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| 3 | 3 | | LCO No. 7064 1 of 18 |
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| 4 | 4 | | |
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| 5 | 5 | | General Assembly Raised Bill No. 1557 |
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| 6 | 6 | | January Session, 2025 |
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| 7 | 7 | | LCO No. 7064 |
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| 8 | 8 | | |
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| 9 | 9 | | |
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| 10 | 10 | | Referred to Committee on FINANCE, REVENUE AND |
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| 11 | 11 | | BONDING |
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| 12 | 12 | | |
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| 13 | 13 | | |
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| 14 | 14 | | Introduced by: |
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| 15 | 15 | | (FIN) |
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| 16 | 16 | | |
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| 17 | 17 | | |
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| 18 | 18 | | |
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| 19 | 19 | | |
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| 20 | 20 | | AN ACT ESTABLISHING THE INVESTMENT BOARD AND |
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| 21 | 21 | | CONCERNING INDEPENDENT REVIEW OF THE INVESTMENT |
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| 22 | 22 | | PERFORMANCE OF THE STATE'S PENSION FUNDS. |
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| 23 | 23 | | Be it enacted by the Senate and House of Representatives in General |
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| 24 | 24 | | Assembly convened: |
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| 25 | 25 | | |
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| 26 | 26 | | Section 1. Section 3-12a of the general statutes is repealed and the 1 |
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| 27 | 27 | | following is substituted in lieu thereof (Effective July 1, 2027): 2 |
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| 28 | 28 | | In addition to the appointments [authorized] by the Investment 3 |
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| 29 | 29 | | Board under section 3-13a, as amended by this act, the Treasurer may 4 |
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| 30 | 30 | | appoint, as the Treasurer determines is necessary, officers and other 5 |
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| 31 | 31 | | investment-related personnel in [other] divisions of the office of the 6 |
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| 32 | 32 | | Treasurer other than the investment department, with the approval of 7 |
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| 33 | 33 | | the Commissioner of Administrative Services and the Secretary of the 8 |
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| 34 | 34 | | Office of Policy and Management. [Such officers and investment-related 9 |
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| 35 | 35 | | personnel shall serve at the pleasure of the Treasurer.] 10 |
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| 36 | 36 | | Sec. 2. Section 3-13a of the general statutes is repealed and the 11 |
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| 37 | 37 | | following is substituted in lieu thereof (Effective July 1, 2027): 12 |
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| 38 | 38 | | Raised Bill No. 1557 |
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| 39 | 39 | | |
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| 40 | 40 | | |
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| 41 | 41 | | |
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| 42 | 42 | | LCO No. 7064 2 of 18 |
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| 43 | 43 | | |
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| 44 | 44 | | (a) (1) The [Treasurer, with the advice and consent of the Investment 13 |
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| 45 | 45 | | Advisory Council] Investment Board established pursuant to subsection 14 |
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| 46 | 46 | | (b) of section 3-13b, as amended by this act, shall appoint a chief 15 |
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| 47 | 47 | | investment officer and may appoint a deputy chief investment officer, 16 |
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| 48 | 48 | | principal investment officers, investment officers and other personnel to 17 |
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| 49 | 49 | | assist the chief investment officer, for the Connecticut retirement 18 |
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| 50 | 50 | | pension and trust funds, who shall serve at the pleasure of the 19 |
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| 51 | 51 | | [Treasurer] board and whose compensation shall be determined by the 20 |
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| 52 | 52 | | [Treasurer] board within salary ranges established by the [Treasurer in 21 |
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| 53 | 53 | | consultation with the Investment Advisory Council] board. The 22 |
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| 54 | 54 | | provisions of section 4-40 shall not apply to the compensation of such 23 |
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| 55 | 55 | | officers and personnel. 24 |
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| 56 | 56 | | (2) Any chief investment officer, deputy chief investment officer, 25 |
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| 57 | 57 | | principal investment officer or other personnel who was appointed 26 |
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| 58 | 58 | | pursuant to subdivision (1) of this subsection prior to July 1, 2027, shall 27 |
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| 59 | 59 | | serve until the Investment Board appoints a successor or reappoints any 28 |
