Georgia § 47-1-12 - Investment and reinvestment of assets of local retirement system; valuation and limitation on investments; duties of state auditor.

§ 47-1-12. Investment and reinvestment of assets of local retirement system; valuation and limitation on investments; duties of state auditor.

The board of trustees of any local retirement system shall have full power to invest and reinvest assets of the retirement system and to purchase, hold, sell, assign, transfer, and dispose of any securities and other investments in which assets of the retirement system have been invested, any proceeds of any investments, and any money belonging to the retirement system; provided, however, that, except as otherwise provided in this Code section, such power shall be subject to all terms, conditions, limitations, and restrictions imposed by Article 7 of Chapter 20 of this title in making and disposing of their investments. Notwithstanding the provisions of Code Section 33-11-21, the board of trustees of any local retirement system shall not be restricted to investing in those equities which have paid a cash dividend in at least three of the last five years preceding the purchase of such equities. Nothing in this Code section shall be construed to limit or restrict the authority of the board of trustees of any retirement system to invest or reinvest assets of such system in such manner and under such conditions as are authorized by law. The state auditor shall monitor the investment activity of local retirement systems and shall submit a report to the Governor and the presiding officer of each chamber of the General Assembly describing the effect, if any, changes in investment policy have had on those systems. Such report shall be submitted not later than December 31, 2001. (Code 1981, § 47-1-12 , enacted by Ga. L. 1986, p. 1240, § 1; Ga. L. 1996, p. 651, § 3; Ga. L. 1998, p. 126, § 1; Ga. L. 2000, p. 2, § 3; Ga. L. 2015, p. 898, § 1/HB 266.) The 2015 amendment, effective July 1, 2015, substituted "Article 7 of Chapter 20 of this title" for "the laws of this state upon domestic life insurance companies" near the end of subsection (a). Code Commission notes. - Pursuant to Code Section 28-9-5, in 1986, Code Section 47-1-11, as enacted by Ga. L. 1986, p. 1240, § 1, was redesignated as Code Section 47-1-12.