215.444  Investment Advisory Council.--

(1)  There is created a six-member Investment Advisory Council to review the investments made by the staff of the Board of Administration and to make recommendations to the board regarding investment policy, strategy, and procedures.

(2)  The members of the council shall be appointed by the board and shall be subject to confirmation by the Senate. These individuals shall possess special knowledge, experience, and familiarity with financial investments and portfolio management. Members shall be appointed for 4-year terms. A vacancy shall be filled for the remainder of the unexpired term. The council shall annually elect a chair and a vice chair from its membership. A member may not be elected to consecutive terms as chair or vice chair.