(a) The retirement board, at any time after considering the probable demands upon the funds in the near future, may determine what portion thereof may be withdrawn safely for investment for revenue purposes. Having determined what portion thereof shall be withdrawn for the aforementioned purposes, the retirement board shall determine in what manner the investment shall be made, and all proceedings of the retirement board relating thereto shall be entered at length upon its records.
(b) The retirement board shall be authorized to invest in the following investments guaranteed by the United States government or any of its instrumentalities:
(1) Interest bearing bonds of the United States of America or the State of Alabama.
(2) Any bond, stock, security, investment, or deposit.
(c) Additionally, the retirement board may invest up to 60 percent of the fund in the following that may or may not be guaranteed by the United States government or any of its instrumentalities:
(1) Common or preferred stocks or mutual funds traded on any major U.S. stock exchange or through the NASDAQ system and global market.
(2) U.S. government or agency issued bonds.
(3) Corporate bonds rated A or better at time of purchase.
(4) Commercial paper rated A1 - P1.
(d) The retirement board shall also be authorized to invest in real property.
(Act 2002-298, p. 815, §7; Act 2002-304, p. 841, §7; Act 2007-251, p. 338, §1.)
(a) The retirement board, at any time after considering the probable demands upon the funds in the near future, may determine what portion thereof may be withdrawn safely for investment for revenue purposes. Having determined what portion thereof shall be withdrawn for the aforementioned purposes, the retirement board shall determine in what manner the investment shall be made, and all proceedings of the retirement board relating thereto shall be entered at length upon its records.
(b) The retirement board shall be authorized to invest in the following investments guaranteed by the United States government or any of its instrumentalities:
(1) Interest bearing bonds of the United States of America or the State of Alabama.
(2) Any bond, stock, security, investment, or deposit.
(c) Additionally, the retirement board may invest up to 60 percent of the fund in the following that may or may not be guaranteed by the United States government or any of its instrumentalities:
(1) Common or preferred stocks or mutual funds traded on any major U.S. stock exchange or through the NASDAQ system and global market.
(2) U.S. government or agency issued bonds.
(3) Corporate bonds rated A or better at time of purchase.
(4) Commercial paper rated A1 - P1.
(d) The retirement board shall also be authorized to invest in real property.
(Act 2002-298, p. 815, §7; Act 2002-304, p. 841, §7; Act 2007-251, p. 338, §1.)
(a) The retirement board, at any time after considering the probable demands upon the funds in the near future, may determine what portion thereof may be withdrawn safely for investment for revenue purposes. Having determined what portion thereof shall be withdrawn for the aforementioned purposes, the retirement board shall determine in what manner the investment shall be made, and all proceedings of the retirement board relating thereto shall be entered at length upon its records.
(b) The retirement board shall be authorized to invest in the following investments guaranteed by the United States government or any of its instrumentalities:
(1) Interest bearing bonds of the United States of America or the State of Alabama.
(2) Any bond, stock, security, investment, or deposit.
(c) Additionally, the retirement board may invest up to 60 percent of the fund in the following that may or may not be guaranteed by the United States government or any of its instrumentalities:
(1) Common or preferred stocks or mutual funds traded on any major U.S. stock exchange or through the NASDAQ system and global market.
(2) U.S. government or agency issued bonds.
(3) Corporate bonds rated A or better at time of purchase.
(4) Commercial paper rated A1 - P1.
(d) The retirement board shall also be authorized to invest in real property.
(Act 2002-298, p. 815, §7; Act 2002-304, p. 841, §7; Act 2007-251, p. 338, §1.)
