HB492 Summary

• Amends Section 4 of Act 556, 1959 to modify investment powers of the Board of Managers of the City of Birmingham Retirement and Relief System.

• Requires a minimum of 25 percent of fund investments to be in fixed income securities (reduced from previous 40 percent requirement).

• Removes the maximum limit of 60 percent for equity securities investments, allowing greater flexibility in equity allocation.

• Maintains existing board composition of five members including the city's governing body president as chair, plus four associate members representing insurance/finance professionals, firefighters, police officers, and retirees.

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