The bill establishes the Independent Commission on State Officials' Compensation, which will consist of seven members appointed by various state leaders, including the governor and the chief justice of the supreme court. Members will serve staggered terms of six, four, or two years, with a maximum of two consecutive terms. The commission is tasked with meeting at least twice during each legislative term to gather information and make salary recommendations for state officials, including the governor, members of the legislature, and judges. The commission will consider various factors, such as market pay and cost-of-living adjustments, when making these recommendations.

Additionally, the bill appropriates $5,000 from the general fund to cover the per diem and mileage expenses for commission members until June 30, 2024. This appropriation is strictly designated for the commission's use and any unspent funds will revert to the state on July 1, 2024. The act is set to take effect on July 1, 2023.