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 <del>15</del> <ins>20</ins> 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 <del>Teachers'</del> <ins>Teachers
</ins> Retirement System of Georgia shall not in the aggregate exceed 5 percent of such
system's assets at any time.
<del>(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."
</del> SECTION 2.
All laws and parts of laws in conflict with this Act are repealed.