 |
|
|
| Georgia General Assembly |
SB163.html
01 LC 21 6220
Senate Bill
163
By: Senators Fort of the 39th, Hill of
the 4th, Thompson of the 33rd and Stephens of the
51st
A BILL TO BE
ENTITLED
AN ACT
To amend Code Section 47-20-84 of the Official Code of
Georgia Annotated, relating to investment requirements for large retirement
systems, so as to provide that the Employees´ Retirement System of Georgia
and the Teachers Retirement System of Georgia and public retirement systems
administered by such retirement systems may invest a certain percentage of their
portfolios in certain types of investments; to repeal conflicting laws; and for
other purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF
GEORGIA:
SECTION 1.
Code Section 47-20-84 of the Official Code of Georgia
Annotated, relating to investment requirements for large retirement systems, is
amended by inserting at the end thereof the
following:
"(e)
The Employees´ Retirement System of Georgia and the Teachers Retirement
System of Georgia and any public retirement system administered by such
retirement systems may invest not more than three and one-half percent of
retirement system assets in the following types of
investments:
(1) Private equity, including without
limitation general private equity, buyout and leveraged buyout funds, mezzanine
debt, and venture capital, through participation in limited partnerships,
limited liability companies, and funds-of-funds;
and
(2) Timberland through timberland investment
management organizations.
Investments made under this
subsection shall be considered equity investment for purposes of subsection (c)
of this Code section. Nothing in this subsection shall authorize such retirement
systems to invest in real estate. Nothing in this subsection shall apply to
retirement system investments in publically traded
securities."
SECTION 2.
All laws and parts of laws in conflict with this Act are
repealed.