(1) The Oregon Retirement Savings Board is established in the office of the State Treasurer. The board consists of seven members as follows:

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(a) The State Treasurer or the designee of the State Treasurer.

(b) The following members appointed by the Governor:

(A) A representative of employers.

(B) A representative with experience in the field of investments.

(C) A representative of an association representing employees.

(D) A public member who is retired.

(c) A member of the Senate appointed by the President of the Senate to be a nonvoting advisory member of the board.

(d) A member of the House of Representatives appointed by the Speaker of the House of Representatives to be a nonvoting advisory member of the board.

(2) Members of the board appointed by the Governor must be confirmed by the Senate in the manner prescribed in ORS § 171.562 and 171.565.

(3) The term of office of each member of the board appointed by the Governor is four years, but a member serves at the pleasure of the Governor. A member is eligible for reappointment. If there is a vacancy for any cause, the Governor shall make an appointment to become immediately effective for the unexpired term.

(4) Each legislative member serves at the pleasure of the appointing authority and may serve as long as the member remains in the chamber of the Legislative Assembly from which the member was appointed.

(5) The State Treasurer or the designee appointed to the board under subsection (1) of this section shall serve as chairperson of the board.

(6) A majority of the voting members of the board constitutes a quorum for the transaction of business.

(7) A member of the board appointed by the Governor is entitled to compensation and expenses as provided in ORS § 292.495. A legislative member shall receive compensation and expenses as provided in ORS § 171.072.

(8) The office of the State Treasurer shall provide staff support to the board. [2015 c.557 § 1]