HB663 Alabama 2013 Session

This bill would amend Act No. 556 of the Regular Session of the Legislature of Alabama of 1959, as amended by Act 2011-584 of the 2011 Regular Session to provide for a new member of the City of Birmingham Firemen's and Policemen's Supplemental Pension System Board of Managers, authorize the Board of Managers to appoint a temporary secretary, amend the investment powers of the Board of Managers to include interest of private investment, private investment funds, alternative investments and exclude direct investments in real estate and add a new Section 8.3 to Act No. 556 of the Regular Session of the Legislature of Alabama of 1959, as amended by Act 2011-584 of the 2011 Regular Session, transferring all assets and powers of the (City of Birmingham) Firemen's Pension and Relief Fund provided by Act No. 389 of the 1935 Regular Session of the Alabama Legislature as amended and the funding sources contained in Section 10C. of the (City of Birmingham) Firemen's Pension and Relief Fund provided by Act No. 389 of the 1935 Regular Session of the Alabama Legislature as amended to the City of Birmingham Firemen's and Policemen's Supplemental Pension System and repeal all other funding sources provided by Act No. 389 of the 1935 Regular Session of the Alabama Legislature (Ala

Act 389, p. 847) as amended and restated by Act No

307 of the 1943 Regular Session of the Alabama Legislature (Ala. Act 307, p. 264) as amended by Act No. 632 of the 1967 Regular Session of the Alabama Legislature (Ala. Act 632, p. 1441)

To amend Act No. 556 of the Regular Session of the Legislature of Alabama of 1959, as amended by Act 2011-584 of the 2011 Regular Session, relating to the City of Birmingham Firemen's and Policemen's Supplement Pension System; to provide for a new member of the City of Birmingham Firemen's and Policemen's Supplemental Pension System Board of Managers, authorize the Board of Managers to appoint a temporary secretary, amend the investment powers of the Board of Managers to include interest of private investment, private investment funds, alternative investments and exclude direct investments in real estate and add a new Section 8.3 to Act No. 556 of the Regular Session of the Legislature of Alabama of 1959, as amended by Act 2011-584 of the 2011 Regular Session, transferring all assets and powers of the (City of Birmingham) Firemen's Pension and Relief Fund provided by Act No. 389 of the 1935 Regular Session of the Alabama Legislature as amended and the funding sources contained in Section 10C. of the (City of Birmingham) Firemen's Pension and Relief Fund provided by Act No. 389 of the 1935 Regular Session of the Alabama Legislature as amended to the City of Birmingham Firemen's and Policemen's Supplemental Pension System. All other funding sources provided by Act No. 389 of the 1935 Regular Session of the Alabama Legislature (Ala. Act 389, p. 847) as amended and restated by Act No. 307 of the 1943 Regular Session of the Alabama Legislature (Ala. Act 307, p. 264) as amended by Act No. 632 of the 1967 Regular Session of the Alabama Legislature (Ala. Act 632, p. 1441) are hereby repealed.