1. (1) The committee shall be comprised of not less than six members. A committee member's term of office shall be three years and terms shall be staggered to provide stability and continuity. Appointments shall be made by the Retirement Board. Should a member of the committee resign or otherwise be unable to serve, the vacancy shall be filled by the Retirement Board for the remainder of the member's term. The committee chair shall be designated by the system's executive director.

2. (2) Members of the committee shall be individuals with extensive experience in banking, investment, finance or related fields.

   (c) Meetings.

3. (1) The system's executive director, or his or her designee, shall prepare the agenda of each meeting of the committee. The committee shall act only upon the affirmative vote of a majority of the committee members in attendance or four members, whichever is greater.
4. (2) A minimum of four meetings shall be held each calendar year. Minutes shall be prepared and distributed to the participants.
5. (3) Members of the committee shall be paid a fee established by the Retirement Board, together with actual necessary expenses incurred for attending committee meetings.

6. (4) In addition to any other procedure for the conduct of meetings of the committee as may be adopted by the Retirement Board by resolution, the committee may act by means of conference telephone or other communications equipment allowing all persons participating in the meeting to hear one another at the same time.

   (d) Conflicts of interest.

   A committee member shall not participate in any decision or recommendation involving the performance of any action where the performance or nonperformance of such action would provide the member for a related person a pecuniary or material benefit which is different from that which would be provided to a broad class of persons, or in circumstances where the exercise of independent judgment by the member would be restricted or compromised or the member otherwise had a material conflict of interest.

(a) Function.

The Investment Advisory Committee shall advise the Retirement Board on system investment policies, specific investments presented to the committee for recommendation to the Retirement Board, and such other matters relating to fixed income, equity security and alternative investments as may be presented to the committee by the system.

(b) Membership.