Introduced
by
To revise the investment rules for state and municipal pension funds. The bill would increase from 5 percent to 10 percent the amount the funds can invest in real estate investment vehicles, and increase from 15 percent to 30 percent the allowable amount in "derivatives." Municipal pension investements in non-publicly traded private equity firms would be capped at 5 to 15 percent depending on the size of the fund, but there would be no cap on the amount of state funds in these. The state could increase "investments not otherwise qualified" under specific provisions from 20 percent to 25 percent.
Referred to the Committee on Government Operations
Referred to the Committee on Senior Health, Security, and Retirement
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Failed in the House 55 to 47 (details)
Motion to reconsider
by
The vote by which the House did not pass the bill.
The motion passed by voice vote
Received
To revise the investment rules for state and municipal pension funds. The bill would increase from 5 percent to 10 percent the amount the funds can invest in in real estate investment vehicles, and increase from 15 percent to 30 percent the allowable amount in "derivatives." Municipal pension investments in non-publicly traded private equity firms would be capped at 5 to 15 percent depending on the size of the fund, but there would be no cap on the amount of state funds in these. The state could increase "investments not otherwise qualified" under specific provisions from 20 percent to 25 percent, and would have no cap on its investments in "private equity".
Passed in the House 56 to 46 (details)
Referred to the Committee on Appropriations
Substitute offered
To replace the previous version of the bill with one that only increases the cap on one class of investments.
The substitute passed by voice vote
Passed in the Senate 37 to 0 (details)
To revise the investment rules for state pension funds, increasing from 15 percent to 30 percent the allowable amount that can be invested in "private equity" securities.
To concur with the Senate-passed version of the bill.
Passed in the House 74 to 21 (details)
