A study says pension funds serving more than 335,000 Alabama state workers and retirees could run out of money in a decade if changes aren't made.
The study released Monday was conducted by the Manuel H. Johnson Center for Political Economy at Troy State University. It says the Retirement Systems of Alabama are underfunded and rely on unrealistic expectations of 8 percent investment returns per year when calculating how much money will be available to pay future retirees.
Gov. Robert Bentley says his disagreement with state pension fund Chief David Bronner over expanding the state Medicaid program had nothing to do with new controls being placed on Bronner's investment authority.
Bentley says one of his appointees to a Retirement Systems board came up with a resolution requiring the board's investment committee to approve Bronner's investments. Bentley said Tuesday that he didn't know about the resolution until after it happened, but he supports the oversight.
A Canadian executive is free on bond in Alabama, and his attorney predicts the case will be resolved positively once all the facts are provided.
Gregory Aziz, the chairman and CEO of National Steel Car Ltd. of Hamilton, Ontario, was released by a Colbert County judge on $1 million bond Thursday. Aziz posted $250,000 in cash and will forfeit the remainder if he fails to appear in court.
An Alabama grand jury has indicted the chairman of National Steel Car on securities fraud charges.
The indictment made public Friday accuses Gregory Aziz of Hamilton, Canada, of misleading officials with Alabama's state pension program to get financing for a rail car manufacturing plant that was never finished in northwest Alabama. The 10-count indictment claims Aziz misled officials about how much the plant would cost.
Aziz's attorney, Joe Espy, says they are reviewing the charges and hopeful that they can be resolved.