HB73 Alabama 2014 Session

Under existing law, the Retirement Systems of Alabama are governed by Boards of Control comprised of active and retired public employees who serve by virtue of their election or in their official capacities by virtue of their elected or appointed position. The State Employees' Retirement System and the Teachers' Retirement System each have similarly comprised Boards of Control

Under existing law, the day-to-day operations of all of the Retirement Systems of Alabama are managed by a secretary-treasurer who serves at the pleasure of each Board of Control

Under existing law, the Board of Control for the Employees' Retirement System, by majority vote, may make decisions regarding the operation and functioning of the Employees' Retirement System and the Judicial Retirement Fund and the Board of Control of the Teachers' Retirement System, by majority vote, may make decisions regarding the operation of the Teachers' Retirement System. The Board of Control of the Employees' Retirement Systems of Alabama, by resolution, has provided that all investment decisions of the secretary-treasurer must be approved by a three-person investment committee

This bill would give the Secretary-Treasurer of the Retirement Systems of Alabama the authority to make investment decisions regarding moneys in the Employees' Retirement System, the Teachers' Retirement System, and the Judicial Retirement Fund without approval of the Board of Control of either the Employees' Retirement System or the Teachers' Retirement System

To amend Sections 16-25-20 and 36-27-25, Code of Alabama 1975, to authorize the Secretary-Treasurer of the Retirement Systems of Alabama to make investment decisions without prior approval.