Retirement; total percentage of funds that the Employees' Retirement System of Georgia may invest in alternative investments; raise the limit

A new prohibition was added preventing large retirement systems from investing in any vehicle that acquires, owns, or manages single-family homes as a material component of its portfolio.

The investment limit for the Georgia Firefighters' Pension Fund was increased from 10 percent to 20 percent of total assets.

The Peace Officers' Annuity and Benefit Fund was granted a new specific allowance to invest up to 15 percent of its assets in alternative investments.

The Teachers Retirement System of Georgia was granted a new specific allowance to invest up to 5 percent of its assets in alternative investments.

The Employees' Retirement System of Georgia was granted a new specific allowance to invest up to 10 percent of its assets in alternative investments.

The original House Committee on Retirement sponsorship was removed and replaced with the House Committee on Rules.

Added explicit authorization for the Georgia Municipal Employees Benefit System and the Georgia Firefighters' Pension Fund to invest up to 10% of their assets in real estate.

Increased the maximum allowable alternative investment limit for the Employees' Retirement System of Georgia from 5% to 10%.

Increased the maximum alternative investment limit for the Employees' Retirement System of Georgia from 5% to 10%.

Adjusted the maximum alternative investment limit for the Georgia Firefighters' Pension Fund from 15% to 20%.

Added a 'step-down' provision allowing funds to retain real estate investments owned before a market decline even if the total investment limit is exceeded.

Added the Georgia Firefighters' Pension Fund as an eligible large retirement system authorized to invest in alternative investments.

Established a specific investment limit of 15 percent for the Georgia Firefighters' Pension Fund, matching the limit for the Peace Officers' Annuity and Benefit Fund.

Updated the bill title and committee attribution to reflect that this version is a House substitute amendment.

Added a header stating 'AS PASSED SENATE' to reflect the bill's current legislative status.