- (A) The commission shall meet no later than May first of each year to adopt the proposed annual investment plan for the retirement systems for the next fiscal year. The annual investment plan must be developed by the chief investment officer. No later than April first of each year, the chief investment officer shall submit the proposed plan to the commission. Amendments may be made to the plan by the commission during the fiscal year.
- (B) The commission shall meet at least once during each fiscal-year quarter for the purposes of reviewing the performance of investments, assessing compliance with the annual investment plan, and determining whether to amend the plan. The commission shall meet at such other times as are set by the commission or the chairman or requested by the board.
- (C) The commission may discuss, deliberate on, and make decisions on a portion of the annual investment plan or other related financial or investment matters in executive session if disclosure thereof would jeopardize the ability to implement that portion of the plan or achieve investment objectives.
- (D) A record of the commission that discloses discussions, deliberations, or decisions on portions of the annual investment plan or other related financial or investment matters is not a public record under Section 30-4-20 to the extent and so long as its disclosure would jeopardize the ability to implement that portion of the plan or achieve investment objectives.
- (E) [Reserved]
- (F) [Reserved]
- (G) The commission may retain independent advisors to assist it and periodically shall provide for an outside evaluation of the investment strategy.
HISTORY: 1998 Act No. 371, Section 2, eff May 26, 1998; 2005 Act No. 153, Pt IV, Section 3, eff July 1, 2005.
Editor's Note
2005 Act No. 153, PT IV Section 7.B, provides as follows:
"Notwithstanding any other provision of law, the annual investment plan otherwise due to take effect July 1, 2005, may be amended to provide for implementation of the revised investment limits provided pursuant to this part and this subsection and the provisions of Section 9-16-340(B) of the 1976 Code, as amended by this part, take effect upon approval of this act by the Governor."
Effect of Amendment
The 2005 amendment, in subsection (A), in the first sentence substituted "commission" for "panel", in the second sentence "chief investment officer" for "panel", in the third sentence "April" for "June", "chief investment officer" for "panel", and "commission" for "board", and in the fourth sentence "commission" for "panel" and deleted "with the approval of the board"; in subsection (B), substituted "commission" for "panel" throughout and at the end of the first sentence substituted "amend the plan" for "recommend amendments to the plan to the board"; in subsection (C), substituted "commission" for "panel"; in subsection (D), substituted "commission" for "panel or of the Retirement System"; in subsections (D) and (F), substituted "[Reserved]" for the text which provided for administrative costs and fiduciary care, respectively; and, in subsection (G), substituted "commission" for "panel" and deleted "of the board" following "strategy".