05 LC 21
8125
House
Bill 482
By:
Representatives Smith of the
113th
and Lewis of the
15th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 47-20-84 of the Official Code of Georgia Annotated, relating
to investment requirements for large retirement systems, so as to provide that
certain large public retirement systems may invest a certain percentage of their
portfolios in certain types of investments; to repeal conflicting laws; and for
other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 47-20-84 of the Official Code of Georgia Annotated, relating to
investment requirements for large retirement systems, is amended by inserting at
the end thereof the following:
"(e)(1)
As used in this subsection, the term 'venture capital' means money made
available to startup firms, small businesses, and fledgling operations with hope
of exceptional growth potential for a large stake in exchange for acceptance of
large risk.
(2)
A large retirement system may invest not more than 3 1/2 percent of retirement
system assets in venture capital through participation in limited partnerships,
limited liability companies, and funds of
funds."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.