(a) The PACT board shall consist of 15 members as follows:
Terms Used In Alabama Code 16-33C-4.1
Contract: A legal written agreement that becomes binding when signed.
Devise: To gift property by will.
Fiduciary: A trustee, executor, or administrator.
person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
President pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.
Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
Quorum: The number of legislators that must be present to do business.
state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(1) The Director of Finance.(2) The State Treasurer.(3) Two persons appointed by the Governor.(4) Two persons appointed by the Speaker of the House of Representatives, one of whom shall be a PACT contract holder.(5) One person appointed by the Lieutenant Governor.(6) One person appointed by the Senate President Pro Tempore.(7) The President of the Council of College and University Presidents or his or her designee.(8) The Chancellor of the Postsecondary Education Department or his or her designee.(9) The Executive Director of the Alabama Commission on Higher Education.(10) One member of the House of Representatives appointed by the Speaker of the House of Representatives.(11) One member of the Senate appointed by the Lieutenant Governor.(12) The Chief Executive Officer of the Retirement Systems of Alabama or his or her designee.(13) The President of the Alabama Association of Independent Colleges and Universities or his or her designee.(b) Members shall serve for terms of office of four years and shall be eligible for reappointment, and shall serve until a successor is appointed. Any person appointed to fill a vacancy on the PACT board shall be appointed in a like manner and shall serve for only the unexpired term.(c) With the exception of those members serving on the PACT board by virtue of their respective offices, a person appointed to the PACT board shall be an expert in the field of investments, market analysis, or financial planning, or on similar matters commensurate with the duties and responsibilities of the plan. Additionally, all members of the PACT board have the fiduciary responsibility to devise and implement an investment strategy designed to maximize investment returns in a manner that correlates with future projected benefit payouts.(d) Members of the PACT board shall serve without compensation, but may be reimbursed for each day’s official duties of the PACT board at the same per diem and travel rate as is paid the employees of the state.(e) The State Treasurer shall be the chair and presiding officer of the PACT board, and the State Treasurer may appoint such other officers as the PACT board may deem advisable or necessary. A majority of the members of the PACT board shall constitute a quorum for the transaction of the business of the plan.(f) The membership of the PACT board shall be inclusive and reflect the racial, gender, geographic, urban/rural, and economic diversity of the state. The PACT board shall annually report to the Legislature by the fifth legislative day of each regular session the extent to which the PACT board has complied with the diversity provisions provided for in this subsection.
