This bill amends existing laws regarding the investment of state funds in alternative investments by granting the investment funds committee the authority to approve such investments. The state treasurer will now make recommendations and obtain approval from the investment funds committee before proceeding with alternative investments. Additionally, the committee can delegate its approval authority to the state treasurer on a case-by-case basis, requiring a majority vote for each individual investment decision. The bill also stipulates that any delegation of authority will terminate upon the election of a new state treasurer, necessitating a new delegation process.

Furthermore, the bill introduces new reporting requirements, mandating that the investment funds committee report to the board at least semi-annually regarding the approval or disapproval of alternative investments and any delegation of authority to the state treasurer. The committee is also required to hold a minimum of four meetings each year, with decisions made by a majority vote of its members. The effective date of this act is set for July 1, 2025.