The Retirement System of Alabama has updated its investment policy and made some governance changes.
But the specifics of the changes are currently unknown as they are still being finalized.
More details on the investment policy changes from the Times-Daily:
Copies of the two resolutions approved Monday by the Employees’ Retirement System Board were not available Tuesday. The TimesDaily has filed an open records request with the agency for the documents.
One board member said the investment policy add steps to the process.
Board vice chair Jackie Graham, who is also the state’s personnel director, did not return calls Tuesday.
Leura Canary, RSA’s general counsel, returned a request for comment from the system Tuesday, but said she couldn’t provide a copy of the investment policy resolution because it wasn’t yet in its final form.
“It is a good thing for the board to review investment policies, and we’re working to implement the revised policy,” she said.
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Changes have been in the works for months. It was a year ago that the same board passed a resolution that said RSA’s three-member investment committee should “independently consider all investment recommendations made by (Bronner) and independently decide whether to approve or disapprove each investment recommendation.”
For decades, that approval was done by proxy, and committee members reviewed the investments later, but board members questioned the legality of that under state law.
Bronner said then that requiring pre-approval would slow the process and hurt RSA.
A bit of detail on the governance changes:
The other resolution approved Monday creates four committees to oversee various aspects of RSA’s operations.
“They are more for the purpose of setting policies for the operation of the Employees’ Retirement System and that’s very much consistent with standard board governing practices,” Canary said.