I. There is hereby established a state retiree health plan commission consisting of the following members: (a) One member of the house of representatives, appointed by the speaker of the house of representatives. (b) One member of the senate, appointed by the president of the senate. (c) One member appointed by the governor. (d) The state treasurer. (e) The commissioner of the department of administrative services, or designee. II. Legislative members of the commission shall receive mileage at the legislative rate while attending to the duties of the commission. III. The commission shall: (a) Determine the actuarial assumptions to be used in the actuarial valuation of liabilities relative to state retiree health benefits. (b) Ensure that an actuarial valuation report is completed by a qualified, independent actuary and submitted to the speaker of the house of representatives, the president of the senate, and the governor, on or before December 31 of every odd-numbered year. (c) [Repealed.] (d) [Repealed.] IV. The members of the commission shall elect a chairperson from among the members. The first meeting of the commission shall be called by the member appointed by the speaker of the house of representatives. The first meeting of the commission shall be held within 45 days of the effective date of this section. Three members of the commission shall constitute a quorum. The terms of the members of the commission shall be coterminous with their terms of office.
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