HB418 Summary

• Amends Act 2013-415 to modify the composition and requirements of the Pension Board for the General Retirement System for Employees of Jefferson County.

• Requires Member Number Four of the Pension Board to be a retired member of the General Retirement System for Employees of Jefferson County.

• Member Number Four serves an initial term of one (1) year, with subsequent terms of three (3) years, and is elected by Active and Retired Members of the System via separate ballot.

• Maintains existing requirements for the other four board members: Member Number One (appointed by county governing body with insurance/actuarial experience), Member Number Two (appointed by Probate Judge with investing/banking experience), Member Number Three (elected by Personnel Board), and Member Number Five (elected by Active and Retired Members).

• Takes effect upon approval by the Governor or upon otherwise becoming law.