This bill authorizes that the board of trustees for the Peace Officer's Annuity and Benefit Fund to employ a hearing officer.

Under current law, tax commissioners and their employees are members of the state retirement system. SB 286  would allow all tax commissioners presently in office and any current employees of a tax commissioner to remain in the state system but tax commissioners first taking office after July 1, of 2012 and any employees of a tax commissioner first hired after that date will not automatically be participants in the state retirement system. The county board of commissioners may, however, agree to include them in the state system so long as the county pays to the state the employer's contribution for each such tax commissioner and employee. The county must also agree to collect any employee contributions from the employee and forward same to the state retirement system.

This bill authorizes, but does not require, the state retirement system and other large retirement systems to invest trust assets in specified alternative investments subject to certain conditions and limitations. Examples of alternative investments include leveraged buyout funds, mezzanine funds, debt funds and venture capital funds. Alternative investments can not in the aggregate exceed 5 percent of a retirement system's assets at any time.This bill, signed by the Governor, is effective July 1, 2012.