I can see it as a tryout of sorts to line up a potential replacements, but I'm not sure about the members and their ages or other life obligations.
Sheldon Menery, retired L5 judge
Toby Elliott, current L3 judge, also was a L5, but Wizards did away with L4 and L5 in recent years
Scott Larabee, current Organized Play Manager at Wizards of the Coast
Gavin Duggan, former L4 judge, Regional Coordinator, and Magic NetRep, original founder (with Sheldon and Duncan McGregor) of the then-EDH Rules Committee
I thought that Gavin Verhey (former Pro player, now one of the MTG Senior designers) was on the RC but I can't find anything to verify that.