Georgia Code
Article 7 - Public Retirement Systems Investment Authority Law
§ 47-20-84. Large Retirement Systems

History. Code 1981, § 47-20-84 , enacted by Ga. L. 2000, p. 2, § 2; Ga. L. 2001, p. 21, § 1; Ga. L. 2005, p. 500, § 1/HB 319; Ga. L. 2007, p. 115, §§ 3, 4/HB 318; Ga. L. 2009, p. 130, § 1/HB 371.
The 2009 amendment, effective April 21, 2009, in subsection (a), deleted “and” at the end of paragraph (a)(3), rewrote subparagraph (a)(4)(A), added “and” at the end of subparagraph (a)(4)(C), deleted subparagraph (a)(4)(E), which read: “Has an accumulated unfunded actuarial liability not greater than 25 percent of the total of its assets”, and added paragraph (a)(5); in subsection (b), substituted “may invest” for “may not invest more than 15 percent of the retirement system assets” near the beginning; in the first sentence of subsection (c), inserted “prior to July 1, 2010,”, substituted “65 percent” for “60 percent”, and added “; on and after July 1, 2010, a large retirement system shall invest not more than 70 percent of its assets in equities; and on and after July 1, 2011, a large retirement system shall invest not more than 75 percent of its assets in equities; provided, further, that no fund shall increase its assets in equities through purchase by more than 20 percent in any fiscal year”; deleted former subsection (d), which read: “In the event the value of a fund’s assets decreases so as to render such fund ineligible to invest in foreign equities as provided in subsection (b) of this Code section and to invest in excess of 55 percent of its assets in total equities as provided in subsection (c) of this Code section, such fund shall have 12 months from the date of such event to come into compliance with the investment authority provided by this article; provided, however, that during such period such fund shall not increase its holdings in foreign equities and shall not increase its total holdings in equities.”; and redesignated former subsections (e) and (f) as present subsections (d) and (e), respectively.

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