[{"_1":2,"_87":-5,"_88":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6666182,"mediaKeyId","2336748-ebc333ee34436639954e73ce16f19453","parentId",2336748,"title","Committee raises alternative-investment cap for state retirement fund; firefighters' cap increased by amendment","audioSeconds",728,"startMs",960000,"endMs",1688000,"viewUrl","/Search/View?dp=1&key=2336748-ebc333ee34436639954e73ce16f19453&start=960&end=1688","thumbnailUrl","https://assets.pipeline.soar.com/2336748-ebc333ee34436639954e73ce16f19453/thumbnail_960000.jpg","articleUrl","/articles/6666182/Georgia/Committee-raises-alternative-investment-cap-for-state-retirement-fund-firefighters-cap-increased-by-amendment","mediaUrl","https://secure.pipeline.soar.com/6666182-cd467c686f7ee012ec9c8dbba000b1ec/orig.mp4?Expires=1776153558&Signature=WHiJEkp3EpboKRMXAynIOC9N~9A4VqYWz7X3Er7odYD7~PXQJdZwVc9pLPecGoVeqrbX0HdnB7bIXEczbdMYWeEIdlPGYSpXHCzxkSC6DClq2QuY6DiwjNHAoVayAvxF6uK2qI3yUvcazH3Z3Fu-i4CdAk1CxZGQJi2p2ef5OMETO7ycqNdq5cqdw0iLpctMvNDi2HaKvouk3aJPHpbOto1FXPvfA3nowJDQJBi6TtnnYtb1birBpokf~1WcZVBq~DLiiYMyB6ZrGdGbja5LJgIhS5ABGkjm0v5pkfXAR2-VXQ2Q-CNMwZx1UUgejUJEPXkytPhUM8ZNScJvQhh9pg__&Key-Pair-Id=KUT5TJCACFTXG","author","State of Georgia ","date","2025-02-18T23:12:15.04Z","article","A retirement committee on the House floor advanced House Bill 78 (LC 560,227) and approved an amendment increasing the Georgia Firefighters Pension Fund\u0000alternative-investment cap. The committee voted to raise the Employees' Retirement System of Georgia\u0000(ERS) alternative-investment limit from 5% to 10% and approved an amendment changing the firefighters' cap from 15% to 20%.

The bill sponsor described HB 78 as a department-request bill asking \"to raise the alternative investment from 5% to 10% for the Employees' Retirement System,\" saying the increase is meant to give the system \"a little bit more freedom...to diversify their portfolio.\" The sponsor also proposed and supported an amendment to raise the firefighters' alternative-investment limit.

Jim, Executive Director of the Employees' Retirement System of Georgia, told the committee the state first authorized alternative investments in 2012 and that the current statutory limit is a 5% commitment. \"We first passed an alternative investments bill back in 2012, with this current limit of 5% of our portfolio,\" Jim said, and added that actual invested commitments have typically been about 3% to 3.5% at any given time. He also told members that, historically, the private-equity component has outperformed public allocations: \"private equity...has returned between 4 and 4.5 percent more on average per year than our public equity,\" he said.

Representative Franklin offered an amendment to the bill to change language affecting the Georgia Firefighters Pension Fund\u0000from a 15% cap on alternative investments to a 20% cap. Committee members discussed whether firefighters' leadership was present to request the change; the sponsor said the change stemmed from a request by the fund. Committee staff said they would seek a fiscal certification from the state auditor. A staff member explained that if the auditor determines the amendment is fiscal (raises costs), the bill would be returned to the committee for further action.

The committee approved the Franklin amendment by voice vote and then passed HB 78 as amended. Votes were taken by voice; the transcript does not record a roll-call tally. Committee members asked staff to obtain the auditor's fiscal certification for the firefighters' amendment before the bill proceeds beyond the floor.

Why it matters: increasing the statutory cap allows the systems to make larger commitments to private or alternative investments, which proponents say can improve diversification and long-term returns but can also change the portfolio's liquidity profile and governance requirements.

Next steps: with the amendment adopted, the bill will proceed per the legislative calendar; staff will submit the firefighters' amendment for a state-auditor fiscal certification and return the bill to committee if the auditor deems the amendment fiscal.

