Section 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.