Georgia House of Representatives - 1995/1996 Sessions

HB 86 - Retirement; local systems; invest assets in equities

Page Numbers - 1/ 2

Code Sections - 47-1-12

1. Coker  31st


House Comm: Ret        /                Senate Comm:            /                                   
House Vote: Yeas       Nays             Senate Vote: Yeas     Nays                                  
              ----------------------------------------                                              
               House          Action         Senate                                                 
              ----------------------------------------                                              
              1/9/95   Read 1st Time                                                                
              1/10/95  Read 2nd Time                                                                
              ----------------------------------------                                              
Rules Suspended to Introduce                                                                        
                                                                                                    
Code Sections amended: 47-1-12                                                                      


HB 86                                              LC 9 7919






                        A BILL TO BE ENTITLED
                               AN ACT


  1- 1  To amend Article 1 of Chapter 1 of Title 47 of the Official
  1- 2  Code of Georgia Annotated, relating to retirement and
  1- 3  pensions in general, so as to provide that local retirement
  1- 4  systems with assets in excess of $50 million shall be
  1- 5  allowed to invest up to 60 percent of their retirement
  1- 6  assets in equities; to provide for related matters; to
  1- 7  repeal conflicting laws; and for other purposes.

  1- 8       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

                         SECTION 1.

  1- 9  Article 1 of Chapter 1 of Title 47 of the Official Code of
  1-10  Georgia Annotated, relating to retirement and pensions in
  1-11  general, is amended by striking Code Section 47-1-12,
  1-12  relating to investment and reinvestment of local retirement
  1-13  funds, in its entirety and inserting in its place the
  1-14  following:

  1-15    "47-1-12. (Index)

  1-16    (a) Notwithstanding Code Section 36-80-3, Code Section
  1-17    36-83-4, or any other law, the board of trustees of any
  1-18    local retirement system established or maintained under
  1-19    Article IX, Section II of the Constitution of Georgia
  1-20    shall have full power to invest and reinvest assets of the
  1-21    retirement system and to purchase, hold, sell, assign,
  1-22    transfer, and dispose of any securities and other
  1-23    investments in which assets of the retirement system have
  1-24    been invested, any proceeds of any investments, and any
  1-25    money belonging to the retirement system, provided that,
  1-26    except as provided in subsection (b) of this Code section,
  1-27    such power shall be subject to all terms, conditions,
  1-28    limitations, and restrictions imposed by the laws of this
  1-29    state upon domestic life insurance companies in making and
  1-30    disposing of their investments; provided, further, that,
  1-31    except as provided in subsection (b) of this Code section,
  1-32    the board of trustees shall not invest more than 50
  1-33    percent of retirement system assets in equities; provided,



                                 -1- (Index)

                                                   LC 9 7919

  2- 1    further, that, except as provided in subsection (b) of
  2- 2    this Code section, the board of trustees of any local
  2- 3    retirement system whose assets are in excess of $50
  2- 4    million shall not invest more than 60 percent of
  2- 5    retirement assets in equities.

  2- 6    (b) Nothing in subsection (a) of this Code section shall
  2- 7    be construed to limit or restrict the authority of the
  2- 8    board of trustees of any retirement system to invest or
  2- 9    reinvest assets of such system in such manner and under
  2-10    such conditions as are authorized by law."

                         SECTION 2.

  2-11  All laws and parts of laws in conflict with this Act are
  2-12  repealed.


































                                 -2- (Index)