(1) The executive director and administrative staff of the Arkansas Public Employees' Retirement System shall be the executive director and administrative staff of the Arkansas Judicial Retirement System.
(2) All administrative records of the Arkansas Judicial Retirement System shall be maintained within the administrative offices of the Arkansas Public Employees' Retirement System.
(3) The Board of Trustees of the Arkansas Judicial Retirement System shall continue to exercise the powers, functions, and duties previously exercised.
(4) Nothing in this section shall be construed to diminish or otherwise alter the powers, functions, and duties of the board.
(5) All costs of administering the Arkansas Judicial Retirement System shall be paid from the Judges Retirement Fund, but no payment for such expenses shall be made unless authorized by the board.