Bill Summary for S 558 (2013-2014)

Summary date: 

Jul 18 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
Senate Bill 558 (Public) Filed Thursday, March 28, 2013
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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Bill 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).

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