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Council committee forwards pension Investment Policy Statement changes for review
Summary
The personnel committee reviewed proposed amendments to the consolidated pension Investment Policy Statement to reflect OCGA 47-20-84 (increasing alternatives from 15% to 20%) and administrative updates; members moved an amended ordinance for first reading at the full council.
At the personnel committee, Speaker 5 presented revisions to the consolidated pension plan Investment Policy Statement (IPS), saying the changes incorporate OCGA 47-20-84 and adjust allowable ranges for alternative investments from 15% to 20% on page 9 of the draft.
Speaker 5 explained the revisions also include administrative updates to contact information, board position changes for treasurer and secretary, an update to the actuary, and mandatory custodial-banking changes because the current custodial bank was bought out. "The law essentially adjusted the allowable, investment range for alternatives," Speaker 5 said, noting the policy change provides additional flexibility for aligning assets.
Committee members moved to amend the ordinance for the IPS and discussed that because the change is an ordinance it is placed for first reading; any waiver to second reading would come through counsel. The motion to amend and move the ordinance to the council agenda for first reading was made and seconded and advanced without objection from the committee except for one noted objection to consent recorded in the personnel sequence.
No final adoption occurred at the committee level; the item advances to the council for the legislated reading and potential vote.
