Prohibits investment managers from assisting in investing moneys belonging to retirement systems; defines who qualifies as an investment manager.
This bill amends the education law to prohibit retirement boards from engaging investment managers to invest retirement system funds, excluding real property. It defines "investment manager" as any person or entity managing part or all of an investment portfolio, excluding real property, for the retirement fund. The bill also prohibits renewing existing contracts with investment managers.
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- Core Provisions
- Implementation
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- Legal Framework
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