State Codes and Statutes
Statutes > Vermont > Title-03 > Chapter-17 > 523
§ 523. Vermont pension investment committee; duties
(a) The Vermont pension investment committee shall be responsible for the investment of the assets of the state teachers' retirement system of Vermont, the Vermont state employees' retirement system, and the Vermont municipal employees' retirement system pursuant to section 472 of this title, section 1943 of Title 16, and section 5063 of Title 24. The committee shall strive to maximize total return on investment, within acceptable levels of risk for public retirement systems, in accordance with the standards of care established by the prudent investor rule under chapter 147 of Title 9. The committee may, in its discretion, subject to approval by the attorney general, also enter into agreements with municipalities administering their own retirement systems to invest retirement funds for those municipal pension plans. The state treasurer shall serve as the custodian of the funds of all three retirement systems.
(b) Members and alternates of the committee who are not public employees shall be entitled to compensation as set forth in section 1010 of Title 32 and reimbursement for all necessary expenses that they may incur through service on the committee from the funds of the retirement systems.
(c) The committee shall keep a record of all its proceedings which shall be open for public inspection.
(d) The committee may formulate policies and procedures deemed necessary and appropriate to carry out its functions. Notwithstanding the foregoing, the committee shall consider, consistent with chapter 147 of Title 9, subsection 472a(b) of this title, 16 V.S.A. § 1943a(b), and 24 V.S.A. § 5063a(b), investing up to $17,500,000.00 with the Vermont housing finance agency to assist in its homeownership financing programs for persons and families of low and moderate income as defined in 10 V.S.A. § 601(11).
(e) The attorney general shall serve as legal advisor to the committee.
(f) Contracts approved by the committee and related documents may be executed by the chair, or in the chair's absence, the vice chair.
(g) Notwithstanding any other provision of law to the contrary, changes to the actuarial rate of return shall be made at a joint meeting of the committee and the appropriate retirement board. The board and committee shall review the recommendations of the actuary and the investment consultant. A change to an actuarial rate of return shall be by joint resolution of the board and committee. Each body shall vote according to its own procedures. In the event that the board and committee are unable to agree on an actuarial rate of return, the existing assumed rate of return shall remain in effect. (Added 2005, No. 50, § 2; amended 2005, No. 215 (Adj. Sess.), § 277b; 2007, No. 100 (Adj. Sess.), § 3; No. 176 (Adj. Sess.), § 18, May 28, 2008.)
