HB468 Summary

• Applies Subsection (a) of Section 19-3B-802 of the Alabama Uniform Trust Code to the Boards of Control of both the Teachers' Retirement System and the Employees' Retirement System.

• Amends governance provisions for the Teachers' Retirement System Board of Control, which consists of 15 trustees including 3 ex officio members and 12 elected members representing categories such as teachers, administrators, support personnel, and retirees.

• Amends governance provisions for the Employees' Retirement System Board of Control, which consists of 13 trustees including 4 ex officio members and 9 elected/appointed members representing state employees, retired employees, and participating employers.

• Expands investment considerations for both retirement systems to include rates of return, volatility, security, diversification, economic conditions, inflation effects, portfolio role, liquidity needs, income regularity, capital appreciation, and beneficiary interests.

• Takes effect on the first day of the third month following passage and approval by the Governor.