Section 24-4-103 - Creation of retirement system(a) There is created and established a retirement system for the employees of the State of Arkansas and participating public employers to be known as the "Arkansas Public Employees' Retirement System".(b) All business of the system shall be transacted through a board of trustees as provided for in this act.Acts 1957, No. 177, § 2; 1959, No. 42, § 2; A.S.A. 1947, § 12-2502.