(1) The board shall create an employee investment advisory council. The advisory council shall meet at least four times a year to:
(a) advise the board concerning the operation of the defined contribution plan, including the selection of the initial investment alternatives to be provided pursuant to 19-3-2122;
(b) advise the board about negotiating, contracting, or modifying services for the state deferred compensation plan provided for in chapter 50; and
(c) review existing deferred compensation plans and to advise the board on the administration of the program.
(2) The advisory council is not subject to 2-15-122, except for payment of travel expenses.