Votes at a glance: The committee approved the Franklin amendment (striking 15% and replacing it with 20% for the firefighters' fund) and then passed HB 78 as amended. The record in the transcript shows the amendment and final passage by voice vote; no roll-call counts were recorded in the transcript.","mediaType","Video","parentTitle","Retirement 02.18.25","oneSentenceSummary","A retirement committee on the House floor advanced House Bill 78 (LC 560,227) and approved an amendment increasing the Georgia Firefighters Pension Fund alternative-investment cap.","taxTitle","Retirement, HOUSE OF REPRESENTATIVES, Committees, Legislative, Georgia","taxId",17252,"location","Georgia","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6666178,"Committee delays bill to raise judicial retirement age to 65 for judges taking office after July 1, 2026",0,1733000,"/Search/View?dp=1&key=2336748-ebc333ee34436639954e73ce16f19453&start=1733&end=1733","https://assets.pipeline.soar.com/2336748-ebc333ee34436639954e73ce16f19453/thumbnail_1733000.jpg","/articles/6666178/Georgia/Committee-delays-bill-to-raise-judicial-retirement-age-to-65-for-judges-taking-office-after-July-1-2026","https://secure.pipeline.soar.com/6666178-ff7a7a2c2b5cbbe820164c9f25b203e5/orig.mp4?Expires=1776153558&Signature=PH2hAI3hEY602~KV1KoZC4e6scxFB-c1oEeaxnRy0YhwWyVZ9UrnQfbqysNY2kRhU1Z7qZfteUdi6uDNtWCtwpc4F0nDUB8Tdu78fQsGF0CwM0Oy9t0tfj7YpAGA1fC-4yns~ysQYLeNZkDc3UTDfUnP24uaj56tTUzWf2jHtgwuX7m3dmowtn6stPz354eTj4bcfGdgqa0BJ-qJfO0MPVX00SrBHwFpfGfQXbWwypyLpmQLpqxL02z9YiOOEpqOuuj7EgiCr-U8XGyh5lIdyrc5pSZ7driusL7XJMVyko1KeN91vJhPdsiOXclp8SsgD8Aza54RV-nv-0yyIu6S6Q__&Key-Pair-Id=KUT5TJCACFTXG","Representative Levert introduced House Bill 406, proposing to raise the retirement age for superior-court judges from 60 to 65 for anyone who takes office on or after July 1, 2026. The committee did not advance the bill in its current form and asked the sponsor to prepare a substitute to address a range of issues raised by members.

\"The main purpose of the bill is for any person who becomes a judge after July 1 of this year, their retirement age will go from 60 to 65,\" Representative Levert said, explaining that the change would align superior-court judges with appellate judges, who retire at 65. Levert said the change would apply only to judges taking office after the effective date and would not alter the benefits of those already serving.

Committee members pressed on complex legal and contractual questions. Several lawmakers asked how the change would affect employees who accrued service in another classification of the retirement system\u0000for example, district attorneys or state-court judges\u0000and then later became superior-court judges. One member asked whether a person who previously accrued service and vested under the DA classification could later be treated differently if the superior-court retirement age is raised.

Jim, Executive Director of the Employees' Retirement System of Georgia, told the committee that membership in the system creates contractual rights. \"If you become a member of the system, you do lock in contractual rights at that point,\" Jim said, indicating that the system's legal obligations to vested members would constrain possible retroactive changes. Committee members and counsel noted that detailed drafting would be required to address permutations of prior service, vesting, and benefit calculations.

Lawmakers also raised the potential for the proposal to become a fiscal bill if drafting changes or protections for current members alter costs. Members requested actuarial analysis and a fiscal certification from the state auditor before the measure moves forward. Representative Levert acknowledged those concerns and said he would prepare a substitute and return the bill to committee with clarifying language.

Why it matters: changing retirement age affects long-term liabilities and benefit calculations for a defined-benefit system and raises constitutional questions about vested rights. Lawmakers voiced the need to protect members' contractual rights while aligning judicial retirement ages.

Next steps: Representative Levert will draft a substitute to clarify treatment of members with prior service in other classifications, commission actuarial analysis as appropriate, and seek any required fiscal certification before returning the bill to committee.","Representative Levert introduced House Bill 406 to raise the retirement age for future superior-court judges from 60 to 65. Committee members raised constitutional and vesting concerns, requested additional drafting and actuarial analysis, and the sponsor agreed to prepare a substitute rather than move the bill in its current form.","actionData","errors"]

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Committee raises alternative-investment cap for state retirement fund; firefighters' cap increased by amendment

Committee delays bill to raise judicial retirement age to 65 for judges taking office after July 1, 2026