HB663 Summary

• Increases the Board of Managers of the City of Birmingham Firemen's and Policemen's Supplemental Pension System from four to five members, adding a new Member No. 4 retiree position elected by system retirees.

• Authorizes the Board of Managers to appoint a temporary secretary to record meeting minutes when the personnel director is temporarily unable to fulfill obligations.

• Expands investment powers to include private investments, private investment funds, and alternative investments while explicitly excluding direct investments in real estate.

• Transfers all assets, powers, and funding sources from the City of Birmingham Firemen's Pension and Relief Fund (Act 389 of 1935) to the Firemen's and Policemen's Supplemental Pension System and repeals conflicting prior legislation.

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