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AL HB338
Bill
Status
5/2/2017
Primary Sponsor
Allen Treadaway
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AI Summary
HB 338 Summary
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Amends Section 45-37A-51.03 of the Code of Alabama 1975 regarding the City of Birmingham Firemen's and Policemen's Supplemental Pension System.
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Reduces the minimum percentage of pension fund investments required to be in fixed income securities from 25 percent to 12.5 percent of the fair market value of all available funds.
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Maintains all other investment powers and limitations of the board of managers, including restrictions on single nonguaranteed agency investments and requirements for Securities and Exchange Commission registration.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Birmingham, Firemen and Policemen's Supplemental Pension System, percent of investments in fixed income securities lowered, Sec. 45-37A-51.03 am'd.
Birmingham
Last Action
Delivered to Governor at 2:21 p.m. on May 2, 2017.
5/2/2017