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GA HB481
Bill
Status
Passed
5/6/2024
Primary Sponsor
John Carson
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AI Summary
- Requires fiduciaries of Georgia public retirement systems to invest assets solely in the financial interests of plan participants and beneficiaries, prohibiting the subordination of those interests to promote any social, political, or ideological objectives
- Defines "fiduciary" as any person or retirement system administration exercising discretionary authority over retirement assets, rendering investment advice for compensation, or managing/administering the retirement system
- Mandates that fiduciaries vote all shareholder proxies exclusively in the best economic interests of the retirement system, in favor of confidential proxy balloting, and in support of management unless doing so would be economically detrimental
- Allows delegation of investment management to qualified professionals, but the delegating fiduciary remains liable for breach if the delegation was based on influences other than the plan's best interest
- Effective July 1, 2024, with full compliance required by November 1, 2024, including conforming any plan documents, contracts, local laws, ordinances, or resolutions
Legislative Description
Public Retirement Systems Investment Authority Law; provide for a fiduciary duty
Last Action
Effective Date 2024-07-01
5/6/2024
Committee Referrals
Retirement2/27/2024
Retirement2/16/2023
Full Bill Text
No bill text available