HB492 Alabama 2015 Session

Updated Feb 26, 2026

Notable

Summary

Primary Sponsor: Allen TreadawayRepresentative
Republican
Session: Regular Session 2015
Title: Birmingham, Retirement and Relief System, investments are fixed income securities, Act 556, 1959 Reg. Sess., am'd.
Summary: HB492 amends the Birmingham Retirement and Relief System to change the Board of Managers and set new investment rules for the fund.
What This Bill Does
It reorganizes the Board of Managers into five members with specific appointment and election rules, including representation from city staff, firefighters, police officers, and retirees. It establishes investment requirements that set a minimum fixed-income portion and a cap on equity investments, while allowing a broad range of investment types. It also lays out how the board's decisions interact with the General Retirement and Relief System for Birmingham and when the act takes effect.

Who It Affects
Firefighters who participate in the Birmingham Retirement and Relief System, who will elect Member No. 2 to the Board and influence its governance.
Retirees of the Birmingham Firemen's and Policemen's Supplemental Pension System, who will elect Member No. 4 and whose representation on the Board rotates between retiree groups.

Key Provisions
Board composition: A five-member Board of Managers is created, with the city’s governing body president as chair; Member No. 1 appointed by the Jefferson County Personnel Board (with qualifications in insurance, actuarial, investment, banking, or public accounting) for a four-year term; Member No. 2 (firefighter participant) and Member No. 3 (police officer participant) elected by respective participant groups for four-year terms; Member No. 4 (retiree) elected by retirees for four-year terms, with rotation between fire and police retirees.
Investment rules: The Board may invest in a broad range of assets (fixed income, stocks, mutual funds, real estate investment trusts, international investments, private investments, etc.) but with limits including not less than 40% of funds in fixed income and not more than 60% of total investments in common or preferred equity; no single non-guaranteed agency/entity may exceed 10% of the fixed income allocation; investments must be registered or traded on recognized markets where applicable; direct real estate investments are excluded.
Funding interactions: When covered firefighters or police officers retire, the Board must pay to the General Retirement and Relief System amounts that reflect what would have been contributed and matched if the participant had continued working toward a 30-year service pension.
Operational and effective date: The act includes severability and immediate effectiveness upon passage, and authorizes the Board to set election rules consistent with this act.

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