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GA HB830
Bill
Status
Engrossed
3/3/2020
Primary Sponsor
Tommy Benton
Click for details
AI Summary
- Increases the cap on alternative investments for eligible large retirement systems from 5% to 10% of total assets, amending Code Section 47-20-87
- Removes the separate provision that previously granted only the Georgia Firefighters' Pension Fund a 10% alternative investment cap, making the 10% limit uniform across all eligible large retirement systems
- Retains board of trustees discretion to classify qualifying investments as either alternative investments (subject to the 10% cap) or as standard investments under Code Section 47-20-83
- Maintains existing compliance provisions requiring systems exceeding the cap to make a good faith effort to return to compliance within two years, while honoring pre-existing investment commitments during any period of noncompliance
Legislative Description
Retirement and pensions; increase percentage of eligible large retirement system's assets that may be invested in alternative investments
Last Action
Senate Read and Referred
3/4/2020
Full Bill Text
No bill text available