The $15 billion Retirement Systems of Alabama, Montgomery, might take over investment management of the states $431 million Prepaid Affordable College Tuition Program under draft legislation by three PACT board members, said David Bronner, RSA CEO.
State Treasurer Kay Ivey, one of the three board members proposing the legislation, said the college plan could save management costs by allowing the assets to be managed by the RSA. Individual investment companies currently manage the plan.
There isnt much to say yet as the Legislature considers this proposal, Mr. Bronner said. The RSA will not take this responsibility unless it is based on an actuarially sound basis.