Connecticut 2021 Regular Session

Connecticut Senate Bill SB00867 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1
2	2
3		-	LCO 3263 \\PRDFS1\SCOUSERS\FORZANOF\WS\2021SB-00867-R01-
4		-	SB.docx
5		-	1 of 3
	3	+
	4	+	LCO No. 3263 1 of 3
6	5
7	6		General Assembly Raised Bill No. 867
8	7		January Session, 2021
9	8		LCO No. 3263
10	9
11	10
12		-	Referred to Committee on PLANNING AND
13		-	DEVELOPMENT
	11	+	Referred to Committee on PLANNING AND DEVELOPMENT
14	12
15	13
16	14		Introduced by:
17	15		(PD)
	16	+
18	17
19	18
20	19
21	20		AN ACT CONCERNING IN VESTMENT OF CERTAIN MUNICIPAL
22	21		FUNDS.
23	22		Be it enacted by the Senate and House of Representatives in General
24	23		Assembly convened:
25	24
26	25		Section 1. Subsection (b) of section 7-450 of the general statutes is 1
27	26		repealed and the following is substituted in lieu thereof (Effective from 2
28	27		passage): 3
29	28		(b) Notwithstanding the provisions of the general statutes or of any 4
30	29		special act, charter, special act charter, home-rule ordinance, local 5
31	30		ordinance or other local law, any municipality or subdivision thereof 6
32	31		may, by ordinance and amendment thereto, or with respect to a 7
33	32		municipality not having the authority to make ordinances, by resolution 8
34	33		adopted by a two-thirds vote of the members of its legislative body, (1) 9
35	34		establish one or more trusts, or determine to participate in a 10
36	35		multiemployer trust, to hold and invest the assets of such pension, 11
37	36		retirement or other postemployment health and life benefit system; (2) 12
38	37		provide for the management and investment of such system and any 13
39		-	such trust, including the establishment of a board or commission or the 14 Raised Bill No. 867
	38	+	such trust, including the establishment of a board or commission or the 14
	39	+	designation of an existing board or commission for such purposes; or (3) 15 Raised Bill No. 867
40	40
41	41
42		-	LCO 3263 {\\PRDFS1\SCOUSERS\FORZANOF\WS\2021SB-00867-
43		-	R01-SB.docx }
44		-	2 of 3
45	42
46		-	designation of an existing board or commission for such purposes; or (3) 15
	43	+	LCO No. 3263 2 of 3
	44	+
47	45		provide for the organization of and the manner of election or 16
48	46		appointment of the members of such board or commission. 17
49	47		Notwithstanding any limitations on the investment of municipal funds 18
50	48		set forth in section 7-400, funds held in any [such] trust described in 19
51	49		subdivision (1) of this subsection may be invested (A) in accordance 20
52	50		with the terms of the pension, retirement or other postemployment 21
53	51		health and life benefit plan, as such terms may be amended from time 22
54	52		to time; or (B) in any trust fund administered, held or invested by the 23
55	53		Treasurer pursuant to chapter 32 and for which the Treasurer may adopt 24
56	54		regulations, in accordance with chapter 54, to allow for the investment 25
57	55		of funds held in any trust described in said subdivision. The investment 26
58	56		and management of the assets of any [such] trust described in said 27
59	57		subdivision shall be in compliance with the prudent investor rule as set 28
60	58		forth in sections 45a-541 to 45a-541l, inclusive. 29
61	59		Sec. 2. Section 3-13c of the general statutes is repealed and the 30
62	60		following is substituted in lieu thereof (Effective from passage): 31
63	61		Trust funds as used in sections 3-13 to 3-13e, inclusive, and 3-31b shall 32
64	62		be construed to include Connecticut Municipal Employees' Retirement 33
65	63		Fund A, Connecticut Municipal Employees' Retirement Fund B, 34
66	64		Soldiers, Sailors and Marines Fund, Family and Medical Leave 35
67	65		Insurance Trust Fund, State's Attorneys' Retirement Fund, Teachers' 36
68	66		Annuity Fund, Teachers' Pension Fund, Teachers' Survivorship and 37
69	67		Dependency Fund, School Fund, State Employees Retirement Fund, the 38
70	68		Hospital Insurance Fund, Policemen and Firemen Survivor's Benefit 39
71	69		Fund, any trust fund described in subdivision (1) of subsection (b) of 40
72	70		section 7-450, as amended by this act, and all other trust funds 41
73	71		administered, held or invested by the State Treasurer. 42
74	72		This act shall take effect as follows and shall amend the following
75	73		sections:
76	74
77	75		Section 1 from passage 7-450(b)
78		-	Sec. 2 from passage 3-13c Raised Bill No. 867
	76	+	Sec. 2 from passage 3-13c
	77	+	Raised Bill No. 867
79	78
80	79
81		-	LCO 3263 {\\PRDFS1\SCOUSERS\FORZANOF\WS\2021SB-00867-
82		-	R01-SB.docx }
83		-	3 of 3
84	80
	81	+	LCO No. 3263 3 of 3
85	82
86		-	PD Joint Favorable
	83	+	Statement of Purpose:
	84	+	To allow for the investment of funds held in certain trusts established
	85	+	by municipalities, or in which municipalities may participate, to be
	86	+	invested in trust funds administered, held or invested by the Treasurer.
	87	+	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
	88	+	that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
	89	+	underlined.]
87	90