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GA SB335
Bill
Status
Passed
4/26/2016
Primary Sponsor
Ellis Black
Click for details
AI Summary
- Amends the "Public Retirement Systems Investment Authority Law" (Code Section 47-20-83) to expand permissible investments for Georgia's public retirement systems in commingled funds and collective investment funds
- Adds state chartered banks or trust companies as eligible maintainers of commingled and collective investment funds, alongside those already regulated by the Office of the Comptroller of the Currency
- Includes common and group trusts within the definition of permissible collective investment funds
- Requires that when public retirement funds invest in collective investment funds, they must adopt the terms of instruments establishing any group trust in accordance with applicable IRS Revenue Rulings
- Sponsored by Senators Black (8th), Hufstetler (52nd), Hill (6th), Jones (10th), and Lucas (26th); passed the Georgia General Assembly in 2016
Legislative Description
Retirement; permissible investments in commingled funds and collective investment funds; revise provisions
Last Action
Effective Date
7/1/2016
Full Bill Text
No bill text available