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• Introduced by Rep. Richard Hammel (D) on September 9, 2009, to allow state and local government pension funds to place more of the more of the money under trust in “private equity” (shares of stocks not listed on public exchanges), non-rated or non-investment grade debt (“junk bonds”), public or private real estate investment trusts (REITs), derivatives, and other non-traditional investments, depending on the size of the system. The funds would also be able to spend money to train and educate trustees.
  • Referred to the House Banking and Financial Services Committee on September 9, 2009.
    • Reported in the House on February 4, 2010, with the recommendation that the substitute (H-3) be adopted and that the bill then pass.
  • Substitute offered in the House on February 11, 2010, to replace the previous version of the bill with one that does not increase the amount a pension fund can invest in "derivatives," but does increase the amount it care place in foreign securities from 20 percent to 30 percent. This version was superseded by another substitute with these and more changes. The substitute passed by voice vote in the House on February 11, 2010.
  • Amendment offered by Rep. Tom McMillin (R) on February 11, 2010, to require a government pension fund to post on the internet details of what it spends on services including advisors, consultants, custodians, auditors, attorneys, actuaries, administrators, and physicians, and on what it spends on training and educating trustees. The amendment failed by voice vote in the House on February 11, 2010.
  • Amendment offered by Rep. Darwin Booher (R) on February 11, 2010, to revise a provision that allows government pension funds to invest in life insurance company accounts, to also allow them to invest in life insurance policies. The amendment failed by voice vote in the House on February 11, 2010.
  • Substitute offered by Rep. Richard Hammel (D) on February 17, 2010, to adopt a version of the bill that does not increase the amount a government pension fund can invest in "derivatives," but does increase the amount it care place in foreign securities, from 20 percent to 30 percent. The substitute passed by voice vote in the House on February 17, 2010.
• Passed 103 to 3 in the House on February 17, 2010, to allow state and local government pension funds to place more money in “private equity” (shares of stocks not listed on public exchanges), non-rated or non-investment grade debt (“junk bonds”), public or private real estate investment trusts (REITs), foreign companies, and other non-traditional investments, depending on the size of the system. The funds would also be able to spend money to train and educate trustees.
  Who Voted "Yes" and Who Voted "No"
• Received in the Senate on February 23, 2010.
  • Referred to the Senate Appropriations Committee on February 23, 2010.