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| 60 | 60 | | such officer or personnel. 29 |
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| 61 | 61 | | (3) The chief investment officer shall be sworn to the faithful 30 |
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| 62 | 62 | | discharge of duties under law and shall, under the direction of the 31 |
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| 63 | 63 | | [Treasurer] Investment Board and subject to the provisions of sections 32 |
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| 64 | 64 | | 3-13 to 3-13d, inclusive, as amended by this act, and 3-31b, advise the 33 |
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| 65 | 65 | | [Treasurer] board on investing the trust funds of the state. The chief 34 |
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| 66 | 66 | | investment officer shall also perform such other duties as the [Treasurer] 35 |
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| 67 | 67 | | board may direct. 36 |
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| 68 | 68 | | (b) The [Treasurer] Investment Board may retain professional 37 |
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| 69 | 69 | | investment counsel to evaluate and recommend to the [Treasurer] board 38 |
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| 70 | 70 | | changes in the portfolio of the state's trust and other funds. Such counsel 39 |
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| 71 | 71 | | shall inform the [Treasurer] board of suitable investment opportunities 40 |
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| 72 | 72 | | and shall investigate the investment merit of any security or group of 41 |
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| 73 | 73 | | securities. 42 |
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| 74 | 74 | | (c) The cost of operating the investment department including the 43 |
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| 75 | 75 | | Raised Bill No. 1557 |
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| 76 | 76 | | |
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| 77 | 77 | | |
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| 78 | 78 | | |
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| 79 | 79 | | LCO No. 7064 3 of 18 |
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| 80 | 80 | | |
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| 81 | 81 | | cost of personnel and professional investment counsel retained under 44 |
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| 82 | 82 | | sections 3-13 to 3-13d, inclusive, as amended by this act, and 3-31b shall 45 |
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| 83 | 83 | | be paid by the Treasurer charging the income derived from the trust 46 |
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| 84 | 84 | | funds. 47 |
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| 85 | 85 | | Sec. 3. Section 3-13b of the general statutes is repealed and the 48 |
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| 86 | 86 | | following is substituted in lieu thereof (Effective July 1, 2027): 49 |
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| 87 | 87 | | (a) (1) There is created an Investment Advisory Council that shall 50 |
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| 88 | 88 | | consist of the following: 51 |
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| 89 | 89 | | (A) The Secretary of the Office of Policy and Management who shall 52 |
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| 90 | 90 | | serve as an ex-officio member of said council; 53 |
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| 91 | 91 | | (B) The Treasurer who shall serve as an ex-officio member of said 54 |
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| 92 | 92 | | council; 55 |
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| 93 | 93 | | (C) (i) Five public members, all of whom shall be experienced in 56 |
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| 94 | 94 | | matters relating to investments. The Governor, the president pro 57 |
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| 95 | 95 | | tempore of the Senate, the Senate minority leader, the speaker of the 58 |
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| 96 | 96 | | House of Representatives and the minority leader of the House of 59 |
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| 97 | 97 | | Representatives shall each appoint one such public member to serve for 60 |
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| 98 | 98 | | a term of four years. The appointing authority shall fill all vacancies of 61 |
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| 99 | 99 | | the public members; 62 |
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| 100 | 100 | | (ii) Such public members shall recuse themselves from discussions or 63 |
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| 101 | 101 | | votes related to any direct or indirect contract with such public member 64 |
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| 102 | 102 | | or such member's business organization or affiliate for the provision of 65 |
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| 103 | 103 | | any services for the investment of trust funds of the state; 66 |
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| 104 | 104 | | (D) Three representatives of the teachers' unions, and two 67 |
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| 105 | 105 | | representatives of the state employees' unions. On or before July 15, 68 |
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| 106 | 106 | | 1983, the teachers' unions shall jointly submit to the Treasurer a list of 69 |
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| 107 | 107 | | three nominees, and the state employees' unions or a majority thereof 70 |
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| 108 | 108 | | who represent a majority of state employees shall jointly submit to the 71 |
