HB 589 - Retirement systems; investments; delete requirement
Georgia House of Representatives - 1995/1996 Sessions
HB 589 - Retirement systems; investments; delete requirement
Page Numbers - 1/ 2/ 3/ 4
Code Sections - 47-2-31
1. Cummings 27th 2. Shanahan 10th
House Comm: Ret / Senate Comm: /
House Vote: Yeas Nays Senate Vote: Yeas Nays
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House Action Senate
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2/3/95 Read 1st Time
2/6/95 Read 2nd Time
4/4/96 Effective Date
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Code Sections amended: 47-2-31, 47-3-27, 47-4-26, 47-9-23, 47-10-23, 47-13-24
HB 589 LC 21 3028
A BILL TO BE ENTITLED
AN ACT
1- 1 To amend Title 47 of the Official Code of Georgia Annotated,
1- 2 relating to retirement and pensions, so as to provide that
1- 3 the boards of trustees of certain public retirement systems
1- 4 shall not be subject to the terms, conditions, limitations,
1- 5 and restrictions imposed by the laws of this state upon
1- 6 domestic life insurance companies in making and disposing of
1- 7 their investments; to repeal conflicting laws; and for other
1- 8 purposes.
1- 9 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION 1.
1-10 Title 47 of the Official Code of Georgia Annotated, relating
1-11 to retirement and pensions, is amended by striking in its
1-12 entirety Code Section 47-2-31, relating to the investment
1-13 authority of the board of trustees of the Employees'
1-14 Retirement System of Georgia, and inserting in lieu thereof
1-15 the following:
1-16 "47-2-31. (Index)
1-17 The board of trustees shall have full power to invest and
1-18 reinvest the assets of the retirement system and to
1-19 purchase, hold, sell, assign, transfer, and dispose of any
1-20 securities and other investments in which assets of the
1-21 retirement system have been invested, any proceeds of any
1-22 investments, and any money belonging to the retirement
1-23 system, provided that such power shall be subject to all
1-24 terms, conditions, limitations, and restrictions imposed
1-25 by the laws of this state upon domestic life insurance
1-26 companies in making and disposing of their investments;
1-27 provided, further, that the board of trustees shall not
1-28 invest more than 50 percent of retirement system assets in
1-29 equities. The board of trustees is authorized to employ
1-30 agents, including, but not limited to, banks or trust
1-31 departments, and to contract with such agents for their
1-32 services as investment advisors and counselors who will
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-1- (Index)
LC 21 3028
2- 1 make recommendations for investments and make investments,
2- 2 if the board of trustees so authorizes."
SECTION 2.
2- 3 Said title is further amended by striking in its entirety
2- 4 subsection (a) of Code Section 47-3-27, relating to the
2- 5 investment authority of the board of trustees of the
2- 6 Teachers Retirement System of Georgia, and inserting in lieu
2- 7 thereof the following:
2- 8 "(a) The members of the board of trustees shall be the
2- 9 trustees of the retirement system and shall have full
2-10 power to invest and reinvest its assets, subject to all
2-11 the terms, conditions, limitations, and restrictions
2-12 imposed by the laws of this state upon domestic life
2-13 insurers in the making and disposing of their investments.
2-14 No more than 50 percent of retirement system assets may be
2-15 invested in equities. Subject to like restrictions such
2-16 restriction, the board of trustees shall have the power to
2-17 hold, transfer, and dispose of any investments in which
2-18 retirement system assets are invested, including proceeds
2-19 of investments. The board of trustees is authorized to
2-20 employ agents, including banks and trust companies, to act
2-21 as investment advisors and make investments if the board
2-22 of trustees so authorizes."
SECTION 3.
2-23 Said title is further amended by striking in its entirety
2-24 subsection (b) of Code Section 47-4-26, relating to the
2-25 investment authority of the board of trustees of the Public
2-26 School Employees Retirement System, and inserting in lieu
2-27 thereof the following:
2-28 "(b) The board shall have full power to invest and
2-29 reinvest such funds, subject to all the terms, conditions,
2-30 limitations, and restrictions imposed by the laws of this
2-31 state upon domestic life insurance companies in the making
2-32 and disposing of their investments. The board may not
2-33 invest more than 50 percent of such funds in equities.
2-34 Subject to such terms, conditions, limitations, and
2-35 restrictions limitation, the board shall have full power
2-36 to hold, purchase, sell, assign, transfer, and dispose of
2-37 any of the securities and investments in which any of the
2-38 funds are invested, including the proceeds of any
2-39 investments and any money belonging to the fund."
-2- (Index)
LC 21 3028
SECTION 4.
3- 1 Said title is further amended by striking in its entirety
3- 2 subsection (b) of Code Section 47-9-23, relating to the
3- 3 investment authority of the board of trustees of the
3- 4 Superior Court Judges Retirement System, and inserting in
3- 5 lieu thereof the following:
3- 6 "(b) The board shall have full power to invest and
3- 7 reinvest such funds, subject to all the terms, conditions,
3- 8 limitations, and restrictions imposed by the laws of this
3- 9 state upon domestic life insurance companies in the making
3-10 and disposing of their investments. Subject to such
3-11 terms, conditions, limitations, and restrictions, the The
3-12 board shall have full power to hold, purchase, sell,
3-13 assign, transfer, and dispose of any of the securities and
3-14 investments in which any of the funds are invested,
3-15 including the proceeds of any investments and any money
3-16 belonging to the fund."
SECTION 5.
3-17 Said title is further amended by striking in its entirety
3-18 subsection (b) of Code Section 47-10-23, relating to the
3-19 investment authority of the board of trustees of the Trial
3-20 Judges and Solicitors Retirement Fund, and inserting in lieu
3-21 thereof the following:
3-22 "(b) The board shall have full power to invest and
3-23 reinvest such funds subject to all the terms, conditions,
3-24 limitations, and restrictions imposed by the laws of this
3-25 state upon domestic life insurance companies in making and
3-26 disposing of their investments. Subject to such terms,
3-27 conditions, limitations, and restrictions, the The board
3-28 shall have full power to hold, purchase, sell, assign,
3-29 transfer, and dispose of any of the securities and
3-30 investments in which any of the funds are invested,
3-31 including the proceeds of any investments and any money
3-32 belonging to the fund."
SECTION 6.
3-33 Said title is further amended by striking in its entirety
3-34 subsection (b) of Code Section 47-13-24, relating to the
3-35 investment authority of the board of trustees of the
3-36 District Attorneys' Retirement Fund, and inserting in lieu
3-37 thereof the following:
3-38 "(b) The board shall have full power to invest and
3-39 reinvest such funds, subject to all the terms, conditions,
-3- (Index)
LC 21 3028
4- 1 limitations, and restrictions imposed by the laws of this
4- 2 state upon domestic life insurance companies in the making
4- 3 and disposing of their investments. Subject to such terms,
4- 4 conditions, limitations, and restrictions, the The board
4- 5 shall have full power to hold, purchase, sell, assign,
4- 6 transfer, and dispose of any of the securities and
4- 7 investments in which any of the funds are invested,
4- 8 including the proceeds of any investments and any money
4- 9 belonging to the fund."
SECTION 7.
4-10 All laws and parts of laws in conflict with this Act are
4-11 repealed.
-4- (Index)
Office of the Clerk of the House
Robert E. Rivers, Jr., Clerk of the House
Last Updated on 01/02/97