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Committee approves bill to raise ERS alternative-investment cap to 10% and boost firefighters' pension cap to 20%
Summary
A legislative committee approved a substitute bill to allow the Employees' Retirement System of Georgia (ERS) to increase the cap on committed alternative investments from 5% to 10% of a fund's portfolio and to raise the Georgia Firefighters Pension Fund cap from 15% to 20%.
A legislative committee approved a substitute bill to allow the Employees' Retirement System of Georgia (ERS) to increase the cap on committed alternative investments from 5% to 10% of a fund's portfolio and to raise the Georgia Firefighters Pension Fund cap from 15% to 20%.
The committee voted to pass the substitute after hearing from Jim Potvin, executive director of the Employees' Retirement System, who reviewed the program's history and performance. Potvin said the legislature passed the enabling statute in February 2012 and ERS began investing in alternatives in February 2013. "We have had success. We have a nice 12 year track record now of good success in these…
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