Prohibits investment managers from assisting in investing moneys belonging to retirement system

This bill prohibits the state's retirement board from hiring or contracting with external investment managers to handle the fund's investments, excluding real property. It also bars the fund from renewing any existing contracts with such managers and defines an investment manager as any outside person or entity managing the portfolio, which includes buying, selling, or lending assets. The law aims to restrict the retirement system's ability to delegate investment decisions to third parties, requiring the board to manage these funds directly or through other means.