Section 49 of chapter 7 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by striking out subsection (a) and inserting in place thereof the following subsection:-
(a) There shall be within the executive office of administration and finance, but not subject to its control, a public employee retirement administration commission which shall consist of 9 members, 3including the governor or a designee; 2 persons to be appointed by the governor; 1 of whom shall be a represented of a public safety union and 1 of whom shall be qualified by training and experience in the investment of funds as a result of having been principally employed in such occupation for at least 10 years; the state auditor or a designee; 1 person to be appointed by the state auditor who shall be a representative of the Massachusetts Municipal Association; 1 person to be appointed by the speaker of the house of representativeswho shall be a representative of a county, city or town contributory retirement system with assets above $500,000,000 at the time of appointment; 1 person to be appointed, 1 of whom shall be appointed by the senate president who shall be a representative of a county, city or town contributory retirement system with assets above $500,000,000 at the time of appointment; the president of the Massachusetts AFL-CIO or a designee; and1person to be appointed by the first 8 members who shall be the chairperson. Each member of the commission shall serve for a term of 5 years; provided, however, that in making initial appointments, the governor and the state auditor shall each appoint 1 member for a term of 3 years and 1 member for a term of 4 years. The members shall serve without compensation but shall receive their necessary expenses incurred in the discharge of their official duties. Upon the expiration of the term of an appointed member, including the chairperson, or upon a vacancy otherwise created in those positions, the successor for that position shall be appointed in the manner aforesaid or for the remainder of said term, whichever is applicable. In the event the representative of a public safety union or the designee of the president of the Massachusetts AFL-CIO is a public employee, he or she shall be granted leave, without loss of pay or benefits and without being required to make up lost time, if on duty, for regularly scheduled work hours while in the performance of responsibilities of the commission. The public employee retirement administration commission shall select an executive director and enter into an employment contract with said director. The provisions of sections 9A, 45, 46, and 46C of chapter 30, chapter 31, and chapter 150E shall not apply to the executive director or any other employee of the commission.