SB52 Alabama 2014 Session
In Committee
Bill Summary
Sponsors
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.
Description
<p class="bill_description"> 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</p><p class="bill_description">
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</p><p class="bill_description">
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</p><p class="bill_description">
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</p><p class="bill_entitled_an_act"> 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.
</p>
Subjects
Retirement
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| January 14, 2014 | S | Read for the first time and referred to the Senate committee on Finance and Taxation General Fund |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB52 Alabama 2014 Session - Introduced |