HB524 Summary

• Maintains the Employees' Retirement System of Alabama Board of Control at 13 members, with positions appointed by the Governor, Speaker of the House, and President Pro Tempore of the Senate replacing some elected positions.

• Requires all appointed board members to be experts in investments, market analysis, financial planning, or similar fields commensurate with retirement system operations.

• Prohibits board members (except those serving ex officio) from holding full-time employment with the state, counties, municipalities, educational institutions, or businesses doing business with the retirement systems.

• Mandates board membership to reflect the state's racial, gender, geographic, urban/rural, and economic diversity to the extent possible.

• Establishes transition timeline with current board terms expiring June 30, 2011 and new board members' terms beginning July 1, 2011, with first official meeting by August 1, 2011.