The association provides retirement, survivor, and disability benefits for public employees of county and local government. Management of the public employees retirement fund is vested in a board of trustees.
The eleven members include the State Auditor and ten trustees. Five trustees are appointed by the Governor, one representing school boards, one representing cities, one representing counties, one who is a retired annuitant, and one who is a public member knowledgeable in pension matters. Five trustees are elected by the membership of the association.