This is not the official budget document.

Budget Summary FY2016

Outside Section 55
Data Current as of:  8/19/2015




Previous Outside Section Next Outside Section

 

Retirement Board Investments

SECTION 55.   Paragraph (6) of subsection (k) of said section 23B of said chapter 32, as so appearing, is hereby amended by adding the following subparagraph:-

(iii) A retirement board is permitted to invest in private equity and real estate follow-on or successor funds provided that:

(A) the retirement system invested in the previous fund;

(B) the fund advisor or manager has no material change in personnel;

(C) the strategy is unchanged; and

(D) not more than 10 years have elapsed since the retirement board conducted their original due diligence.
 

Veto Explanation:
I am vetoing this section because it authorizes the state's many retirement systems to engage in follow-on investments without the protection afforded by up-to-date due diligence.