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| 109 | 109 | | Treasurer a list of two nominees. On or before July 30, 1983, the 72 |
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| 110 | 110 | | Raised Bill No. 1557 |
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| 111 | 111 | | |
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| 112 | 112 | | |
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| 113 | 113 | | |
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| 114 | 114 | | LCO No. 7064 4 of 18 |
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| 115 | 115 | | |
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| 116 | 116 | | Governor shall appoint five members of the council from such lists, for 73 |
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| 117 | 117 | | terms of two years. Any person appointed to fill a vacancy or to be a 74 |
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| 118 | 118 | | new member at the expiration of a given term, whose predecessor in 75 |
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| 119 | 119 | | that position was either a representative of one of the teachers' unions 76 |
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| 120 | 120 | | or one of the state employees' unions, shall also be a representative of 77 |
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| 121 | 121 | | such respective union group. Any such appointee shall be appointed by 78 |
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| 122 | 122 | | the Governor from a list of nominees submitted to the Treasurer by the 79 |
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| 123 | 123 | | teachers' unions or state employees' unions or such majority thereof, as 80 |
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| 124 | 124 | | the case may be, within thirty days of notification by the Treasurer of 81 |
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| 125 | 125 | | the existence of a vacancy or a prospective vacancy, or the expiration or 82 |
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| 126 | 126 | | prospective expiration of a term. 83 |
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| 127 | 127 | | (2) All members of the council shall serve until their respective 84 |
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| 128 | 128 | | successors are appointed and have qualified. No public member of the 85 |
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| 129 | 129 | | council shall serve more than two consecutive terms. 86 |
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| 130 | 130 | | [(b)] (3) The Governor shall designate one of the members to be 87 |
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| 131 | 131 | | chairperson of the council to serve as such at the Governor's pleasure. 88 |
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| 132 | 132 | | The Treasurer shall serve as secretary of said council. A majority of the 89 |
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| 133 | 133 | | members of the council then in office shall constitute a quorum for the 90 |
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| 134 | 134 | | transaction of any business, and action shall be by the vote of a majority 91 |
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| 135 | 135 | | of the members present at a meeting. Votes by members on investment 92 |
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| 136 | 136 | | policies shall be recorded in the minutes of each meeting. Members of 93 |
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| 137 | 137 | | said council shall not be compensated for their services but shall be 94 |
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| 138 | 138 | | reimbursed for all necessary expenses incurred in the performance of 95 |
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| 139 | 139 | | their duties as members of said council. The council shall meet at least 96 |
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| 140 | 140 | | once during each calendar quarter and at such other times as the 97 |
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| 141 | 141 | | chairperson deems necessary or upon the request of a majority of the 98 |
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| 142 | 142 | | members in office. Special meetings shall be held at the request of such 99 |
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| 143 | 143 | | majority after notice in accordance with the provisions of section 1-225. 100 |
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| 144 | 144 | | Any member who fails to attend three consecutive meetings or who fails 101 |
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| 145 | 145 | | to attend fifty per cent of all meetings held during any calendar year 102 |
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| 146 | 146 | | shall be deemed to have resigned from office. 103 |
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| 147 | 147 | | (b) (1) On and after July 1, 2027, the Investment Board shall be a 104 |
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| 148 | 148 | | Raised Bill No. 1557 |
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| 149 | 149 | | |
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| 150 | 150 | | |
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| 151 | 151 | | |
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| 152 | 152 | | LCO No. 7064 5 of 18 |
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| 153 | 153 | | |
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| 154 | 154 | | successor agency to the Investment Advisory Council. The term of each 105 |
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| 155 | 155 | | public member and union representative in office on June 30, 2026, shall 106 |
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| 156 | 156 | | end on July 1, 2027. The Investment Board shall consist of the following: 107 |
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| 157 | 157 | | (A) The Governor who shall serve as an ex-officio member of the 108 |
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| 158 | 158 | | board, or the Governor's designee; 109 |
