Georgia CommonsSB 23: Retirement; total percentage of funds that the Employees' Retirement System of Georgia may invest in alternative investments; raise the limit
Enrolled version, the latest LegiScan holds · Last action May 12, 2026 · Vetoed
The text as LegiScan holds it, read from the PDF the legislature publishes with its margin line numbers, running heads, and page footers removed. Line breaks are joined into paragraphs here; no word is changed.
Underlined words are what the bill adds to current law and struck-through words are what it removes, as the printed bill shows them.
Senate Bill 23
By: Senators Albers of the 56th, Brass of the 6th, Robertson of the 29th, Hatchett of the 50th, Still of the 48th and others
AS PASSED
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 provide certain retirement systems the option to invest in real estate; to provide for an increase in certain retirement systems allowable alternative investments; to provide for restrictions on certain 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 subsection (b) of Code Section 47-20-83, relating to certified or uncertified forms of investment and real estate investments, as follows:
"(b)(1) Notwithstanding the provisions of subsection (a) of this Code section, the Georgia Municipal Employees Benefit System and any association of like political subdivisions which contracts with its members for the pooling of assets may invest up to 10 percent of the total assets of its fund in real estate; provided, however, that in the event the fund's assets decrease in value, the such system or association shall be entitled to retain all real estate investments if owned prior to the reduction in value of assets; and provided, further, that any such system or association shall be entitled to retain all real estate assets it owned on July 1, 1999, without regard to the limitation imposed by this subsection.
(2) Notwithstanding the provisions of subsection (a) of this Code section, the Georgia Firefighters' Pension Fund may invest up to 10 percent of the total assets of its fund in real estate; provided, however, that in the event the fund's assets decrease in value, the fund shall be entitled to retain all real estate investments if owned prior to the reduction in value of assets.
(3) Notwithstanding the provisions of subsection (a) of this Code section, a large retirement system, as defined in Code Section 47-20-84, not otherwise described in this subsection, and excluding the Employees' Retirement System of Georgia and the Teachers Retirement System of Georgia, may invest up to 10 percent of the total assets of its fund in real estate; provided, however, that, in the event the fund's assets decrease in value, the fund shall be entitled to retain all real estate investments if owned prior to the reduction in value of assets; provided, further, that no such investment shall be made in any investment vehicle investing in, acquiring, purchasing, owning, renting, managing, or holding single-family homes or residences as a material component of such investment."
SECTION 2.
Said article is further 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 15 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 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 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 10 percent of such system's assets at any time."
SECTION 3.
All laws and parts of laws in conflict with this Act are repealed.