HB467 Alabama 2016 Session

Summary

Primary Sponsor

Phil Williams

Republican

Session

Regular Session 2016

Title

Retirement Systems of Alabama, annual report and actuarial report of Bds. of Control of ERS and TRS, additional information required, adoption of investment reporting standards required, Secs. 16-25-19, 36-27-23 am;d.

Summary

HB467 would require the Boards of Control for the Teachers’ Retirement System and Employees’ Retirement System to specify what must be in annual and actuarial reports and to adopt investment reporting standards, increasing transparency of investment performance and fees.

What This Bill Does

It amends sections 16-25-19 and 36-27-23 to require added information in the TRS and ERS annual and actuarial reports. It requires the boards to adopt specific investment reporting standards. It mandates investment performance reporting with data that is gross and net of fees, over multiple time periods (1, 3, 5, 10, and 20 years), and broken down by asset class such as public equity, fixed income, private placements, private equity, and real estate. It also requires disclosure of all investment fees and makes private placement and real estate valuation results publicly available.

Who It Affects

• The Boards of Control of the Teachers’ Retirement System and Employees’ Retirement System, which must include the new data in reports and adopt the new investment reporting standards.
• Plan participants, retirees, and the general public, who will gain greater transparency into investment performance and fees through the enhanced reporting and public availability of certain valuations.

Key Provisions

• Amends §16-25-19 and §36-27-23 to specify additional information required in annual reports and actuarial valuations for TRS and ERS.
• Boards of Control must adopt specific investment reporting standards.
• Annual report requirements include investment performance data: gross and net of fees; over 1, 3, 5, 10, and 20 years; by asset class (public equity, fixed income, private placements, private equity, real estate).
• Disclose all investment fee expenses (management fees, carried interest, performance fees, and other fees).
• Make the results of private placement and real estate valuations and returns publicly available.
• Effective date: October 1, 2016.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Retirement Systems