(2) The Governor shall appoint four voting members, subject to Senate confirmation in the manner provided in ORS 171.562 and 171.565. The members appointed by the Governor must be qualified by training and experience in the field of investment or finance.
(3) The Governor may appoint a member of the council under subsection (2) of this section who is also a member of the Public Employees Retirement Board appointed under ORS 238.640 (4). Except as provided in this subsection, members appointed by the Governor may not hold any other public office or public employment.
(4) The State Treasurer shall be a voting member.
(5) The Director of the Public Employees Retirement System shall be an ex officio member of the council with no voting power.
(6) The term of office of each appointed member of the council is four years, but each appointed member serves at the pleasure of the Governor. A vacancy in the appointed membership occurring other than by expiration of term shall be filled in the same manner as the original appointment, but for the unexpired term only. [1967 c.335 §2; 1987 c.877 §1; 2001 c.217 §1; 2003 c.69 §3; 2003 c.625 §§24,25; 2005 c.180 §§1,2; 2007 c.623 §2; 2013 c.468 §1]