HB396 Summary

• Amends Section 9 of Article III of Act 929 (1951) governing the Board of Managers of the City of Birmingham Retirement and Relief System to modify fixed income investment requirements.

• Reduces the minimum fixed income securities investment requirement from 35 percent to 25 percent of the fair market value of all funds available in the system for investment.

• Maintains existing restrictions prohibiting investments by single non-guaranteed agencies or entities from exceeding 10 percent of the fixed income allocation at time of purchase.

• Requires the fair market value of available funds to be determined periodically, but not less than annually.

• Becomes effective immediately upon passage and approval by the Governor, or upon otherwise becoming law.