(1) Not later than thirty (30) days following the commissioner's authorization, a board of trustees shall be established;
(2) The board of trustees will be comprised of the commissioners of human resources and of finance and administration, the state treasurer, the executive director of the fiscal review committee, or their designees, and three (3) members, one (1) from each grand division and each employed by a different department or agency, selected by the employee organization at their annual legislative convention;
(3) All appointments shall be for three-year staggered terms and can be replaced only because of death, retirement, resignation, and/or discontinuation of employment or the expiration of a term;
(4) Any vacancy shall be filled for the remainder of the term by the appointing authority in the same manner as original appointments were made;
(5) Trustees are eligible to succeed themselves; and
(6) The seven (7) trustees originally appointed shall draw lots for four (4) positions for three-year terms, and three (3) positions for two-year terms, to become effective August 1 next; thereafter all terms begin on August 1.
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