§882. Composition of board

            A. Membership and qualifications. The board shall be composed of eleven voting members, as follows:

            (1) Three members who shall be appointed by the speaker of the House of Representatives each of whom shall have a minimum of five years professional experience or fiscal expertise in the industries of health insurance, actuarial services, financial services, or banking and shall be submitted to the Senate for confirmation.

            (2) Three members who shall be appointed by the president of the Senate each of whom shall have a minimum of five years professional experience or fiscal expertise in the industries of health insurance, actuarial services, financial services, or banking and shall be submitted to the Senate for confirmation.

            (3) Three members who shall be appointed by the governor each of whom shall have a minimum of five years professional experience or fiscal expertise in the industries of health insurance, actuarial services, financial services, or banking and shall be submitted to the Senate for confirmation.

            (4) Two members who shall be elected by retired participants in the health benefits programs offered by the Office of Group Benefits and who shall be voting members, as follows:

            (a) One retiree member who shall be elected from among retired teachers or other retired school employees.

            (b) One retiree member who shall be elected from among retired state employees.

            (c) Members elected as provided in this Paragraph shall have been continuous full-time employees for a minimum of five years as a state employee or as a teacher or other school employee, respectively, and shall be submitted to the Senate for confirmation.

            B. Terms. The terms of the members of the board shall be as follows:

            (1) Each of the members as provided in Paragraphs (A)(1) and (2) of this Section shall serve a four-year term concurrent with the term of office of the speaker of the House of Representatives or the president of the Senate, respectively.

            (2) Each of the members of the board appointed by the governor as provided in Paragraph (A)(3) of this Section shall serve a term of six years. No such person shall be appointed to serve more than two terms.

            (3) The two elected members elected pursuant to Paragraph (A)(4) of this Section shall serve a term of six years. No such person shall be elected to serve more than two terms. The board shall adopt rules and regulations to govern the election of these members.

            C. Confirmation. All members appointed by the governor shall be subject to Senate confirmation at the first regular session of the legislature following their appointment.

            D. Vacancies. (1) With the exception of the members elected pursuant to Paragraph (A)(4) of this Section, any vacancy in the membership of the board shall be filled in the same manner as the original appointment for the remainder of the unexpired term.

            (2) In the event of a vacancy of a member elected pursuant to Paragraph (A)(4) of this Section, the board shall fill the vacancy by appointment for the unexpired portion of the term unless the unexpired portion of the term is for a period of more than two years, in which case the appointment shall be until a successor is elected to fill the unexpired portion of the term. Such appointments and elections shall be in accordance with rules adopted and promulgated by the board and subject to confirmation by the Senate.

            (3) In the event that no person qualifies to run for one or more elected positions pursuant to Paragraph (A)(4) of this Section, the remaining members of the board shall fill the position by appointment. The board shall promulgate rules, in accordance with the Administrative Procedure Act, to implement the provisions of this Paragraph.

            E. Attendance. In the event that any member of the board is absent from three consecutive scheduled board and committee meetings, the board shall declare a vacancy in that position. Such vacancy shall be filled as provided in Subsection D of this Section. Nothing in this Subsection shall be construed to prohibit the reappointment or reelection of any person removed pursuant to this Subsection.

            Acts 2001, No. 1178, §5, eff. June 29, 2001; Acts 2015, No. 146, §2, eff. Jan. 1, 2016; Acts 2018, No. 676, §1.