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| 159 | 159 | | (B) The Treasurer who shall serve as an ex-officio member of the 110 |
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| 160 | 160 | | board; 111 |
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| 161 | 161 | | (C) (i) Five public members, all of whom are experienced in matters 112 |
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| 162 | 162 | | relating to investments, appointed by the Governor with the advice and 113 |
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| 163 | 163 | | consent of the General Assembly; 114 |
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| 164 | 164 | | (ii) Such public members shall recuse themselves from discussions or 115 |
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| 165 | 165 | | votes related to any direct or indirect contract with such public member 116 |
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| 166 | 166 | | or such member's business organization or affiliate for the provision of 117 |
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| 167 | 167 | | any services for the investment of trust funds of the state; 118 |
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| 168 | 168 | | (D) Three representatives of the teachers' unions, who shall be 119 |
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| 169 | 169 | | appointed by the Governor from a list of nominees submitted by the 120 |
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| 170 | 170 | | teachers' unions or a majority thereof that represents a majority of 121 |
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| 171 | 171 | | teachers; and 122 |
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| 172 | 172 | | (E) Two representatives of the state employees' unions, who shall be 123 |
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| 173 | 173 | | appointed by the Governor from a list of nominees submitted by the 124 |
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| 174 | 174 | | state employees' unions or a majority thereof that represents a majority 125 |
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| 175 | 175 | | of state employees. 126 |
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| 176 | 176 | | (2) Each member appointed under subparagraphs ( C) to (E), 127 |
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| 177 | 177 | | inclusive, of subdivision (1) of this subsection shall serve a term of four 128 |
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| 178 | 178 | | years. The Governor shall fill any vacancy for the unexpired term of a 129 |
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| 179 | 179 | | member appointed under subparagraph (C) of subdivision (1) of this 130 |
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| 180 | 180 | | subsection. The Governor shall fill any vacancy for the unexpired term 131 |
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| 181 | 181 | | of a member appointed under subparagraph (D) or (E) of subdivision 132 |
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| 182 | 182 | | (1) of this subsection from a new list of nominees submitted by the 133 |
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| 183 | 183 | | Raised Bill No. 1557 |
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| 184 | 184 | | |
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| 185 | 185 | | |
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| 186 | 186 | | |
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| 187 | 187 | | LCO No. 7064 6 of 18 |
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| 188 | 188 | | |
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| 189 | 189 | | applicable unions. 134 |
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| 190 | 190 | | (3) The Treasurer shall serve as chairperson of the Investment Board. 135 |
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| 191 | 191 | | A majority of the members of the board then in office shall constitute a 136 |
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| 192 | 192 | | quorum for the transaction of any business and action shall be by the 137 |
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| 193 | 193 | | vote of a majority of the members present at a meeting. Votes by 138 |
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| 194 | 194 | | members on investment policies shall be recorded in the minutes of each 139 |
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| 195 | 195 | | meeting. Members of the board shall not be compensated for their 140 |
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| 196 | 196 | | services but shall be reimbursed for all necessary expenses incurred in 141 |
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| 197 | 197 | | the performance of their duties as members of the board. The board shall 142 |
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| 198 | 198 | | meet at least once during each calendar quarter and at such other times 143 |
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| 199 | 199 | | as the chairperson deems necessary or upon the request of a majority of 144 |
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| 200 | 200 | | the members in office. Special meetings shall be held at the request of 145 |
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| 201 | 201 | | such majority after notice in accordance with the provisions of section 146 |
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| 202 | 202 | | 1-225. Any member who fails to attend three consecutive meetings or 147 |
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| 203 | 203 | | who fails to attend fifty per cent of all meetings held during any 148 |
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| 204 | 204 | | calendar year shall be deemed to have resigned from office. 149 |
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| 205 | 205 | | (c) (1) The [Treasurer] Investment Board shall recommend [to the 150 |
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| 206 | 206 | | Investment Advisory Council] an investment policy statement that 151 |
