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Committee raises alternative-investment cap for state retirement fund; firefighters' cap increased by amendment
Summary
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.
A retirement committee on the House floor advanced House Bill 78 (LC 560,227) and approved an amendment increasing the Georgia Firefighters Pension Fundalternative-investment cap. The committee voted to raise the Employees' Retirement System of Georgia(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…
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