Arizona Gov. Doug Ducey has allowed so many vacancies on the board overseeing the nearly $35 billion retirement fund covering most state, city and county workers that it has been unable to do any substantive work since November.
The Arizona State Retirement System board has only four of nine seats filled. Because it lacks a quorum for meetings, it cannot formally sign off on major investment changes if managers believe they are warranted or other legally-required items such as signing off on audits.
Board member Dennis Hoffman calls the vacancies imprudent and "arguably irresponsible. Hoffman is an economics professor at Arizona State University's business school who has served on the board since 2010.
Ducey's spokesman says appointments are planned. The Senate must confirm members chosen by the governor.