The State Actuary Appointment Committee. The State Actuary Appointment Committee (SAAC) was created in 2003, as part of legislation that created the Select Committee on Pension Policy (SCPP). Prior to 2003, the Joint Committee on Pension Policy (JCPP) was responsible for studying pension issues, developing policies, and making recommendations to the Legislature regarding the state’s retirement systems. JCPP also appointed and removed the state actuary by a two-thirds majority vote and set the state actuary's salary with a simple majority vote. When the JCPP was eliminated, the SAAC was created with the sole duty of appointment, removal and salary setting for the state actuary. 

SAAC is made up of eight members, the chair and ranking minority members of the House of Representatives Appropriations Committee, the chair and ranking minority members of the Senate Ways and Means Committee, and four members of SCPP appointed jointly by the chair and vice-chair of the SCPP.

Pension Funding Council. The Pension Funding Council (PFC) was created in 1998, to adopt the long-term economic assumptions and employer contribution rates for most of the state's retirement systems. PFC consists of six voting members, the chair and ranking minority members of the Senate Ways and Means Committee and the House Appropriations Committee, and the directors of the Office of Financial Management and the Department of Retirement Services. PFC meets at least once each year, in even numbered years to adopt employer contribution rates and in odd numbered years to adopt the long-term economic assumptions. 

The SAAC is eliminated and the appointment, removal, and the salary setting for the state actuary is moved to the PFC.  Action by PFC to appoint, remove, and set the salary of the state actuary requires an affirmative vote of at least four members.