HB515 Summary

• Amends Act 556 (1959) governing the Fireman's and Policeman's Supplemental Pension System for Birmingham to expand the Board of Managers' investment authority to include alternative investments.

• Removes the requirement that at least 50% of fixed income investments be in U.S. government bills, notes, and bonds, and removes the requirement that bonds be rated investment grade by nationally recognized credit rating agencies.

• Adds new Section 8.2 adopting mandatory provisions of the Internal Revenue Code of 1986, including compensation limits, contribution limits under Section 415, required minimum distributions, and direct rollover options.

• Establishes compliance requirements for qualified military service, HEART Act provisions, and Pension Funding Equity Act provisions related to benefit calculations and minimum present value requirements.

• Effective on the first day of the third month following passage and approval by the Governor.