(a) The governor shall appoint, with the advice and consent of the senate, seven members to the board.
(b) The governor shall appoint to the board:
(1) three persons who have experience in the fields of securities investment, pension administration, or pension law but who are not members or retirees of a public retirement system;
(2) one person who is a fellow of the Society of Actuaries, a member of the American Academy of Actuaries, or an enrolled actuary under the federal Employee Retirement Income Security Act of 1974 (29 U.S.C. Sec. 1001 et seq.);
(3) one person who has experience in the field of governmental finance;
(4) one person who is a contributing member of a public retirement system; and
(5) one person who is receiving retirement benefits from a public retirement system.