HB663 Alabama 2013 Session

Summary

Primary Sponsor

Allen TreadawayRepresentative

Republican

Session

Regular Session 2013

Title

Birmingham, Firemen's and Policemen's Supplemental Pension System, membership of Board of Managers revised, appointment of temporary secretary, investment powers, Act 556, 2011 Reg. Sess., am'd.

Summary

HB663 reorganizes Birmingham's Firemen's and Policemen's Supplemental Pension System by transferring assets and powers from the old Firemen's Pension and Relief Fund to the Birmingham system, expanding who can invest and how the fund is governed.

What This Bill Does

HB663 changes how the Birmingham Firemen's and Policemen's Supplemental Pension System is run. It creates a five-member Board of Managers with specific representation, allows the board to appoint a temporary secretary, and broadens investment powers to include private and alternative investments while excluding direct real estate. It transfers all assets and powers from the old Firemen's Pension and Relief Fund to the Birmingham system and moves related funding sources to the new system, with related repeals of conflicting laws. It requires monthly payments from the Birmingham system to the General Retirement and Relief System to reflect 30 years of service and city matching if a retiree had continued working.

Who It Affects

• Participants in the Birmingham system (active firefighters and police officers) – their elected representatives on the Board and the expanded investment powers affect how their pension funds are managed.
• Retirees in the Birmingham system – the retiree seat on the Board and the transfer of assets and powers from the old fund could affect pension administration and funding of their benefits.

Key Provisions

• Adds a five-member Board of Managers for the Birmingham system with a retiree member and elected firefighter and police officer members; the Jefferson County Personnel Board appoints one member.
• Authorizes the Board to appoint a temporary secretary when the Personnel Director is unavailable.
• Expands the Board's investment powers to include private investments, private funds, and alternative investments, but excludes direct investments in real estate; sets wide-ranging diversification and eligibility rules (e.g., equity up to 60%, fixed income at least 40%, and limits on single non-guaranteed issuers).
• Transfers all assets and powers of the City of Birmingham Firemen's Pension and Relief Fund into the Birmingham system and repeals conflicting laws; moves funding sources as described in Section 10C.
• Requires the Board to pay from the Birmingham fund amounts to the General Retirement and Relief System that would have been contributed for a retiree to continue 30 years of service, including city matching contributions.
• Adds Section 8.3 to formalize the transfer of assets and powers and repeal prior related laws; becomes effective 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

Jefferson County