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| 207 | 207 | | [shall set] sets forth the standards governing investment of trust funds 152 |
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| 208 | 208 | | by the Treasurer, which are determined by the board to be in the best 153 |
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| 209 | 209 | | interest of the state. Such statement shall include, with respect to each 154 |
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| 210 | 210 | | trust fund, without limitation, (A) investment objectives; (B) asset 155 |
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| 211 | 211 | | allocation policy and risk tolerance; (C) asset class definitions, including 156 |
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| 212 | 212 | | specific types of permissible investments within each asset class and any 157 |
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| 213 | 213 | | specific limitations or other considerations governing the investment of 158 |
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| 214 | 214 | | any funds; (D) investment manager guidelines; (E) investment 159 |
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| 215 | 215 | | performance evaluation guidelines; (F) guidelines for the selection and 160 |
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| 216 | 216 | | termination of providers of investment-related services who shall 161 |
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| 217 | 217 | | include, but not be limited to, investment advisors, external money 162 |
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| 218 | 218 | | managers, investment consultants, custodians, broker-dealers, legal 163 |
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| 219 | 219 | | counsel, and similar investment industry professionals; and (G) proxy 164 |
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| 220 | 220 | | voting guidelines. A draft of the statement shall be [submitted to the 165 |
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| 221 | 221 | | Investment Advisory Council at a meeting of said council and shall be] 166 |
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| 222 | 222 | | Raised Bill No. 1557 |
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| 223 | 223 | | |
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| 224 | 224 | | |
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| 225 | 225 | | |
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| 226 | 226 | | LCO No. 7064 7 of 18 |
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| 227 | 227 | | |
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| 228 | 228 | | made available to the public [. Notice of such availability shall be 167 |
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| 229 | 229 | | published in at least one newspaper having a general circulation in each 168 |
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| 230 | 230 | | municipality in the state which publication shall be not less than two 169 |
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| 231 | 231 | | weeks prior to such meeting. Said council shall review the draft 170 |
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| 232 | 232 | | statement and shall publish any recommendations it may have for 171 |
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| 233 | 233 | | changes to such statement in the manner provided for publication of the 172 |
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| 234 | 234 | | statement by the Treasurer. The Treasurer shall thereafter adopt the 173 |
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| 235 | 235 | | statement, including any such changes the Treasurer deems 174 |
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| 236 | 236 | | appropriate, with the approval of a majority of the members appointed 175 |
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| 237 | 237 | | to said council. If a majority of the members appointed to said council 176 |
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| 238 | 238 | | fail to approve such statement, such majority shall provide the reasons 177 |
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| 239 | 239 | | for its failure to approve to the Treasurer who may submit an amended 178 |
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| 240 | 240 | | proposed statement at a subsequent regular or special meeting of said 179 |
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| 241 | 241 | | council. Such revised proposed statement shall be made available to the 180 |
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| 242 | 242 | | public in accordance with the provisions of the Freedom of Information 181 |
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| 243 | 243 | | Act, as defined in section 1-200. Any revisions or additions to the 182 |
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| 244 | 244 | | investment policy statement shall be made in accordance with the 183 |
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| 245 | 245 | | procedures set forth in this subdivision for the adoption of the 184 |
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| 246 | 246 | | statement. The Treasurer] and the board shall thereafter adopt the 185 |
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| 247 | 247 | | statement, including any changes the board deems to be in the best 186 |
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| 248 | 248 | | interest of the state and that are approved by a majority of the members 187 |
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| 249 | 249 | | in office. The board shall annually review the investment policy 188 |
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| 250 | 250 | | statement and [shall consult with the Investment Advisory Council 189 |
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| 251 | 251 | | regarding possible revisions to such statement] make available to the 190 |
