I. A deferred compensation commission is hereby established consisting of the following members:
(a) The state treasurer or designee;
(b) The commissioner of administrative services or designee;
(c) The insurance commissioner or designee;
(d) The attorney general or designee;
(e) The secretary of state, or designee;
(f) One member who shall be an unclassified state employee and a member of the deferred compensation plan, and who shall have knowledge of defined contribution plans, appointed by the governor with the advice and consent of the council, for a term of 3 years;
(g) One member who shall be a public employee at-large, and who shall have knowledge of defined contribution plans, appointed by the governor with the advice and consent of the council, for a term of 3 years;
(h) One member who shall be a nonclassified legislative employee and a member of the deferred compensation plan, and who shall have knowledge of defined contribution plans, appointed by the speaker of the house and the president of the senate, for a term of 3 years; and
(i) One member who shall be a nonclassified judicial employee and a member of the deferred compensation plan, and who shall have knowledge of defined contribution plans, appointed by the chief justice of the supreme court, for a term of 3 years.
II. Five members shall constitute a quorum for the transaction of business and may act on behalf of the commission.