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Budget Summary FY2016

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

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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.