SB412 Summary

• Reduces Board of Control membership from 14 to 13 trustees for the Teachers' Retirement System of Alabama.

• Replaces the Executive Secretary of the Alabama Education Association position with an employee of a public postsecondary institution appointed by the Chancellor of the Department of Postsecondary Education.

• Requires all appointed Board members (except those serving by virtue of their offices) to be experts in investments, market analysis, financial planning, or related fields commensurate with retirement system operations.

• Prohibits Board members from holding full-time employment with the state, counties, municipalities, educational institutions, or businesses conducting transactions with the Retirement Systems of Alabama.

• Changes the quorum requirement from eight votes to seven votes for Board decisions and establishes July 1, 2011 as the transition date for new Board membership.