(a) There is established an administrative committee and an investment committee of the board whose membership shall be comprised of members of the board as appointed by the state treasurer. The primary purpose of the administrative committee shall be to assist the board in fulfilling its responsibilities with respect to political subdivisions petitioning for participation in the retirement system, the review and consideration of the actuarial and experience study results, and such other duties as may be prescribed by the chair of the board. The primary purpose of the investment committee shall be to assist the board in fulfilling its responsibilities with respect to the investments of retirement system assets. The state treasurer may also establish and appoint such other committees of the board as the chair of the board deems necessary to assist the board in the performance of its duties.
(b) The state treasurer shall serve as chair of the investment committee, and the director of the division of retirement shall serve as chair of the administrative committee. The chair of any other committees created pursuant to this section shall be determined by the chair of the board.
(c) Each committee shall meet at such times as deemed necessary by the chair of the respective committee in order to perform its responsibilities under this section, and shall keep a record of all its proceedings, which shall be open to public inspection. A report of any recommended action taken by a committee shall be presented to the full board at the board's next regular meeting following the recommended action taken by the committee.
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