(1) There is hereby created the public employees' retirement association, for the
purpose of providing the benefits and programs specified in this article, which shall
be a body corporate with the right to sue and be sued and the right to hold property
for its use and purposes. Notwithstanding the applicability of article 54.8 of this title and sections 2-3-103, 24-4-103, 24-6-202, and 24-6-402, C.R.S., as provided for in this article, the association shall not be subject to administrative
direction by any department, commission, board, bureau, or agency of the state. The association is an instrumentality of the state.
(2) The public employees' retirement association, created pursuant to the provisions
of subsection (1) of this section, shall consist of the following divisions:
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