If you are serious about pushing change here in Atlanta/Georgia around early-stage investing, I would encourage you to read this and do your part to help!

The House Retirement committee will take a vote on SB 80, the bill to allow the employee retirement system to invest in certain types of alternate investments. Please email the members of the committee encouraging them to support this bill. Most effective would be a short email stating that this bill will put Georgia in step with the 49 other states on this issue and that it will be positive for economic development and job creation in Georgia.

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For those of you who are playing along at home, one of the many problems we have here in Georgia is that the State’s pension funds are not tappable for investment within the private sector. Georgia is one of the few states that doesn’t allow this. This issue has long been considered one of the things helping to hold Georgia back as a player on the national venture stage.

Passing this bill would eventually result in the re-investment of potentially hundreds of millions of dollars (up to 5% of the total pension fund) within the private sector over the next few years (through participation in the venture capital and private equity process.)

There was to be a committee vote today on SB80 (Pension Fund Bill) from the House Retirement Committee. For whatever reason, it was cancelled. I’ll post updates as I hear more. Hopefully, this will get to a committee vote soon, and make its way to the floor, then to the governor.

Last year, I believe this bill was killed in committee (knuckleheads!) Here’s hoping this doesn’t happen this go around. From what I gather, the vote may be closer this time.

If you would like to do your part, please contact the House Retirement Committee and urge them to approve the bill so it will go to the full House of Representatives for a vote. Here is a link to the committee member list with contact information.

Cheers.