Georgia Employees’ Retirement System, Atlanta, may seek legislative and regulatory changes to its investment policy to give outside managers more fiduciary responsibility. In a preliminary report on the asset liability study for the $14 billion system, Callan consultant Jeanne Valcik said the investment committee should delegate more responsibility to outside managers through a "prudent person” rule and should eliminate the system’s "legal list” of approved stocks. The committee currently must approve stock purchases. Callan also suggested the system implement portfolio rebalancing guidelines.
Nancy Boedy, state assistant director of the investment services division, said she did not know when the final Callan report would be available.
