AN ACT TO AMEND THE LAW GOVERNING THE STATE TREASURER'S INVESTMENT AUTHORITY WITH REGARD TO SPECIAL FUNDS HELD BY THE TREASURER. Enacted August 23, 2013. Effective August 23, 2013.
Bill Summaries: S558 (2013-2014 Session)
Summary date: Sep 3 2013 - View summary
Summary date: Jul 18 2013 - View summary
House committee substitute makes the following changes to the 1st edition.
Amends GS 147-69.2(b) to provide that the investments authorized under subdivision (6c) are not to exceed 7.5% of the market value of all invested assets of the retirement systems.Further amendsthis subsection toprohibit the investments authorized by subdivision (7) from exceeding 10% of the market value of all invested assets of the retirement systems (was, both subdivisions prohibited the respective investments authorized by each subdivision from exceedingthe limitations set forth in new subdivision (10a) of this subsection). Amends subdivision (8) of this subsection to reinstate provision that limits the investment ofretirement system assets inthe stock of a single corporationto no more than 1.5% of the market value of the assets (was,provided that assets authorized under this subsection could be invested directly by the State Treasurer for the primary purpose of approximating the movements of a nationally recognized and published benchmark index within.50% per annum). Further amends subdivision (8), to reinstate languagethat investments under this subdivision are not to exceed 8.5% (was, 6.5%) of the market value of all investment assets of the retirementsystems.Amends subdivision (9) to provide that the amount invested under this subdivision is not to exceed 8.75% of the market value of all invested assetsof the retirementsystems.Provides that the investments authorized under under subdivision (9a) are not to exceed 7.5% of the market value of all invested assets of the retirement systems.
Amends subdivision (10a) to provide that with respect to the assets of the retirement systems, as defined in subdivision (8) of subsection (b) of GS 147-69.2, the market value of any of subdivision (6c) or (7), sub-subdivision b of subdivision 8, or subdivision (9) or (9a) of this section, is not to exceed 10% of the market value of all invested assets of the retirement systems.
Makes this act effective when it becomes law (was, effective July 1, 2013).
Summary date: Apr 1 2013 - View summary
Amends GS 147-69.2(b), providing that investments that were authorized by this subsection at the time the investment was made or committed, remain authorized by this subsection. Requires all investments pursuant to this subsection, for the purposes of computing market values, to be valued as of the last date of the most recent fiscal quarter. Amends GS 147-69.2(b)(1-9), making numerous technical and conforming changes. Adding asset-backed securities to the types of securities that the Retirement Systems' assets can be invested in. Deletes various individual investment limitations in lieu of new limitations set forth in GS 147-69.2(b)(10a). Adds contractual arrangements, in which the investment manager has discretion and authority to invest in assets specified, to the types of assets that constitute the Retirement Systems' assets. Provides that assets authorized under this subsection can be invested directly by the State Treasurer for the primary purpose of approximating the movements of a nationally recognized and published benchmark index within one-half percent (.50%) per annum (was, no more than one-half percent (1.5%) of the market value of the Retirement Systems' assets that may be invested directly in the stock of a single corporation).
Creates new GS 147-69.2(b)(10a), providing investment limitations for specified market values and Retirement Systems' assets.
Amends GS 147-69.7 (Discharge of duties to Retirement Systems), making a technical and conforming change.
Effective July 1, 2013.
Summary date: Mar 28 2013 - View summary
To be summarized at a later date.