05 LC 21
8092
House
Bill 354
By:
Representative Cummings of the
16th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 7 of Chapter 20 of Title 47 of the Official Code of Georgia
Annotated, the "Public Retirement Systems Investment Authority Law," so as to
provide that any investment limitation based upon the amount of the
fund́s
assets shall relate to such assets on the basis of current market value; to
provide that in determining the percentage of large retirement system assets
that may be invested in foreign corporations and in equities, the retirement
system assets shall be determined on the basis of current market value; to
repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Article
7 of Chapter 20 of Title 47 of the Official Code of Georgia Annotated, the
"Public Retirement Systems Investment Authority Law," is amended by striking in
its entirety subsection (c) of Code Section 47-20-82, relating to investing
funds, eligibility, and investment limitation, and inserting in lieu thereof the
following:
"(c)
Any investment limitation based upon the amount of the
fund́s
assets shall relate to such assets on the basis of the
assetś
aggregate
historical cost
current market
value."
SECTION
2.
Said
article is further amended by inserting at the end of Code Section 47-20-84,
relating to large retirement systems, a new subsection to read as
follows:
"(e)
For purposes of this Code section, the assets of a retirement system shall be
determined on the basis of current market
value."
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.