AL HB574

Reduces the Board of Control of the Teachers' Retirement System from 14 trustees to 10 members by eliminating the State Treasurer, Director of Finance, and Executive Secretary of the Alabama Education Association as ex officio members.

Adds four new appointed positions: an employee of a public postsecondary institution appointed by the Chancellor of the Department of Postsecondary Education and an employee of a public institution of higher education appointed by the Council of College and University Presidents, plus appointments by the Governor, Lieutenant Governor, Speaker of the House, and President Pro Tempore of the Senate.

Requires all appointed board members (except those appointed by the State Superintendent, Chancellor, or Council of College and University Presidents) to be experts in investments, market analysis, financial planning, or similar fields relevant to retirement system operations.

Prohibits board members from holding full-time positions with the state, counties, municipalities, educational institutions, or their subdivisions, and bars employees of businesses doing business with the Retirement Systems of Alabama from serving.

Lowers the quorum requirement from eight to seven votes for board decisions and requires all board members to complete annual financial training courses prescribed by the State Treasurer; effective immediately upon passage.