NC H318

Modifies G.S. 147-69.2(b) to allow the State Treasurer to invest state funds that exceed current needs, with protections for existing investments against market value or rating changes.

Establishes that investments authorized at the time they were made or contractually committed cannot be required to be disposed of due to subsequent changes in market values, ratings, or investment qualifications.

Revises equity investment provisions for Retirement Systems to allow direct State Treasurer investment in securities approximating a nationally recognized market benchmark index, with limits of 1.5% per corporation and 8% of outstanding stock.

Expands alternative investment options for Retirement Systems to include limited partnerships and limited liability companies investing in alternative strategies, increasing the cap from 5% to 7.5% of total invested assets.

Changes investment vehicle provisions to clarify that Retirement Systems assets may be invested through investment companies, trust funds, group trusts, and contractual arrangements with managers holding at least $100 million in assets under management.