(1) The employee retirement benefits board is created within the department of retirement systems.

     (2) The board shall be composed of twelve members appointed by the governor and one ex officio member as follows:

     (a) Three members representing the public employees' retirement system: One retired, two active. The members shall be appointed from a list of nominations submitted by organizations representing each category. The initial term of appointment shall be two years for the retired member, one year for one active member, and three years for the remaining active member.

     (b) Three members representing the teachers' retirement system: One retired, two active. The members shall be appointed from a list of nominations submitted by organizations representing each category. The initial term of appointment shall be one year for the retired member, two years for one active member, and three years for the remaining active member.

     (c) Three members representing the school employees' retirement system: One retired, two active. The members shall be appointed from a list of nominations submitted by organizations representing each category. The initial term of appointment shall be one year for the retired member, two years for one active member, and three years for the remaining active member.

     (d) Two members with experience in defined contribution plan administration. The initial term for these members shall be two years for one member and three years for the remaining member.

     (e) One member representing the deferred compensation program. The member shall be a deferred compensation program participant chosen from a list of nominations submitted by organizations representing employees eligible to participate in the deferred compensation program. The initial term of appointment for this member shall be three years.

     (f) The director of the department shall serve ex officio and shall be the chair of the board.

     (3) After the initial appointments, members shall be appointed to three-year terms.

     (4) The board shall meet at least quarterly during the calendar year, at the call of the chair.

     (5) Members of the board shall serve without compensation but shall receive travel expenses as provided for in RCW 43.03.050 and 43.03.060. Such travel expenses shall be reimbursed by the department from the retirement system expense fund.

     (6) The board shall adopt rules governing its procedures and conduct of business.

     (7) The actuary shall perform all actuarial services for the board and provide advice and support.

[2001 c 181 § 1; 1998 c 341 § 506; (1998 c 341 § 505 expired September 1, 2000); 1995 c 239 § 301.]

NOTES:

     Effective date -- 1998 c 341: See RCW 41.35.901.

     Expiration date -- 1998 c 341 § 505: "Section 505 of this act expires September 1, 2000." [1998 c 341 § 715.]

     Intent -- Purpose -- 1995 c 239: See note following RCW 41.32.831.

     Effective date -- Part and subchapter headings not law -- 1995 c 239: See notes following RCW 41.32.005.

Benefits not contractual right until date specified: RCW 41.34.100.