24 LC 56 0205S
COMMITTEE OF CONFERENCE SUBSTITUTE TO SB 240
A BILL TO BE ENTITLED
AN ACT
To amend Chapter 3 of Title 47 of the Official Code of Georgia Annotated, relating to the1
Teachers' Retirement System of Georgia, so as to provide that certain employees of charter2
schools who may be eligible for membership in the retirement system as a result of such3
employment shall continue to be eligible unless the nonprofit governing board of the charter4
school elects to provide such employees with an alternative retirement plan; to provide for5
conditions and limitations; to provide for construction; to amend Article 7 of Chapter 20 of6
Title 47 of the Official Code of Georgia Annotated, the "Public Retirement Systems7
Investment Authority Law," so as to raise the limit for the total percentage of funds that the8
Employees' Retirement System of Georgia may invest in alternative investments; to provide9
for related matters; to repeal conflicting laws; and for other purposes.10
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:11
SECTION 1.12
Chapter 3 of Title 47 of the Official Code of Georgia Annotated, relating to the Teachers'13
Retirement System of Georgia, is amended by adding a new Code section to read as follows:14
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"47-3-69.15
(a) Individuals hired on or after June 1, 2024, who may be eligible for membership in this16
retirement system as a result of employment by a charter school established pursuant to17
Article 31 or 31A of Chapter 2 of Title 20, shall not become members of this retirement18
system as a result of such employment if the nonprofit governing board of the charter19
school that employs them elects to provide such individuals with an alternative retirement20
plan.21
(b) The provisions of this Code section shall not affect any employee of a charter school22
established pursuant to Article 31 or 31A of Chapter 2 of Title 20, who, prior to June 1,23
2024, was a member of this retirement system as a result of such employment.24
(c) The provisions of this Code section shall not be construed to support eligibility for or25
allow membership in this retirement system to any person or class of persons not otherwise26
eligible for membership in this retirement system."27
SECTION 2.28
Article 7 of Chapter 20 of Title 47 of the Official Code of Georgia Annotated, the "Public29
Retirement Systems Investment Authority Law," is amended by revising paragraph (1) of30
subsection (d) of Code Section 47-20-87, relating to eligible large retirement systems31
authorized to invest in certain alternative investments, as follows:32
"(d)(1)(A) Alternative investments by an eligible large retirement system shall not in33
the aggregate exceed 10 percent of the eligible large retirement system's assets at any34
time.35
(B) Notwithstanding subparagraph (A) of this paragraph, alternative investments by36
the Georgia Firefighters' Pension Fund shall not in the aggregate exceed 15 percent of37
its assets at any time.38
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(B.1) Notwithstanding subparagraph (A) of this paragraph, alternative investments by39
the Peace Officers' Annuity and Benefit Fund shall not in the aggregate exceed 1540
percent of its assets at any time.41
(C) Notwithstanding subparagraph (A) of this paragraph, the Teachers' Retirement42
System of Georgia shall not in the aggregate exceed 5 percent of such system's assets43
at any time.44
(D) Notwithstanding subparagraph (A) of this paragraph, the Employees' Retirement45
System of Georgia shall not in the aggregate exceed 5 percent of such system's assets46
at any time."47
SECTION 3.48
All laws and parts of laws in conflict with this Act are repealed.49
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