On the whole, the Retirement Systems of Alabama, Montgomery, weathered Hurricane Ivan pretty well.
The $20 million Mobile, Ala., cruise ship terminal the Alabama plan recently funded had just been completed when Hurricane Ivan struck on Sept. 16, with winds topping 130 mph. David Bronner, director of investments for the $22.5 billion fund, said the terminal sustained only two broken windows. "I didn't want the place tested out before the cement even dried, but it made it through."
Another of the fund's real estate investments, The Grand Hotel in Mobile Bay, Ala., survived Ivan with no damage whatsoever.
The terminal is expecting the docking of its first ship, from Carnival Cruises, on Oct. 15. Carnival has an agreement with the retirement system to have its four- and five-night round trip cruises to Mexico leave from the terminal.