- Genre:history
- Sub-genre:United States / State & Local / General
- Language:English
- Pages:296
- Hardcover ISBN:9781543964318
See inside
Book details
Overview
The pension fund is the Retirement Systems of Alabama (RSA)
which manages pensions for 358,000 public teachers and public employees. This
book tells how RSA grew assets and helped expand Alabama's economy through
RSA's investments and industrial recruitment for the state. The Oral History
chapter includes statements from President Trump, US Senator Richard Shelby,
Alabama Governor Kay Ivey, former Alabama governors Jim Folsom Jr. and Bob
Riley, retired Alabama Supreme Court Associate Justice Janie Shores and retired
Chief Justice Sue Bell Cobb, US congressmen Glen Browder and Jo Bonner,
industrial developers Billy Joe Camp and Elmer Harris (Mercedes-Benz),
corporate executives locating facilities (Airbus, IPSCO, Bell Micro) to
Alabama, and many others. The remaining chapters provide photos and
documentation which validate these statements.
RSA' funds under management grew from some $600 million in
1973 to $43.8 billion in 2018 while earning $52 billion in investment income
and paying $51 billion in benefits. RSA's most famous investment is The Robert
Trent Jones Golf Trail with its 26 golf courses and 8 resort hotels. RSA's
other alternative investments were in 65 TV stations, 125 newspapers, and 15
buildings in Alabama and New York City. It serves as a memoir of Dr. David G.
Bronner's activities at RSA and preserves these memories for Alabama history.
Description
Details are given on how RSA diversified assets into billions of dollars in office buildings, golf courses, hotels, media companies, housing, and other commercial industries which stimulated Alabama’s economy, created higher paying jobs, and increased tax revenue. RSA played a role in almost every major industrial development project in Alabama since 1993 and assisted with financing for many of the corporations that developed plants in the state. RSA staff helped recruit corporations such as Mercedes-Benz and Airbus to set the foundation for the automotive and aerospace industries in Alabama. RSA developed a massive railcar assembly plant in Alabama and developed facilities for hosting Alabama’s Internet Exchange. RSA worked to develop Alabama companies in the chemical, wood pulp, steel, metals, maritime, and high-tech industries. Details are given on Alabama's economic expansion since 1973.
The basic information in this book was compiled from RSA newsletters, RSA reports, and news stories and interviews about RSA's activities over the last 45 years. It was written for RSA members, RSA Board members, RSA staff members, political and business leaders in Alabama, academic professionals teaching about public pension funds, and historians documenting Alabama history over the last 50 years. It was written for future leaders at RSA and Alabama as well as future members of RSA.
