Bill > SB0808

This bill establishes the "secure retirement savings board act" and creates a seven-member Secure Retirement Savings Board within the department of treasury, with the state treasurer serving as its chair. The board will include a designee of the state treasurer, a designee of the director of the department of technology, management, and budget, two public representatives with retirement savings expertise appointed by the governor, a representative of participating employers (as defined in the retirement savings program act), and a representative of enrollees. Board members will not be compensated but can be reimbursed for travel expenses, and their appointments, made by the governor, are subject to the advice and consent of the senate, with initial terms varying and subsequent terms lasting four years. This act will only take effect if another bill, Senate Bill No. 807 of the 103rd Legislature, is also enacted into law.