Bill Summary for S 215 (2011-2012)
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TO MODIFY THE STATE TREASURER INVESTMENT STATUTE.Intro. by Apodaca, Brunstetter, Hise.
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Amends GS 147-69.2(b)(8) (concerning the State Treasurer’s duties) to add that assets from the funds collectively referred to as the Retirement Systems, as specified, may also be invested in limited partnerships (LPs), limited liability companies (LLCs), or other limited liability investment vehicles that are not publicly traded, provided these investments do not exceed 10% of the market value of all invested assets of the Retirement Systems. Clarifies that the assets of the Retirement Systems can also be invested directly in any authorized equity securities for the primary purpose of approximating the movements of a published market benchmark index (rather than in equity securities in the S&P 500 Index). Makes additional clarifying and technical changes.
Amends GS 147-69.2(b)(9) to provide that assets of the Retirement Systems may be invested in interests in LPs, LLCs, or other limited liability investment vehicles that are not publicly traded, provided the primary purpose of that vehicle is (1) to invest in private equity (was, public or private equity) or (2) to engage in other strategies not expressly authorized in GS 147-69.2(b). Limits the amount so invested to 10% (was, 5%) of the market value of all invested assets of the Retirement Systems.
Clarifies that any investment authorized under GS 147-69.2(b) at the time the investment was made or contractually committed to remains valid and need not be disposed based on the new limitations on investments in this act.
Makes other clarifying and technical changes.