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GA HB285

Bill

Official Source

Status

Engrossed

2/22/2023

Primary Sponsor

Lehman Franklin

Click for details

Origin

House of Representatives

2023-2024 Regular Session

AI Summary

  • Removes the 5% cap on alternative investments specifically applied to the Employees' Retirement System of Georgia, allowing it to instead fall under the general 10% limit for eligible large retirement systems
  • Amends the "Public Retirement Systems Investment Authority Law" under Code Section 47-20-87 of Title 47 of the Official Code of Georgia Annotated
  • Retains the existing 15% alternative investment cap for the Georgia Firefighters' Pension Fund and the 5% cap for the Teachers' Retirement System of Georgia
  • Maintains the general 10% aggregate limit on alternative investments for all other eligible large retirement systems
  • Sponsored by Representatives Franklin (160th), Carson (46th), Martin (49th), Williams (148th), Rhodes (124th), and others

Legislative Description

Employees' Retirement System of Georgia; total percentage of funds invested in alternative investments; raise limit

Last Action

House Agreed Senate Amend or Sub As Amended

3/26/2024

Committee Referrals

Retirement2/23/2023
Retirement2/8/2023

Full Bill Text

No bill text available