Alabama Fund Sticks with Stocks
April 21, 2009
The board of the Birmingham Retirement System has rebuffed a proposal made by the city’s mayor to revamp the fund’s asset allocation.
Mayor Larry Langford, who also serves as the chairman of the pension board, suggested that the $696 million plan steer assets away from the equity markets, and instead purchase Treasury bills and CDs, according to an account in The Birmingham News.
The Alabama system has loss approximately 25% of its value from July 2008 through February 2009 due to market conditions.
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