285.1005.  Board established, members, terms, expenses, quorum. — 1.  The "Show-Me MyRetirement Savings Board" is hereby established in the office of the state treasurer.

  2.  The board shall consist of the following members, with the state treasurer, or his or her designee, serving as chair:

  (1)  The state treasurer, or his or her designee;

  (2)  An individual who has skill, knowledge, and experience in the field of retirement savings and investments, to be appointed by the governor with the advice and consent of the senate;

  (3)  An individual who has skill, knowledge, and experience relating to small business, to be appointed by the governor with the advice and consent of the senate;

  (4)  Three members of the house of representatives, to be appointed by the speaker of the house of representatives, to include one representative from the minority party; and

  (5)  Three members of the senate, to be appointed by the president pro tempore of the senate, to include one senator from the minority party.

  3.  The governor, the president pro tempore of the senate, and the speaker of the house of representatives shall make the respective initial appointments to the board for terms of office beginning on January 1, 2024.

  4.  Members of the board appointed by the governor, the president pro tempore of the senate, and the speaker of the house of representatives shall serve at the pleasure of the appointing authority.

  5.  The term of office of each member of the board shall be four years.  Any member is eligible to be reappointed.  If there is a vacancy for any reason, the appropriate appointing authority shall make an appointment, to become immediately effective, for the unexpired term.

  6.  All members of the board shall serve without compensation and shall be reimbursed from the administrative fund for necessary travel expenses incurred in carrying out the duties of the board.

  7.  A majority of the voting members of the board shall constitute a quorum for the transaction of business.