State Representative Lehman Franklin of Statesboro joined Governor Brian Kemp for the signing of House Bill 78, known as the Public Retirement Systems Investment Authority Law. This legislation increases the investment limits for Georgia’s public retirement systems in alternative investments.
“House Bill 78 represents a significant step forward in strengthening the financial future of Georgia’s public servants,” said Rep. Franklin. He expressed gratitude to Governor Kemp for supporting and signing the bill into law. According to Franklin, “HB 78 allows our state’s public retirement systems to raise the cap on the percentage of public retirement system assets that can be invested in alternative investments.” The aim is to increase returns on investments, thus enhancing retirees’ financial security without additional financial burdens on employees or the state.
The bill raises investment caps for various funds: up to 10 percent for the Employees’ Retirement System of Georgia (ERS), up to 20 percent for the Firefighters’ Pension Fund, up to 15 percent for the Peace Officers’ Annuity and Benefit Fund, and up to five percent for the Teachers Retirement System of Georgia.
The full text of HB 78 is available online.
