The law enforcement officers' and firefighters' plan 2 retirement board established in section 4, chapter 2, Laws of 2003 has the following duties and powers in addition to any other duties or powers authorized or required by law. The board:

(1) Shall hire an executive director, and shall fix the salary of the executive director subject to periodic review by the board and in consultation with the director of the office of financial management and shall provide notice to the chairs of the house of representatives and senate fiscal committees of changes;

(2) Shall employ a deputy director and research and policy analysts who shall be exempt from civil service under chapter 41.06 RCW. Compensation levels for the deputy director and research and policy analysts employed by the board shall be established and fixed by the board in consultation with the director of the office of financial management. When setting salaries for these positions, the board must consider comparable public sector positions using market-driven data. Once compensation levels are determined, the board shall provide notice to the chairs of the fiscal committees of the house of representatives and the senate of proposed changes to the compensation levels for the positions;

(3) Shall employ other staff as necessary to implement the purposes of chapter 2, Laws of 2003. Staff must be state employees under this title;

(4) Shall adopt an annual budget as provided in section 5, chapter 2, Laws of 2003. Expenses of the board are paid from the expense fund created in RCW 41.26.732;

(5) May make, execute, and deliver contracts, conveyances, and other instruments necessary to exercise and discharge its powers and duties;

(6) May contract for all or part of the services necessary for the management and operation of the board with other state or nonstate entities authorized to do business in the state; and

(7) May contract with actuaries, auditors, and other consultants as necessary to carry out its responsibilities.