The Advisory Committee on Education Savings, referred to in this chapter as the "advisory committee," is created to provide advice to the authority on the operation of the program and investment of the program fund.
1. Membership. The advisory committee consists of 8 members as follows:
A.
B.
B-1.
B-2. One member appointed by the Governor from the public;
C. Four members appointed by the Governor with experience in and knowledge of institutional investment of funds; and
D.
E.
F. Three members appointed by the chair of the board who are members of the board.
The chair of the advisory committee must be appointed annually by the chair of the board.
2. Terms. Members appointed by the Governor must be appointed for terms of 4 years. Members appointed by the chair of the board are appointed for terms of one year. Members may be removed for cause.
A.
B.
3. Compensation. Members of the advisory committee are compensated in accordance with Title 5, chapter 379.