# Georgia SB 23: Retirement; total percentage of funds that the Employees' Retirement System of Georgia may invest in alternative investments; raise the limit Georgia SB 23, Retirement; total percentage of funds that the Employees' Retirement System of Georgia may invest in alternative investments; raise the limit, is a 2025-2026 Regular Session Senate bill sponsored by John Albers (Republican), Matt Brass (Republican), Greg Dolezal (Republican) and 8 others; status vetoed, last action 2026-05-12 (Senate Date Signed by Governor) (as of 2026-10-19). - Canonical: https://policyrisk.com/state-bill/GA-SB23-2025-2026 - As of: 2026-10-19 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Bill: Georgia SB 23 - State: Georgia - Session: 2025-2026 Regular Session - Title: Retirement; total percentage of funds that the Employees' Retirement System of Georgia may invest in alternative investments; raise the limit - Status: vetoed - Chamber: Senate - Introduced: 2025-01-17 - Last action: 2026-05-12, Senate Date Signed by Governor - Sponsors: 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) - Cosponsors: 1 - Subjects: Retirement, General Bill - Touches household money: no - Roll calls: 3 (262 yes, 9 no in all) - Economic provisions PRIA read: 2 ## Summary No summary available. ## Bill overview: provisions PRIA read - Georgia pensions: caps on alternative investments: mixed, medium. 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: mixed, medium. 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… ## Sponsors and cosponsors - Sponsor: John Albers (Republican), Senate - Sponsor: Matt Brass (Republican), Senate - Sponsor: Greg Dolezal (Republican), Senate - Sponsor: Bo Hatchett (Republican), Senate - Sponsor: Mike Hodges (Republican), Senate - Sponsor: Randy Robertson (Republican), Senate - Sponsor: Shawn Still (Republican), Senate - Sponsor: Brian Strickland (Republican), Senate - Sponsor: Blake Tillery (Republican), Senate - Sponsor: Larry Walker (Republican), Senate - Sponsor: Sam Watson (Republican), Senate - Cosponsor: Brad Thomas (Republican), House ## Roll call votes | Date | Chamber | Motion | Result | Yes | No | Other | | --- | --- | --- | --- | --- | --- | --- | | 2026-04-02 | Senate | AGREE TO HOUSE SUBSTITUTE | pass | 49 | 1 | 5 | | 2026-03-31 | House | PASSAGE | pass | 166 | 0 | 6 | | 2025-02-10 | Senate | PASSAGE | pass | 47 | 8 | | ## Actions (21) - 2026-05-12: Senate Date Signed by Governor (Senate) - 2026-05-12: Veto V8 - 2026-04-10: Senate Sent to Governor (Senate) - 2026-04-02: Senate Agreed House Amend or Sub (Senate) - 2026-03-31: House Third Readers (House) - 2026-03-31: House Passed/Adopted By Substitute (House) - 2026-03-27: House Withdrawn, Recommitted (House) - 2026-03-25: House Postponed (House) - 2026-03-23: House Postponed (House) - 2026-03-20: House Withdrawn, Recommitted (House) - 2026-03-18: House Committee Favorably Reported By Substitute (House) - 2025-04-04: House Withdrawn, Recommitted (House) - 2025-03-25: House Committee Favorably Reported By Substitute (House) - 2025-02-12: House Second Readers (House) - 2025-02-11: House First Readers (House) - 2025-02-10: Senate Third Read (Senate) - 2025-02-10: Senate Passed/Adopted (Senate) - 2025-02-06: Senate Read Second Time (Senate) - 2025-02-05: Senate Committee Favorably Reported (Senate) - 2025-01-27: Senate Read and Referred (Senate) - 2025-01-17: Senate Hopper (Senate) ## Bill text - SB 23/AP* (v15): [PDF](https://www.legis.ga.gov/api/legislation/document/20252026/249073) ## Related bills - SB 160: Reckless Stunt Driving; a motor vehicle involved in a second offense of reckless stunt driving; replace the forfeiture penalty (signed) - SB 384: Motor Vehicle; optional five-year motor vehicle registration and revalidation for certain motor vehicles; provide (signed) - SB 76: License Plates; specialty license plate benefitting the Georgia Veterans Service Foundation; establish (signed) - SB 406: "Georgia Property Owners' Bill of Rights Act"; enact (signed) - HB 1391: Specialty license plates; honor public safety officers; establish (signed) - HB 1344: Georgia Insurance Affordability and Claims Integrity Act; enact (signed) ## Sources - [SB 23/AP* (v15) (PDF)](https://www.legis.ga.gov/api/legislation/document/20252026/249073) ## Related - [SB 160: Reckless Stunt Driving; a motor vehicle involved in a second offense of reckles…](https://policyrisk.com/state-bill/GA-SB160-2025-2026) - [SB 384: Motor Vehicle; optional five-year motor vehicle registration and revalidation f…](https://policyrisk.com/state-bill/GA-SB384-2025-2026) - [SB 76: License Plates; specialty license plate benefitting the Georgia Veterans Servic…](https://policyrisk.com/state-bill/GA-SB76-2025-2026) - [SB 406: "Georgia Property Owners' Bill of Rights Act"; enact](https://policyrisk.com/state-bill/GA-SB406-2025-2026) - [HB 1391: Specialty license plates; honor public safety officers; establish](https://policyrisk.com/state-bill/GA-HB1391-2025-2026) - [HB 1344: Georgia Insurance Affordability and Claims Integrity Act; enact](https://policyrisk.com/state-bill/GA-HB1344-2025-2026) - [Georgia bills](https://policyrisk.com/states/georgia/bills) - [Georgia state hub](https://policyrisk.com/states/georgia) - [All state legislation](https://policyrisk.com/state-bills) Source: PRIA, https://policyrisk.com/state-bill/GA-SB23-2025-2026 (as of 2026-10-19).