SB413 Alabama 2011 Session

Summary

Primary Sponsor

Del Marsh

Republican

Session

Regular Session 2011

Title

Employees' Retirement System, Board of Control, membership and qualifications altered, Sec. 36-27-23 am'd.

Summary

SB413 would rewrite the Employees' Retirement System of Alabama's Board of Control by changing who serves on the board and adding new qualifications and diversity requirements.

What This Bill Does

It changes the Board of Control to a 13-member body with a mix of ex officio members, governor-appointed trustees, and elected representatives from state employees, retirees, and participating employers, plus appointments by legislative leaders. It requires most members (except those serving by virtue of their office) to be experts in investments, finance, or related fields. It adds a diversity goal and restricts members from holding certain other public or private sector positions or working for firms that do business with the retirement system; it also sets a transition timeline for when the new board takes effect.

Who It Affects

• Active state employees and retirees who participate in the retirement system, who will gain new or expanded opportunities to elect or elect/appoint board members and influence board governance.
• Governor, other state leaders, and employers that participate in the retirement system, who will appoint or nominate board members under the new rules and must comply with the stricter qualifications and conflict-of-interest provisions.

Key Provisions

• Replaces/adjusts the 13-member Board of Control membership to include ex officio officers, governor-appointed members, state employee and retiree-elected members, and appointments by the Speaker of the House and President Pro Tempore of the Senate.
• Requires most board members (excluding those serving by virtue of their office) to be experts in investments, market analysis, financial planning, or similar fields related to retirement system operations.
• Imposes conflict-of-interest restrictions: no member (except certain ex officio members) may hold a full-time public office or be employed by a state, county, city, or public agency; and no member may work for a business or firm doing business with the Retirement Systems of Alabama.
• Adds an inclusivity/diversity requirement to reflect racial, gender, geographic, urban/rural, and economic diversity of Alabama.
• Establishes a transition timeline: current board terms expire June 30, 2011; new terms begin July 1, 2011; first meeting of the reconstituted board by August 1, 2011.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Employees' Retirement System