SUMMARY:

            This bill would amend Article 7 of Chapter 20 of Title 47 of the O.C.G.A. to allow an increase of allowable retirement system fund investments in equities to 75 percent and to change the definition of “large retirement system.”

REQUIREMENTS:

• Prior to July 1, 2010 a fund may not invest more than 65% in equities.
• On and after July 1, 2010, a fund may not invest more than 70% in equities.
• On and after July 1, 2011, a fund may not invest more than 75% in equities
• Funds could have 2 years to come into compliance, should they be over invested in equities at present or at any time in the phase-in period.
• The definition of a retirement system would be changed from one with “an accumulated unfunded actuarial accrued liability not greater than 25 percent of the total of its assets” to a new definition, one with “assets in excess of $200 million."