SB413 Summary

• Amends Section 36-27-23 of the Alabama Code to alter the Board of Control of the Employees' Retirement System of Alabama from current membership structure while maintaining the 13-member board size.

• Requires all board members except ex officio members to be experts in investments, market analysis, financial planning, or similar matters commensurate with retirement system operations.

• Prohibits board members (except those appointed under subdivisions 5 and 6) from holding full-time positions with the state, counties, municipalities, educational institutions, or entities doing business with the Retirement Systems of Alabama.

• Mandates board membership to be inclusive and reflect the racial, gender, geographic, urban/rural, and economic diversity of Alabama to the extent possible.

• Establishes transition timeline with current board terms expiring June 30, 2011, and new member terms beginning July 1, 2011, with the first reconstituted board meeting required by August 1, 2011.