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| 252 | 252 | | public any changes the board deems to be in the best interest of the state 191 |
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| 253 | 253 | | and that are approved by a majority of the members in office. The board 192 |
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| 254 | 254 | | shall thereafter adopt such revised statement. 193 |
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| 255 | 255 | | (2) [All] The Investment Board shall oversee all trust fund 194 |
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| 256 | 256 | | investments [by the Treasurer shall be reviewed by the Investment 195 |
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| 257 | 257 | | Advisory Council. The Treasurer shall provide to the council all 196 |
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| 258 | 258 | | information regarding such investments which the Treasurer deems 197 |
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| 259 | 259 | | relevant to the council's review and such other information as may be 198 |
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| 260 | 260 | | requested by the council. The Treasurer shall provide a report at each 199 |
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| 261 | 261 | | Raised Bill No. 1557 |
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| 262 | 262 | | |
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| 263 | 263 | | |
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| 264 | 264 | | |
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| 265 | 265 | | LCO No. 7064 8 of 18 |
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| 266 | 266 | | |
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| 267 | 267 | | regularly scheduled meeting of the Investment Advisory Council as to 200 |
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| 268 | 268 | | the status of the trust funds and any significant changes that may have 201 |
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| 269 | 269 | | occurred or that may be pending with regard to the funds. The council] 202 |
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| 270 | 270 | | and shall promptly notify the Auditors of Public Accounts and the 203 |
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| 271 | 271 | | Comptroller of any unauthorized, illegal, irregular or unsafe handling 204 |
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| 272 | 272 | | or expenditure of trust funds or breakdowns in the safekeeping of trust 205 |
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| 273 | 273 | | funds or contemplated action to do the same within said council's 206 |
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| 274 | 274 | | knowledge. [The Governor may direct the Treasurer to change any 207 |
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| 275 | 275 | | investments made by the Treasurer when in the judgment of said 208 |
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| 276 | 276 | | council such action is for the best interest of the state. Said council] The 209 |
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| 277 | 277 | | board shall make available to the public monthly investment 210 |
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| 278 | 278 | | performance reports and detailed quarterly investment performance 211 |
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| 279 | 279 | | reports that clearly show external investment manager performance and 212 |
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| 280 | 280 | | fees and benchmarks to investment performances of peer states, as 213 |
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| 281 | 281 | | defined by the board. The board shall, at the close of [the] each fiscal 214 |
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| 282 | 282 | | year, make a complete examination of the security investments of the 215 |
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| 283 | 283 | | state and determine as of June thirtieth, the value of such investments 216 |
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| 284 | 284 | | [in the custody of the Treasurer] overseen by the board and report 217 |
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| 285 | 285 | | thereon to the Governor, the General Assembly and beneficiaries of such 218 |
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| 286 | 286 | | trust funds. [administered, held or invested by the Treasurer. With the 219 |
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| 287 | 287 | | approval of the Treasurer and the council, such report may be included 220 |
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| 288 | 288 | | in the Treasurer's annual report.] 221 |
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| 289 | 289 | | (d) The Investment [Advisory Council] Board shall be within the 222 |
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| 290 | 290 | | office of the Treasurer for administrative purposes only. 223 |
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| 291 | 291 | | (e) For the purposes of this section, "teachers' union" means a 224 |
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| 292 | 292 | | representative organization for certified professional employees, as 225 |
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| 293 | 293 | | defined in section 10-153b, and "state employees' union" means an 226 |
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| 294 | 294 | | organization certified to represent state employees, pursuant to section 227 |
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| 295 | 295 | | 5-275. 228 |
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| 296 | 296 | | Sec. 4. Section 3-39b of the general statutes is repealed and the 229 |
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| 297 | 297 | | following is substituted in lieu thereof (Effective July 1, 2027): 230 |
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| 298 | 298 | | Raised Bill No. 1557 |
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| 299 | 299 | | |
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| 300 | 300 | | |
