Ala. Admin. Code r. 800-2-3-.04

Current through Register Vol. 43, No. 1, October 31, 2024

Section 800-2-3-.04 - Committees

(1) All committees shall be formally approved by the Board of Control.

(2) The Investment Committee shall be composed of three members, one of which shall be the Finance Director, and the other two shall be elected by the Board.

(a) The elected members shall serve a two year term;

(b) One member shall be elected each year at the spring meeting of the Board;

(c) Any vacancy on the Investment Committee shall be filled by the election of another member of the Board of Control to fill out the unexpired term of the previous member.

(3) An Evaluation Committee not affiliated with the Board of Control or the staff of the Employees' Retirement System, which has the responsibility of reviewing the operations of the investment practices of the Board of Control and of the staff's operation shall be established each biennium. Ad Hoc Evaluation Committee members shall meet one of the following criteria:

(a) Experience in management of portfolio of at least $100 million;

(b) Member of the executive committee of one of the top 20 Wall Street firms in terms of capital assets and volume;

(c) Director or deputy director of State Employees' or Teachers' Retirement System.

Author William T. Stephens, General Counsel, RSA.

Ala. Admin. Code r. 800-2-3-.04

Filed September 30, 1982; effective October 1, 1982.

Statutory Authority:Code of Ala. 1975, § 36-27-23(g).