HB 525 Summary

• Reduces the Board of Control of the Teachers' Retirement System from 14 members to 13 members by removing the Executive Secretary of the Alabama Education Association position.

• Replaces the removed position with an employee of a public postsecondary institution appointed by the Chancellor of the Department of Postsecondary Education and adds an employee of a public institution of higher education appointed by the Council of College and University Presidents.

• Requires all Board members, except those serving ex officio or by appointment from specified state officials, to be experts in investments, market analysis, financial planning, or similar matters commensurate with retirement system operations.

• Prohibits Board members appointed by the State Superintendent, Chancellor, or Council of College and University Presidents from holding full-time positions with the state, counties, municipalities, educational institutions, or their instrumentalities, and prohibits employees of businesses conducting transactions with the Retirement Systems of Alabama from serving.

• Changes the quorum requirement from eight votes to seven votes for Board decisions; establishes an orderly transition with current Board terms expiring June 30, 2011, and new Board terms beginning July 1, 2011.