The House Retirement Committee has passed the Enhanced Investment Authority Act, Senate Bill 402, providing the authority for the state’s large retirement systems, except TRS, to invest in alternative investments as defined in the bill.  As previously noted, the bill limits commitments of the ERS to 1% of assets per year and all funds to the aggregate of undrawn commitments plus investments to no more than 5% of assets at any time.  Funds will be required to have a Code of Ethics addressing alternative investments and to report annually to the Governor and Retirement Committees.  The bill passed out of committee 8-2 with 2 abstentions.  The bill is now in the hands of the Rules Committee to be considered for the full House for a floor vote, and if successful, to a joint Senate-House Conference Committee to resolve minor differences in language.