Introduced
by
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 Committee on Banking and Financial Services
Reported without amendment
With the recommendation that the substitute (H-3) be adopted and that the bill then pass.
Substitute offered
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 This version was superseded by another substitute with these and more changes.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
Amendment offered
by
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
Amendment offered
by
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
Substitute offered
by
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
Passed in the House 103 to 3
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.
Referred to the Committee on Appropriations
