Loading chat...
AL SB52
Bill
Status
1/14/2014
Primary Sponsor
Roger Bedford
Click for details
AI Summary
SB52 Summary
-
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 Board of Control approval.
-
Eliminates the requirement for a three-person investment committee to approve all investment decisions for the Employees' Retirement System, Teachers' Retirement System, and Judicial Retirement Fund.
-
Secretary-Treasurer retains authority to make investment decisions regarding bonds, mortgages, stocks, mutual funds, and other approved investment classes using prudent judgment.
-
Secretary-Treasurer must continue to report all purchases and sales of investments to the Board of Control at least semiannually.
-
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 Senate committee on Finance and Taxation General Fund
1/14/2014