HB661 Alabama 2013 Session

Updated Feb 27, 2026

Low Interest

Summary

Primary Sponsor: Bill Poole
Republican
Session: Regular Session 2013
Title: Tuscaloosa, police and firemen retirement system, duties of board, investments, Section 7.04, Act 99-568, 1999 Reg. Sess., am'd.
Summary: HB661 updates the Tuscaloosa police and fire retirement system by changing how the board operates and manages its investments.
What This Bill Does
It requires the board to elect a chair annually, allows subcommittees and delegation, and mandates audits and actuarial reviews. It requires appointing a depository to handle fund money, with protections for city officials if the depository fails and all interest going to the fund. It gives the board authority to invest fund assets within specified limits (minimum in safe investments like government and insured banks; maximum in corporate stocks and bonds) and to hire investment advisors, with investment income staying in the fund. It also requires an annual written fund status report to the mayor, city council, and police and fire departments.

Who It Affects
Board members and staff of the Tuscaloosa Police Officers and Firefighters Retirement System (governance, audits, actuarial reviews, and investment management).
City of Tuscaloosa officials and entities (mayor, city council, police and fire departments) plus the designated financial institutions that handle fund deposits.

Key Provisions
Amends Section 7.04 to require annual chair election, allow subcommittees, enable delegation, authorize staff and external services, and require annual independent audits plus biennial actuarial studies.
Requires the board to appoint a depository institution; funds are deposited there; if the depository fails, city officials are not personally liable, and interest on deposits goes to the fund.
Permits the board to invest portions of the fund; sets asset mix guidance: at least 40% in safe investments (e.g., U.S. government bonds, state/municipal bonds, insured deposits) and up to 60% (with text showing alternative 70% in stocks/bonds) in corporate stocks and bonds; allows investment counselors; all investment income remains in the fund; securities stay under board control.
Requires a written fund status report by February 1 each year to the mayor, city council, and the police and fire departments.
Effective date: becomes law immediately after governor's approval.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.
Subjects: Tuscaloosa