SB 23: Retirement; total percentage of funds that the Employees' Retirement System of Georgia may invest in alternative investments; raise the limit

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Discussed in meetings (12)

The House and Senate meetings that took this bill up, from their machine transcripts. Each account was written by Georgia Commons with AI and is not part of the record; the video is what was said.

1. Senate Rules Committee, February 24, 2026

   From 0:21:15 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: A speaker called out the bill's number, and the chair acknowledged it. No separate description, discussion or vote on this bill was recorded.

2. House Retirement Committee, March 17, 2026

   From 0:03:49 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: In an opening exchange and a later presentation, the chair explained that the bill would carry investment language from HB 1347. The chair said the original Senate language was unnecessary because it had already been placed elsewhere in law in 2025. The replacement language would increase permitted investments in real estate and alternative investments, including private equity and private credit. The chair cited requests and support from retirement-system representatives and the Metro Atlanta Chamber. A committee member asked whether the Georgia Municipal Employees Benefit System had requested real estate authority, noting restrictions on real estate in other retirement funds. The chair said that was their understanding and explained that the proposal offered flexibility rather than requiring investments. The chair argued that broader options could support higher returns and cost-of-living increases, and clarified that investment commitments would count toward the statutory limits along with invested cash. A witness representing Atlanta and Savannah said both cities supported the legislation. The committee approved the bill with the replacement language by voice vote, with no opposition heard.

3. House Rules Committee, March 20, 2026

   From 1:03:47 · Watch on the General Assembly's Vimeo channel · Confirmed by the 2026 House Journal, p. 2957

   Summary by Georgia Commons: The committee placed SB 23 on the day's supplemental calendar with no opposition voiced. No provisions were explained or debated.

4. House floor session, March 20, 2026 (legislative day 35)

   From 1:37:04 · Watch on the General Assembly's Vimeo channel · Confirmed by the bill's status history (House Withdrawn, Recommitted)

   Summary by Georgia Commons: A member moved to return SB 23 to the Rules Committee. The clerk read its caption concerning the Public Retirement Systems Investment Authority Law. Without objection, the House withdrew the bill from the calendar and returned it to the committee. No discussion of its policy provisions occurred.

5. House Rules Committee, March 23, 2026

   From 0:23:44 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor requested SB 23 but said the original language had passed the previous year and acknowledged not knowing the current contents after House changes. No substantive explanation or questions followed. Later, the committee placed the bill on the day's calendar without stated opposition.

6. House floor session, March 23, 2026 (legislative day 36, PM)

   From 2:18:51 · Watch on the General Assembly's Vimeo channel · Confirmed by the bill's status history (House Postponed)

   Summary by Georgia Commons: The chair announced that SB 23 would be postponed until the next legislative day. No substantive discussion occurred.

7. House floor session, March 25, 2026 (legislative day 37, PM)

   From 3:53:42 · Watch on the General Assembly's Vimeo channel · Confirmed by the bill's status history (House Postponed)

   Summary by Georgia Commons: The chair postponed the bill until the next legislative day. No substantive discussion occurred.

8. House floor session, March 27, 2026 (legislative day 38, part 1)

   From 1:47:31 · Watch on the General Assembly's Vimeo channel · Confirmed by the bill's status history (House Withdrawn, Recommitted)

   Summary by Georgia Commons: The majority leader initially moved to return SB 23 and two other bills to the Rules Committee. After the clerk's captions did not match the full motion, the chair withdrew the motion and readings so the bills could be handled separately. The majority leader then moved to remove SB 23 from the calendar and return it to Rules. The House agreed without objection. There was no discussion of the bill's substance.

9. House floor session, March 31, 2026 (legislative day 39, part 3)

   From 0:47:26 · Watch on the General Assembly's Vimeo channel · Confirmed by the 2026 House Journal, p. 4138

   Summary by Georgia Commons: The sponsor said the Rules Committee substitute allows qualifying large public retirement systems to invest up to 10% of assets in real estate and raises the general alternative-investment limit from 10% to 15%. The sponsor said investments with single-family homes as a material component would be prohibited. The Retirement Committee chair supported the changes as a way to broaden investment choices and said private equity and private credit returns were in the teens. A member asked whether the limits could total 25%. The committee chair said theoretically yes, explaining that the separate limits include commitments as well as holdings. The committee chair also said some systems, including the teachers’ system, would retain lower limits. Another member suggested exploring pension investments in toll lanes. The House withdrew the earlier committee substitute, adopted the Rules Committee substitute, and passed the bill, 166 to 0.

10. House Rules Committee, March 31, 2026

    From 0:25:35 · Watch on the General Assembly's Vimeo channel · Confirmed by the 2026 House Journal, p. 4136

    Summary by Georgia Commons: The presenter said groups seeking to diversify retirement holdings had brought the bill forward. The presenter explained that the substitute added language barring investments in investment vehicles investing in single-family homes or residences, responding to members’ concerns about private equity and private debt investments in such housing. No questions followed. The committee approved the substitute with no opposition voiced and later placed it on the second supplemental calendar, also without voiced opposition.

11. Senate floor session, April 2, 2026 (legislative day 40, part 1)

    From 8:27:21 · Watch on the General Assembly's Vimeo channel · Confirmed by the bill's status history (Senate Agreed House Amend or Sub)

    Summary by Georgia Commons: The sponsor said the House substitute to SB 23 would allow the Employees' Retirement System and Teachers Retirement System to invest up to 10% of total assets in real estate. The sponsor compared this authority with investment options used by other retirement funds and emphasized that it would not permit acquiring, owning or managing single-family homes. The clerk noted that an auditor's certification was attached. No questions or opposing speeches followed. The Senate accepted the House substitute 49 to 1.

• Read aloud: House floor session, March 18, 2026 (legislative day 33), 0:54:10

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