2005 Vermont Code - § 522. — Vermont pension investment committee

§ 522. Vermont pension investment committee

(a) There is created the Vermont pension investment committee to be comprised of 17 members as follows:

(1) the trustees of the board of the Vermont state employees' retirement system;

(2) the trustees of the board of the state teachers' retirement system of Vermont; and

(3) the trustees of the board of the Vermont municipal employees' retirement system.

(b) The members of the Vermont pension investment committee shall elect a chair and vice chair to serve for a term of two years. The position of chair shall rotate so that the chair is a trustee of one of the boards for only two consecutive years in a six-year period. If any member serves on more than one board, that member may only serve as chair for two consecutive years in a six-year period.

(c) Nine members of the committee shall constitute a quorum which shall include at least three trustees of the board of the Vermont state employees' retirement system, three trustees of the board of the state teachers' retirement system of Vermont, and two trustees of the board of the Vermont municipal employees' retirement system. The attendance of the state treasurer may only be counted toward the minimum attendance requirements of one of the three boards. Nine 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. (Added 2005, No. 50, § 2.)