(1) There is created the Retirement and Independent Entities Committee composed of 15 legislators appointed as follows:
(a) six senators, appointed by the president of the Senate, with at least two senators from the minority party; and
(b) nine representatives, appointed by the speaker of the House of Representatives, with at least three representatives from the minority party.
(2)
(a) The president of the Senate shall designate one of the Senate appointees as a cochair of the committee.
(b) The speaker of the House of Representatives shall designate one of the House of Representatives appointees as a cochair of the committee.
(3) Committee members serve for two years, but may be reappointed by the speaker or the president.
(4)
(a) The committee shall meet at least twice each year, but may meet more frequently if the chairs determine that additional meetings are needed.
(b) At the committee chairs' discretion, the committee may meet during the period that begins on the first Thursday in December and ends on the day before the beginning of the annual general session to review pending or proposed legislation related to:
(i) an existing independent entity;
(ii) the creation of a new independent entity; or
(iii) Title 49, Utah State Retirement and Insurance Benefit Act.
(5) Except as provided in Subsection (4), the committee shall comply with the rules of legislative interim committees.
(6) The Office of Legislative Research and General Counsel shall provide staff services to the committee.
(7) Compensation and expenses of a member who is a legislator are governed by Section 36-2-2 and Legislative Joint Rules, Title 5, Legislative Compensation and Expenses.