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AGO Opinions with Topic: PUBLIC EMPLOYEES' RETIREMENT BOARD
AGLO 1978 No. 27 >  September 8, 1978
OFFICES AND OFFICERS - STATE - PUBLIC EMPLOYEES' RETIREMENT BOARD - LAW ENFORCEMENT OFFICERS' AND FIRE FIGHTERS' RETIREMENT BOARD - POTENTIAL PERSONAL LIABILITY ARISING FROM INVESTMENT OF FUNDS
POTENTIAL PERSONAL LIABILITY ARISING FROM INVESTMENT OF FUNDS (1) The members of the Public Employees' or Law Enforcement Officers' and Firefighters' Retirement Boards may be held personally liable for their actions relating to the investment or reinvestment of the funds of the Public Employees' or Law Enforcement Officers' and Fire Fighters' Retirement Systems.  (2) Identification and discussion of conditions or circumstances under which such liability could be found to exist.  (3) Although the respective retirement boards do not, themselves, have the authority to purchase insurance to provide protection to the board members from such liability, the state budget director's office, in conjunction with the State Employees' Insurance Board, has the ability to authorize the procurement of such insurance.
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