(b) The responsibilities of the California Actuarial Advisory Panel shall include, but are not limited to:

1. (1) Defining the range of actuarial model policies and best practices for public retirement plan benefits, including pensions and other postemployment benefits.
2. (2) Developing pricing and disclosure standards for California public sector benefit improvements.
3. (3) Developing quality control standards for California public sector actuaries.
4. (4) Gathering model funding policies and practices.
5. (5) Replying to policy questions from public retirement systems in California.
6. (6) Providing comment upon request by public agencies.

(c) The California Actuarial Advisory Panel shall consist of eight members. Each member shall be an actuary who has attained the designation of Associate or Fellow of the Society of Actuaries and who has demonstrated experience with public sector clients. Members shall be appointed by the entities listed below, and each member shall serve a three-year term, provided that, in the initial appointments only, the panelists named by the University of California, the Senate, and one of the panelists named by the Governor shall serve two-year terms. The Governor shall appoint two panelists, and one panelist shall be appointed by each of the following:

1. (1) The Teachers’ Retirement Board.
2. (2) The Board of Administration of the Public Employees’ Retirement System.
3. (3) The State Association of County Retirement Systems.
4. (4) The Board of Regents of the University of California.
5. (5) The Speaker of the Assembly.
6. (6) The Senate Committee on Rules.