DEPARTMENT
OF
AUDITS
AND
ACCOUNTS
270 Washington Street, S.W., Suite 1-156
Atlanta, Georgia 30334-8400
270 Washington Street, S.W., Suite 1-156
Atlanta, Georgia 30334-8400
Russell W.
Hinton
State Auditor
(404) 656-2174
State Auditor
(404) 656-2174
March
5, 2008
The
Honorable Bill Heath, ChairmanSenate Retirement
Committee
State Capitol, Room 109
Atlanta, Georgia 30334
State Capitol, Room 109
Atlanta, Georgia 30334
SUBJECT: State
Auditor’s
Certification
Substitute to Senate Bill 327
(LC 21 9848S)
Substitute to Senate Bill 327
(LC 21 9848S)
Dear
Chairman Heath:
This
substitute bill would revise provisions relating to retirement bills in the
General Assembly. Specifically, this bill would revise the definition of
‘retirement bill having a fiscal impact’ to include any bill
requiring a public retirement system to divest or refrain from investing in
specific investments or classes of investments. Under the provisions of this
substitute bill, any bill requiring a public retirement system to divest or
refrain from investing in specific investments or classes of investments may
only be introduced in the first year of the biennial session. At the time such
bill is introduced, it must be accompanied by a statement from the Governor,
Lieutenant Governor, or the Speaker of the House of Representatives describing
the primary goal that the bill is attempting to achieve and must include a
fiscal analysis from each affected public retirement system stating the cost of
compliance with the legislation and the anticipated annual fiscal losses which
will be incurred as a result of complying with the legislation.
This
is to certify that this substitute bill is a reduction in cost amendment as
defined in the Public Retirement Systems Standards Law. A copy of the actuarial
investigation and State Auditor’s Summary for Senate Bill 327 (LC 21
9848S), as amended, is attached.
Respectfully,
/s/ Russell W. Hinton
State Auditor
RWH/cs