Georgia Gov. Sonny Perdue on Monday signed a bill allowing state pension funds to increase their international equity and fixed-income allocations to 15% from the current 10%, effective July 1.
The $51.5 billion Teachers Retirement System of Georgia and the $16.5 billion Employees Retirement System of Georgia, both of Atlanta, will boost each of their international allocations to 15% over time, said Bill Cary, CIO of the Georgia Division of Investment Services; he would not elaborate.
The $650 million Georgia Firefighters Pension Fund, Conyers, hopes to make some additional allocations in the fall based on recommendations from investment consultant CSG, said Jim Meynard, executive director. The funds current international allocation is about 9%, Mr. Meynard said. He added the system would maintain a 60/40 equity/fixed-income mix as required by state law.
A bill allowing state pension funds to invest in alternatives passed the Senate but was not voted on in the House before the legislative session ended in April.