Georgia SB23: Retirement; total percentage of funds that the Employees' Retirement System of Georgia may invest in alternative investments; raise the limit

What the bill says

To amend Article 7 of Chapter 20 of Title 47 of the Official Code of Georgia Annotated, the "Public Retirement Systems Investment Authority Law," so as to raise the limit for the total percentage of funds that the Employees' Retirement System of Georgia may invest in alternative investments; to provide for related matters; to repeal conflicting laws; and for other purposes.

From the introduced text:

A BILL TO BE ENTITLED To amend Article 7 of Chapter 20 of Title 47 of the Official Code of Georgia Annotated, the "Public Retirement Systems Investment Authority Law," so as to raise the limit for the total percentage of funds that the Employees' Retirement System of Georgia may invest in alternative investments; to provide for related matters; to repeal conflicting laws; and for other purposes. BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: SECTION 1. Article 7 of Chapter 20 of Title 47 of the Official Code of Georgia Annotated, the "Public Retirement Systems Investment Authority Law," is amended by revising paragraph (1) of subsection (d) of Code Section 47-20-87, relating to eligible large retirement systems authorized to invest in certain alternative investments, as follows: "(d)(1)(A) Alternative investments by an eligible large retirement system shall not in the aggregate exceed 10 percent of the eligible large retirement system's assets at any time. S. B. LC 56 0244 (B) Notwithstanding subparagraph (A) of this paragraph, alternative investments by the Georgia Firefighters' Pension Fund shall not in the aggregate exceed 15 percent of its assets at any time. (B.1) Notwithstanding subparagraph (A) of this paragraph, alternative investments by the Peace Officers' Annuity and Benefit Fund shall not in the aggregate exceed percent of its assets at any time. (C) Notwithstanding …

Read the full official text

Sponsors

• Brad Thomas (R, HD-021) · primary sponsor
• John Albers (R) · primary sponsor
• Matt Brass (R, 6)
• Randy Robertson (R, 29)
• Bo Hatchett (R, SD-050)
• Shawn Still (R, 48)
• Mike Hodges (R, 3)
• Greg Dolezal (R, 27)
• Watson, Sam (R, 11)
• Brian Strickland (R, 42)
• Blake Tillery (R, 19)
• Larry Walker (R, 20)

Latest actions

1. May 12, 2026: Veto V8
2. May 12, 2026: Senate Date Signed by Governor
3. April 10, 2026: Senate Sent to Governor
4. April 2, 2026: Senate Agreed House Amend or Sub
5. March 31, 2026: House Passed/Adopted By Substitute
6. March 31, 2026: House Third Readers
7. March 27, 2026: House Withdrawn, Recommitted
8. March 25, 2026: House Postponed
9. March 23, 2026: House Postponed
10. March 20, 2026: House Withdrawn, Recommitted

Votes

• Senate Vote #960 (April 2, 2026): 49 yea, 1 nay, passed
• House Vote #823 (March 31, 2026): 166 yea, 0 nay, passed
• Senate Vote #29 (February 10, 2025): 47 yea, 8 nay, passed

Common questions

What is SB23?

SB23 is a bill in the Georgia Legislature (2025-2026 Regular Session): Retirement; total percentage of funds that the Employees' Retirement System of Georgia may invest in alternative investments; raise the limit.

What does SB23 do?

In its own words: To amend Article 7 of Chapter 20 of Title 47 of the Official Code of Georgia Annotated, the "Public Retirement Systems Investment Authority Law," so as to raise the limit for the total percentage of funds that the Employees' Retirement System of Georgia may invest in alternative investments; to provide for related matters; to repeal conflicting laws; and for other purposes.

What is the status of SB23?

Signed into law as of May 12, 2026. Latest action: Veto V8 (May 12, 2026).

Who sponsored SB23?

Brad Thomas (R, HD-021), with 11 co-sponsors.

Where is the official record for SB23?

On the Georgia Legislature website: https://www.legis.ga.gov/legislation/69480