governor shall appoint, with consent of the senate, a new trustee with the experience and competence specified in subsection (1)(g) of this section to serve the remainder of any unexpired term. The appointee may serve on a temporary basis if the general assembly is not in session when the appointee is appointed until the general assembly is in session and the senate is able to consent to the appointment. A person appointed to serve as trustee pursuant to this subsection (5) who serves at least one-half of the term for which the person is filling the vacancy shall be considered to have served a term for purposes of the limitation on consecutive terms set forth in subsection (3) of this section.

(6) The elected trustees shall serve without compensation but shall be reimbursed by the association for any necessary expenses incurred in the conduct of their official duties and shall suffer no loss of salary from an employer for service on the board.

(7) The appointed trustees shall be compensated by the association for their service on the board.

(8) No person can be or can continue to be a trustee of the board who has been adjudicated of having violated any provisions of this article or who has been convicted of a felony or any crime involving the misappropriation of funds.