SECTION 38B. Deferred compensation committee

There shall be in the office of the state treasurer a deferred compensation committee, consisting of 3 members; 1 of whom shall be appointed by the governor, shall represent the employees who contract with the state treasurer for a deferred compensation program under section 64 and shall be chairman; 1 of whom shall be appointed by the commissioner of insurance; and 1 of whom shall be appointed by the state treasurer. Said committee shall meet from time to time and shall oversee the day to day operation of the deferred compensation program. The members of said committee shall serve without compensation, but shall be reimbursed for expenses necessarily incurred in the performance of their duties.