(a) There is hereby created a Committee of Medical Review, to fulfill the requirements of Sections 708 and 710 of this chapter, and to assure fair and impartial evaluation of all claims for permanent disability retirement benefits. The Committee of Medical Review shall consist of at least three (3) and no more than seven (7) physicians who are licensed and Board certified. Each physician must be retained by contract. Any member of the Committee of Medical Review shall refrain from participation when it is clear that they may have a conflict of interest on a particular case. When a member recuses himself, the Committee shall conduct its work with a majority of the members of the committee. The Committee of Medical Review, its substitutes, and its employees may not be held personally liable for conclusions, advice, or recommendations made in accordance with the duties of the Committee of Medical Review. The substitutes shall serve at the pleasure of the Board of Trustees and shall be paid at a rate of compensation set by the Board of Trustees.
(b) The Committee of Medical Review shall:
(1) review all reports and medical examinations required by this chapter;
(2) investigate all essential health and medical statements and certificates filed in connection with an application for disability retirement benefits; and
(3) submit to the System a written report of its conclusions and recommendations on all matters referred to it.
(c) The Board of Trustees shall, within 270 days of the enactment of this section, promulgate rules and regulations governing the administration of this section.