(2) The Board is a body politic and corporate and is an instrumentality of the State.

(3) (i) Except as provided in subparagraphs (ii) and (iii) of this subsection, the Board is not subject to any law, including § 6-106 of the State Government Article, that affects governmental units.

(ii) The Board is subject to:

1. the Open Meetings Act; and

2. the Public Information Act.

(iii) The Board and its employees are subject to the public ethics law.

(b) The Board consists of the following members:

(1) the State Treasurer, or the State Treasurer’s designee;

(2) the Secretary of Labor, or the Secretary’s designee; and

(3) nine members with expertise in retirement programs and benefits, investments, financial systems and controls, or small business, appointed as follows:

(i) three members, appointed by the Governor;

(ii) three members, appointed by the President of the Senate; and

(iii) three members, appointed by the Speaker of the House of Delegates.

(c) (1) The term of a member is 4 years.

(2) The terms of members are staggered as required by the terms provided for members of the Board on July 1, 2016.

(3) At the end of a term a member continues to serve until a successor is appointed and qualifies.

(4) A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.

(d) The Board shall elect a chair from among the members of the Board.

(e) The appointing authority may remove a member whom the appointing authority appointed, for incompetence or misconduct.