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GA HB1034
Bill
Status
Introduced
2/19/2014
Primary Sponsor
Tom Weldon
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AI Summary
- Replaces the existing 5% cap on alternative investments for the Georgia Firefighters Pension Fund with a two-tier limit: commitments cannot exceed 10% of total fund assets, and the invested cost basis cannot exceed 5% of total fund assets
- Grants the board discretion to classify eligible investments as either alternative investments under Code Section 47-7-127 or standard investments under Code Section 47-20-83 for purposes of the 5% limitation
- Removes Code Section 47-7-127 from the provision requiring that aggregate historical cost of alternative investments include contractually committed, unpaid amounts, applying that requirement only to investments under Code Section 47-20-87
- Requires the fund to make a good faith effort to come into compliance within two years if it exceeds the investment limits, during which time it may not increase its percentage of assets committed to alternative investments but may honor pre-existing commitments
Legislative Description
Georgia Firefighters Pension Fund; percentage of investment portfolio allowed for alternative investments; increase
Last Action
House Second Readers
2/21/2014
Full Bill Text
No bill text available