Georgia General Assembly · Full text

HB 78: Employees' Retirement System of Georgia; total percentage of funds invested in alternative investments; raise limit

Enrolled version, the latest LegiScan holds · Last action May 1, 2025 · Passed

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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, the "Public Retirement Systems Investment Authority Law," so as to raise the limit for the total percentage of funds that the Employees' Retirement System of Georgia may invest in alternative investments; to raise the limit for the total percentage of funds that the Georgia Firefighters' Pension Fund may invest in alternative investments; to provide for related matters; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Article 7 of Chapter 20 of Title 47 of the Official Code of Georgia Annotated, the "Public Retirement Systems Investment Authority Law," is amended by revising paragraph (1) of subsection (d) of Code Section 47-20-87, relating to eligible large retirement systems authorized to invest in certain alternative investments, as follows: "(d)(1)(A) Alternative investments by an eligible large retirement system shall not in the aggregate exceed 10 percent of the eligible large retirement system's assets at any time.

(B) Notwithstanding subparagraph (A) of this paragraph, alternative investments by the Georgia Firefighters' Pension Fund shall not in the aggregate exceed 15 20 percent of its assets at any time.

(B.1) Notwithstanding subparagraph (A) of this paragraph, alternative investments by the Peace Officers' Annuity and Benefit Fund shall not in the aggregate exceed 15 percent of its assets at any time.

(C) Notwithstanding subparagraph (A) of this paragraph, the ~~Teachers'~~ Teachers Retirement System of Georgia shall not in the aggregate exceed 5 percent of such system's assets at any time.

~~(D) Notwithstanding subparagraph (A) of this paragraph, the Employees' Retirement System of Georgia shall not in the aggregate exceed 5 percent of such system's assets at any time."~~

SECTION 2.

All laws and parts of laws in conflict with this Act are repealed.