HB78: HB78 Employees' Retirement System of Georgia; total percentage of funds invested in alternative investments; raise limit

25 LC 56 0319S/AP House Bill 78 (AS PASSED HOUSE AND SENATE) By: Representatives Franklin of the 160th, Carson of the 46th, Richardson of the 125th, Yearta of the 152nd, and Cameron of the 1st A BILL TO BE ENTITLED AN ACT To amend Article 7 of Chapter 20 of Title 47 of the Official Code of Georgia Annotated, the1 "Public Retirement Systems Investment Authority Law," so as to raise the limit for the total2 percentage of funds that the Employees' Retirement System of Ge orgia may invest in3 alternative investments; to raise the limit for the total percentage of funds that the Georgia4 Firefighters' Pension Fund may invest in alternative investment s; to provide for related5 matters; to repeal conflicting laws; and for other purposes.6 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:7 SECTION 1.8 Article 7 of Chapter 20 of Title 47 of the Official Code of Geo rgia Annotated, the "Public9 Retirement Systems Investment Authority Law," is amended by rev ising paragraph (1) of10 subsection (d) of Code Section 47-20-87, relating to eligible l arge retirement systems11 authorized to invest in certain alternative investments, as follows:12 "(d)(1)(A) Alternative investments by an eligible large retirement system shall not in13 the aggregate exceed 10 percent of the eligible large retirement system's assets at any14 time.15 H. B. 78 - 1 - 25 LC 56 0319S/AP (B) Notwithstanding subparagraph (A) of this paragraph, altern ative investments by16 the Georgia Firefighters' Pension Fund shall not in the aggregate exceed 15 20 percent17 of its assets at any time.18 (B.1) Notwithstanding subparagraph (A) of this paragraph, alternative investments by19 the Peace Officers' Annuity and Benefit Fund shall not in the a ggregate exceed 1520 percent of its assets at any time.21 (C) Notwithstanding subparagraph (A) of this paragraph, the Te achers' Teachers22 Retirement System of Georgia shall not in the aggregate exceed 5 percent of such23 system's assets at any time.24 (D) Notwithstanding subparagraph (A) of this paragraph, the Employees' Retirement25 System of Georgia shall not in the aggregate exceed 5 percent of such system's assets26 at any time."27 SECTION 2.28 All laws and parts of laws in conflict with this Act are repealed.29 H. B. 78 - 2 -