Media Releases

For Immediate Release: June 17, 2015

NEW COMMISSION TO STUDY PUBLIC PENSIONS

State Rep. Randall Shedd (R – Cullman) on Wednesday announced that he has
been appointed to serve on the Legislature’s Joint Committee on Public Pensions, a newlyformed
panel tasked with ensuring the long-term fiscal health of the Retirement Systems of
Alabama and the monthly benefits it provides.

“More than 330,000 current and former employees of Alabama’s state and local government
participate in the retirement system, and many of them depend upon it as their sole source of
monthly income in retirement,” Shedd said. “A variety of factors including low investment
returns caused by the 2008 economic turndown and changes in government accounting rules
have driven the system’s unfunded liabilities to more than $12 billion. Taxpayers have
shouldered much of the resulting burden, but that cannot continue over the long haul. If the
retirement system is going to keep its promise of paying benefits to public retirees for decades to
come, we must address its structural issues and secure its long-term solvency.”

Shedd, who is a retired director of the Cullman County Commission on Aging, is one of 16
members who will sit on the committee, study the operations within the RSA, and make
recommendations for reform before the Legislature convenes for the 2016 regular session.

Among those serving on the panel are: three members of the House Ways & Means Education
Committee; three members of the House Ways & Means General Fund Committee; and two
members of the Alabama House, all of whom are appointed by the Speaker and two of whom
must be from the minority party. The Senate President Pro Tem will appoint the same number of
members from the corresponding committees and pool of candidates in that body.

Each chamber will appoint one co-chair from among the committee’s members.

According to HJR288, which formally created the committee, all agencies and departments of
the state, including the RSA, “shall provide any assistance and information requested by the
committee.”

Meetings are required to be held on at least a monthly basis prior to mid-December.

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For More Information Contact: RANDALL SHEDD, Phone (256) 796-5870

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