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AL HB73
Bill
Status
1/14/2014
Primary Sponsor
Johnny Morrow
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AI Summary
HB73 Summary
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Amends Sections 16-25-20 and 36-27-25 of the Alabama Code to authorize the Secretary-Treasurer of the Retirement Systems of Alabama to make investment decisions without prior approval from the Board of Control.
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Removes the requirement that investment decisions by the Secretary-Treasurer must be approved by a three-person investment committee for the Employees' Retirement System, Teachers' Retirement System, and Judicial Retirement Fund.
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Allows the Secretary-Treasurer to invest and reinvest funds in bonds, mortgages, stocks, mutual funds, and other investments without Board of Control or committee approval.
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Maintains the Secretary-Treasurer's duty to report all purchases and sales of investments to the Board of Control at least semiannually.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Retirement Systems of Alabama, secretary-treasurer, investment decision authorized without approval of Board of Control, Employees' Retirement System, Teachers' Retirement System, Secs. 16-25-20, 36-27-25 am'd.
Retirement
Last Action
Read for the first time and referred to the House of Representatives committee on State Government
1/14/2014