HB3476 would allow the board of trustees for the Employees' Retirement System (ERS) and the Teacher Retirement System (TRS) to delegate its authority to an investment manager with whom the board contracts. The proposal provides that through the contract, these boards should specify any policies, requirements, or restrictions, including criteria for determining the quality of investments and for the use of standard rating services, which the board adopts for investments of the system. The bill, if enacted, will have no significant actuarial effect because it does not propose to change the funding or obligations of any public retirement system.