(a) There is hereby established the Unemployment Compensation Advisory Council.
(b) The Unemployment Compensation Advisory Council shall serve in an advisory capacity to the Director of Unemployment Insurance and aid the Director in reviewing the unemployment insurance program as to its content, adequacy and effectiveness, and make recommendations for its improvement.
(c) The Unemployment Compensation Advisory Council shall have the following 10 members:
(1) The respective Chairperson of the Labor and Industrial Relations Committee of the State Senate and of the Labor Committee of the State House of Representatives, or a committee member designated by the respective Chairperson; and
(2) The respective Chairperson of the Small Business Committee of the State Senate and of the Business/Corporations/Commerce Committee of the State House of Representatives, or a committee member designated by the respective Chairperson; and
(3) The Secretary of Finance, or an individual designated by the Secretary, shall be a nonvoting member; and
(4) The Secretary of Labor, or an individual designated by the Secretary, shall be a nonvoting member; and
(5) Two persons representing the interests of the labor community to be appointed by the Governor; and
(6) Two persons representing the interests of business employers to be appointed by the Governor.
(d) (1) The term of the elected members of the General Assembly serving the Council shall coincide with their status as members of the designated committees.
(2) The term of the appointed officials serving on the Council shall coincide with their terms as Secretaries of the designated Departments.
(3) The term of the Council members representing the interests of labor and business employers shall be 3 years and all shall be eligible for reappointment.
(e) Members of the Council shall serve without compensation except that they may be reimbursed for reasonable and necessary expenses incident to their duties as members of the Council.
(f) A Chairperson of the Council shall be chosen by the members of the Council and shall serve in that capacity for a term of 1 year and shall be eligible for reelection.
(g) Any appointment pursuant to this section to replace a member of the Council whose position becomes vacant prior to the expiration of the member's term shall be filled by the Governor only for the remainder of that term.
(h) The Council will, on a periodic basis, no less frequently than annually, report its findings and recommendations to the Governor and to the General Assembly.