§ 504. Retirement board; members; terms of office; vacancies. 1. The
general administration and responsibility for the proper operation of
the retirement system and for making effective the provisions of this
article shall continue to be vested in a retirement board. The
retirement board shall from time to time establish rules and regulations
for the administration and transaction of its business and for the
control of the funds created herein and shall perform such other
functions as are required for the execution of the provisions of this
article.

2. The retirement board shall consist of ten members as follows.

a. One member, who is not an employee of the state, who shall be or
shall have been an executive officer of a bank authorized to do business
in this state, elected by the board of regents of The University of the
State of New York to serve for a term of three years.

b. Two members who are not employees of the state, each of whom shall
be or shall have been a trustee or member of the board of education of a
school district in this state, and at least one of whom shall be or
shall have been an executive officer of an insurance company, elected by
the board of regents of The University of the State of New York to serve
for a term of three years, from a list of five or more persons having
broad experience and ability in the fields of finance and investment to
be presented to the regents by the board of directors of the New York
State School Boards Association, Inc.

c. Two administrative officers of the New York state school system,
appointed by the commissioner of education, each to serve for a term of
three years. Members of the present state teachers' retirement fund
board shall be deemed to be administrative officers of the New York
state school system within the meaning of this provision.

d. The comptroller of the state of New York or one member appointed by
him who shall serve until his successor is appointed.

e. Three members elected from among the members of the retirement
system, each to serve for a term of three years.

f. One member, who must be a retired teacher, who shall be elected in
accordance with the provisions of section five hundred five-a of this
article to serve for a term of three years.

3. A vacancy occurring during the term of a member elected by the
board of regents or appointed by the commissioner of education shall be
filled for the unexpired term by the election or appointment of a
successor in the same manner as his predecessor. A vacancy occurring
during a term in the case of a member elected from among the active
members of the retirement system shall be filled, until the next annual
convention of delegates, by the commissioner of education and shall be
filled for the unexpired term by the delegates at the next annual
convention in addition to the regular election. A vacancy occurring
during the term of a retired teacher member shall be filled in
accordance with the provisions of section five hundred five-a of this
article.