Bill Summary for S 558 (2013-2014)
|View NCGA Bill Details||2013-2014 Session|
A BILL TO BE ENTITLED AN ACT TO AMEND THE LAW GOVERNING THE STATE TREASURER'S INVESTMENT AUTHORITY WITH REGARD TO SPECIAL FUNDS HELD BY THE TREASURER.Intro. by Hise.
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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.