The bill amends existing laws regarding the investment of state funds, specifically granting the investment funds committee the authority to approve investments in alternative assets. It allows the committee to delegate this approval power to the state treasurer, but requires that such delegation be specific to individual alternative investment decisions rather than blanket authority. The bill also mandates that any material changes to the terms of previously approved investments must be re-evaluated and approved by either the investment funds committee or the state treasurer, depending on who holds the approval authority. Additionally, the investment funds committee is required to report to the board at least semi-annually on the status of alternative investments and any delegations of authority to the state treasurer.

Key changes include the replacement of the term "board" with "investment funds committee" in various sections, emphasizing the committee's role in the investment process. The bill introduces new reporting requirements and clarifies that the state treasurer will have the same responsibilities as the investment funds committee when approval authority is delegated. Furthermore, it establishes that any delegation of authority to approve alternative investments will terminate upon the election of a new state treasurer, necessitating a new delegation process. The act is set to take effect on July 1, 2025.