HB295 Summary

• Revises the Board of Control of the Employees' Retirement System of Alabama from 13 members to a restructured membership with phased transitions for appointed and elected positions.

• Reduces three Governor-appointed state employees to one appointed member and two elected members from participating employers under Section 36-27-6 in a phased transition.

• Changes two elected members from the State Employees' Retirement System to one elected and two appointed members (by Senate President Pro Tempore and House Speaker) in a phased transition.

• Increases the required quorum for board decisions from seven to eight votes in favor, reflecting the restructured board composition.

• Adds candidate qualification requirements for elected board members, including demonstrated expertise in finance, accounting, economics, business administration, or related fields beneficial to the retirement system.