(a) The board may appoint an investment advisory council composed of at least three and not more than five members. Members of the council shall possess experience and expertise in financial investments and management of investment portfolios for public, corporate, or union pension benefit funds, foundations, or endowments.
(b) Members of the council serve at the pleasure of the board for staggered terms of three years.
(c) The board shall establish the compensation of members of the council. Members of the council are entitled to per diem and travel expenses authorized for boards and commissions under AS 39.20.180.
(d) The council shall
(1) review the investments made by the board;
(2) make recommendations to the board concerning the board's investment policies, investment strategy, and investment procedures;
(3) advise the board on selection of performance consultants and on the form and content of annual reports;
(4) provide other advice as requested by the board.
(e) With approval of the board, the council may contract with other state agencies to provide investment advice.