ATLANTA (April 7, 2009) – State Sen. Kasim Reed (D-Atlanta) presented legislation that will give local pension funds more flexibility in meeting their current and long term goals by changing the definition of large versus small pension funds and changing the equity percentage allowed in large funds. The definition of large retirement system would be expanded to include any public retirement system that has assets in excess of $200 million.

“This bill will allow retirement systems to update the way they invest their assets, and improve overall return,” said Sen. Reed. “These systems will move away from focusing on bonds and will now focus on investing in stocks. History has shown that stocks perform much better over time than bonds.”

In an effort to modernize retirement systems and improve their investment structure, large retirement systems can now invest up to 20 percent of their assets in equities to foreign corporations in any fiscal year.

“Moving the focus to foreign investments will enhance diversification and yield better return for retirement systems,” Said Sen. Reed. “We have a vibrant economy in this country, but our equity market has shrunk form 70 percent of the total global market in the 1980’s to 45 percent today. We have to invest on a global scale.”

The bill has passed the House and Senate, and will now go to the Governor for signature. For additional information on the bill, contact Senator Reed or go to www.legis.ga.gov.

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Sen. Kasim Reed represents the 35^th Senate District which includes portions of Douglas and Fulton counties. He may be reached by phone at 404.463.1379 or by e-mail at kasim.reed@senate.ga.gov

ATLANTA (April 1, 2009) –State Senator Kasim Reed (D-Atlanta) presented legislation in the Senate today, House Bill 349, to exempt sales taxes for goods used in the construction of the Center for Civil and Human Rights. The center, which will be constructed in Centennial Olympic Park, is expected to draw 650,000 visitors a year, create 1,150 jobs and add $1.1 billion to Georgia’s economy over the next 10 years.

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ATLANTA (March 27, 2009) – State Senator Kasim Reed’s (D-Atlanta) honored and recognized Dr. Rogsbert Phillips and Sister’s by Choice, Inc. today with an “Outstanding Community Service Award” for their tireless efforts in raising breast cancer awareness. (more…)

ATLANTA (March 26, 2009) – State Sen. Kasim Reed’s (D-Atlanta) bill that provides for the mandatory HIV testing of inmates passed through the House State Institutions and Property meeting on Monday, March 23, 2009. The bill previously passed the Senate on March 10, 2009. The legislation requires that any person in the custody of a penal institution for one year or longer and has not previously tested positive for HIV be subject to HIV testing prior to release. (more…)

ATLANTA (March 9, 2009) – State Sen. Kasim Reed’s (D-Atlanta) legislation proposing an initiative to fund public safety recently passed in the Senate Finance Committee. The bill will create a referendum, giving the citizens of Atlanta and other cities which employ more than 1,500 police officers and firefighters, a choice to levy a 1 mill property tax dedicated solely to funding police and fire officer salaries.

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