HB661 Summary

• Amends Act 99-568 to modify the retirement system for police officers and firefighters in the City of Tuscaloosa, specifically Section 7.04 regarding board duties and fund investments.

• Reduces the minimum percentage of available funds that must be invested in interest-bearing bonds and securities from 40 percent to 30 percent.

• Increases the maximum percentage of available funds that may be invested in corporate stocks and bonds from 60 percent to 70 percent.

• Board duties include annual audits by independent accountants, actuarial studies at least every other year, appointing a financial depository, employing investment counselors, and reporting fund condition to city officials by February 1st each year.

• Becomes effective immediately upon passage and approval by the Governor.