2005 Vermont Code - § 523. — Vermont pension investment committee; duties The Vermont pension investment committee shall only be responsible, consistent with a duly approved asset allocation, for the investment of the assets of the state teachers\' reti

§ 523. Vermont pension investment committee; duties The Vermont pension investment committee shall only be responsible, consistent with a duly approved asset allocation, 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 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) Prior to a revision of an existing asset allocation for a retirement system by the committee, the committee shall deliver a report to the appropriate retirement board explaining the revised asset allocation recommendation no later than 30 days prior to the next board meeting. The proposed revisions shall become effective upon adjournment of the board meeting unless the board votes to reject the proposed changes at that meeting.

(c) Members of the committee shall serve without compensation but shall be reimbursed from the funds of the retirement systems for all necessary expenses that they may incur through service on the committee.

(d) The committee shall keep a record of all its proceedings which shall be open for public inspection.

(e) The committee may formulate policies and procedures deemed necessary and appropriate to carry out its functions.

(f) The attorney general shall serve as legal advisor to the committee. (Added 2005, No. 50, § 2; amended 2005, No. 215 (Adj. Sess.), § 277b.)