The Arizona state retirement system established by chapter 5, article 2 of this title:

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1. May administer an incentive compensation plan for investment related personnel established in consultation with the director of the department of administration. The Arizona state retirement system shall file a copy of any incentive compensation plan for investment related personnel with the governor, the president of the senate, the speaker of the house of representatives, the office of strategic planning and budgeting, the joint legislative budget committee and the department of administration within ten business days of its adoption or readoption.

2. Except for the incentive compensation plan for investment related personnel, shall not establish any other compensation plans without the approval of the director of the department of administration.

3. May request that the director of the department of administration establish a special pay plan for the Arizona state retirement system director, deputy director, chief investment officer, investment related personnel and fiduciary or investment counsel. The director of the department of administration, pursuant to section 41-742, subsection C, paragraph 4, shall establish the special pay plan after considering the recommendations of the Arizona state retirement system board and using relevant market data. The director of the department of administration may adopt other special pay plans determined necessary for certain classes or groups of Arizona state retirement system employees, taking into consideration such factors as occupational patterns, economic conditions and pay ranges common to government, business and industry, and shall work with the Arizona state retirement system in establishing the plans.