FL H1323

Amends the City of Tampa pension and retirement fund administration provisions to require fund investments be consistent with a written investment policy adopted by the board of trustees pursuant to Florida Statutes s. 112.661 and subject to s. 215.47.

Requires the board of trustees to exercise judgment and care consistent with the prudent person standard when making investments, considering probable income and safety of capital rather than speculation.

Renumbers and revises existing investment restrictions, including maintaining not more than 65 percent of fund assets in common and/or preferred stocks and not more than 10 percent in any single corporation's stock.

Requires fixed income investments to hold ratings in one of the four highest classifications by a major rating service, with exceptions for certain equity conversion provisions.

Takes effect October 1, 2019.