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The Vermont Statutes Online



Title

03

:
Executive






Chapter

017

:
INVESTMENT AND OVERSIGHT OF RETIREMENT SYSTEMS' ASSETS











 

§

522. Vermont pension investment committee

(a) There is

created the Vermont pension investment committee to comprise seven members as

follows:

(1) one member

and one alternate, who may or may not be trustees of the board of the Vermont

state employees' retirement system, elected by the employee and retiree members

of that board;

(2) one member

and one alternate, who may or may not be trustees of the board of the state

teachers' retirement system of Vermont, elected by the employee and retiree

members of that board;

(3) one member

and one alternate, who may or may not be trustees of the board of the Vermont

municipal employees' retirement system, elected by the municipal employee and

municipal official members of that board;

(4) two members

and one alternate, appointed by the governor;

(5) the state

treasurer or designee; and

(6) one member,

appointed by the other six voting members of the committee, who shall serve as

chair of the committee and at the pleasure of the committee.

(b) An authority

responsible for electing or appointing a member or alternate shall consider the

experience and knowledge of potential members and alternates consistent with

the purposes of the committee, and shall inform potential members and

alternates that they shall participate in ongoing training in investments,

securities, and fiduciary responsibilities as directed by the committee.

(c) Initially,

one appointee and the alternate appointee of the governor shall serve a

two-year term, and the second appointee shall serve for a four-year term.

Thereafter, the governor's appointees and alternate appointee shall serve for

four-year terms. Initially, the member and alternate chosen by the Vermont

municipal employees' retirement board shall serve for a two-year term, the

member and alternate chosen by the Vermont state teachers retirement board

shall serve for a three-year term and the member and alternate chosen by the

Vermont state employees' retirement board shall serve for a four-year term.

Thereafter, all members and alternates shall serve for four-year terms.

(d) The chair of

the Vermont pension investment committee shall be a nonvoting member, except in

the case of a tie vote.

(e) The Vermont

pension investment committee shall elect a vice chair from among its members.

(f) Four members

of the committee shall constitute a quorum. If a member is not in attendance,

the alternate of that member shall be eligible to act as a member of the

committee during the absence of the member. Four concurring votes shall be

necessary for a decision of the committee at any meeting of the committee. The

committee shall be attached to the office of the state treasurer for

administrative support, and the expenses of the committee and the treasurer's

office in support of the committee shall be paid proportionately from the funds

of the three retirement systems and any individual municipalities that have

been allowed to invest their retirement funds pursuant to subsection 523(a) of

this title.

(g) Public

employee members and alternates shall be granted reasonable leave time by their

employers to attend committee meetings and committee-related educational

programs.

(h) The

committee shall provide an annual report to the respective authorities

responsible for electing and appointing members and alternates regarding

attendance at committee meetings and relevant educational programs attended.

(i) A vacancy of

an elected or appointed member or alternate shall be filled for the remainder

of the term by the authority responsible for electing or appointing that member

or alternate. (Added 2005, No. 50, § 2; amended 2007, No. 100 (Adj. Sess.), §

2; 2009, No. 139 (Adj. Sess.), § 3.)