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GeorgiaSB 232025-2026 Regular SessionSenate

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

Sponsored By: John Albers (Republican), Matt Brass (Republican), Greg Dolezal (Republican), Bo Hatchett (Republican), Mike Hodges (Republican), Randy Robertson (Republican), Shawn Still (Republican), Brian Strickland (Republican), Blake Tillery (Republican), Larry Walker (Republican), Sam Watson (Republican)

Vetoed

RetirementGeneral Bill

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 0 costs, 2 mixed.

Georgia pensions: caps on alternative investments

The law lets eligible large retirement systems hold up to 15% of assets in alternative investments. It sets fund caps: Firefighters 20%, Peace Officers 15%, Teachers 5%, and Employees 10%. These limits apply to all alternative investments in total at any time.

Georgia pensions: new real estate rules

The law lets the municipal employees’ system and similar pooled funds invest up to 10% of assets in real estate. The Georgia Firefighters’ Pension Fund can also invest up to 10%. Eligible large retirement systems (not ERS or TRS) can invest up to 10% as well. Funds can keep real estate they already owned if total assets later fall, and anything held on July 1, 1999, even if above 10%. Large systems cannot use investment vehicles that make single-family homes a main part of the deal.

Sponsors & Cosponsors

Sponsors

  • John Albers

    Republican • Senate

  • Matt Brass

    Republican • Senate

  • Greg Dolezal

    Republican • Senate

  • Bo Hatchett

    Republican • Senate

  • Mike Hodges

    Republican • Senate

  • Randy Robertson

    Republican • Senate

  • Shawn Still

    Republican • Senate

  • Brian Strickland

    Republican • Senate

  • Blake Tillery

    Republican • Senate

  • Larry Walker

    Republican • Senate

  • Sam Watson

    Republican • Senate

Cosponsors

  • Brad Thomas

    Republican • House

Roll Call Votes

All Roll Calls

Yes: 262 • No: 9

Senate vote • 4/2/2026

AGREE TO HOUSE SUBSTITUTE

Yes: 49 • No: 1 • Other: 5

House vote • 3/31/2026

PASSAGE

Yes: 166 • No: 0 • Other: 6

Senate vote • 2/10/2025

PASSAGE

Yes: 47 • No: 8

Actions Timeline

  1. Senate Date Signed by Governor

    5/12/2026Senate

  2. Veto V8

    5/12/2026

  3. Senate Sent to Governor

    4/10/2026Senate

  4. Senate Agreed House Amend or Sub

    4/2/2026Senate

  5. House Third Readers

    3/31/2026House

  6. House Passed/Adopted By Substitute

    3/31/2026House

  7. House Withdrawn, Recommitted

    3/27/2026House

  8. House Postponed

    3/25/2026House

  9. House Postponed

    3/23/2026House

  10. House Withdrawn, Recommitted

    3/20/2026House

  11. House Committee Favorably Reported By Substitute

    3/18/2026House

  12. House Withdrawn, Recommitted

    4/4/2025House

  13. House Committee Favorably Reported By Substitute

    3/25/2025House

  14. House Second Readers

    2/12/2025House

  15. House First Readers

    2/11/2025House

  16. Senate Third Read

    2/10/2025Senate

  17. Senate Passed/Adopted

    2/10/2025Senate

  18. Senate Read Second Time

    2/6/2025Senate

  19. Senate Committee Favorably Reported

    2/5/2025Senate

  20. Senate Read and Referred

    1/27/2025Senate

  21. Senate Hopper

    1/17/2025Senate

Bill Text

  • SB 23/AP* (v15)

    PDF

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