SB52 Alabama 2014 Session

Summary

Primary Sponsor

Roger Bedford, Jr.

Democrat

Session

Regular Session 2014

Title

Retirement Systems of Alabama, secretary-treasurer, investment decision authorized without approval of Board of Control, Employees' Retirement System, Teachers' Retirement System, Secs. 16-25-20, 36-27-25 am'd.

Summary

SB52 would allow the Secretary-Treasurer of the Retirement Systems of Alabama to make investment decisions for the Employees' Retirement System, Teachers' Retirement System, and Judicial Retirement Fund without prior approval from the corresponding Boards of Control.

What This Bill Does

The Secretary-Treasurer would have full power to invest and reinvest funds, and to hold, purchase, sell, or dispose of investments without needing approval from the Board of Control or any investment committee. An investment committee would still exist to review recommendations and approve or disapprove investments in line with board policies, but the Secretary-Treasurer would not need their approval to act. The Secretary-Treasurer must report all purchases and sales to the Board of Control at least semiannually.

Who It Affects

• Secretary-Treasurer of the Retirement Systems of Alabama — gains unilateral authority to invest and manage funds for the Employees', Teachers', and Judicial Retirement Fund.
• Boards of Control for the Employees' Retirement System and the Teachers' Retirement System (and the Investment Committee) — lose the requirement to approve investments beforehand, though they retain policy-setting and will receive semiannual investment reports.

Key Provisions

• Amends Sections 16-25-20 and 36-27-25 to authorize the Secretary-Treasurer to make investment decisions without prior approval from the Boards of Control.
• The Secretary-Treasurer shall have full power to invest and reinvest funds in bonds, mortgages, stocks, mutual funds, and other investments, subject to the Board's policies and duties.
• An Investment Committee of three Board members (including the Director of Finance) shall act as the board's agent to review investment recommendations and approve or disapprove them according to board policies.
• The Secretary-Treasurer shall report all purchases and sales to the Board of Control at least semiannually.
• The act becomes effective immediately upon passage and approval by the Governor.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Retirement