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| 301 | 301 | | |
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| 302 | 302 | | LCO No. 7064 9 of 18 |
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| 303 | 303 | | |
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| 304 | 304 | | Any state funds invested by the Treasurer shall be for the benefit of 231 |
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| 305 | 305 | | the General Fund and all interest earned on such funds shall be credited 232 |
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| 306 | 306 | | to the General Fund unless: (1) Otherwise provided by a state statute or 233 |
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| 307 | 307 | | bond indenture, (2) a written application is made by the head of any 234 |
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| 308 | 308 | | state department, institution, board, commission or other state agency 235 |
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| 309 | 309 | | citing a court order, federal regulation, terms of a grant or donation or 236 |
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| 310 | 310 | | other unusual circumstance, provided the Treasurer may file with the 237 |
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| 311 | 311 | | State Comptroller and the Auditors of Public Accounts any exception to 238 |
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| 312 | 312 | | such application, or (3) the [Treasurer] Investment Board established 239 |
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| 313 | 313 | | pursuant to subsection (b) of section 3-13b, as amended by this act, 240 |
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| 314 | 314 | | deems that it is in the best interest of the state that the investment of 241 |
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| 315 | 315 | | such funds and any earning therefrom be for the benefit of and credited 242 |
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| 316 | 316 | | to another fund. 243 |
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| 317 | 317 | | Sec. 5. Subdivision (11) of section 1-79 of the general statutes is 244 |
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| 318 | 318 | | repealed and the following is substituted in lieu thereof (Effective July 1, 245 |
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| 319 | 319 | | 2027): 246 |
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| 320 | 320 | | (11) "Public official" means any state-wide elected officer or officer-247 |
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| 321 | 321 | | elect, any member or member-elect of the General Assembly, any person 248 |
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| 322 | 322 | | appointed to any office of the legislative, judicial or executive branch of 249 |
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| 323 | 323 | | state government by the Governor or an appointee of the Governor, 250 |
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| 324 | 324 | | with or without the advice and consent of the General Assembly, any 251 |
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| 325 | 325 | | public member or representative of the teachers' unions or state 252 |
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| 326 | 326 | | employees' unions appointed to the Investment [Advisory Council] 253 |
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| 327 | 327 | | Board pursuant to subsection [(a)] (b) of section 3-13b, as amended by 254 |
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| 328 | 328 | | this act, any person appointed or elected by the General Assembly or by 255 |
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| 329 | 329 | | any member of either house thereof, any member or director of a quasi-256 |
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| 330 | 330 | | public agency and the spouse of the Governor, but does not include a 257 |
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| 331 | 331 | | member of an advisory board, a judge of any court either elected or 258 |
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| 332 | 332 | | appointed or a senator or representative in Congress. 259 |
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| 333 | 333 | | Sec. 6. Subdivision (1) of subsection (a) of section 1-83 of the general 260 |
|---|
| 334 | 334 | | statutes is repealed and the following is substituted in lieu thereof 261 |
|---|
| 335 | 335 | | (Effective July 1, 2027): 262 |
|---|
| 336 | 336 | | Raised Bill No. 1557 |
|---|
| 337 | 337 | | |
|---|
| 338 | 338 | | |
|---|
| 339 | 339 | | |
|---|
| 340 | 340 | | LCO No. 7064 10 of 18 |
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| 341 | 341 | | |
|---|
| 342 | 342 | | (a) (1) All state-wide elected officers, members of the General 263 |
|---|
| 343 | 343 | | Assembly, department heads and their deputies, members or directors 264 |
|---|
| 344 | 344 | | of each quasi-public agency, members of the Investment [Advisory 265 |
|---|
| 345 | 345 | | Council] Board established under subsection (b) of section 3-13b, as 266 |
|---|
| 346 | 346 | | amended by this act, and such members of the Executive Department 267 |
|---|
| 347 | 347 | | and such employees of quasi-public agencies as the Governor shall 268 |
|---|
| 348 | 348 | | require, shall file electronically with the Office of State Ethics using the 269 |
|---|
| 349 | 349 | | software created by the office, under penalty of false statement, a 270 |
|---|
| 350 | 350 | | statement of financial interests for the preceding calendar year on or 271 |
|---|
| 351 | 351 | | before the May first next in any year in which they hold such an office 272 |
|---|
| 352 | 352 | | or position. If, in any year, May first falls on a weekend or legal holiday, 273 |
|---|
| 353 | 353 | | such statement shall be filed not later than the next business day. Any 274 |
|---|
| 354 | 354 | | such individual who leaves his or her office or position shall file 275 |
|---|
| 355 | 355 | | electronically a statement of financial interests covering that portion of 276 |
|---|
| 356 | 356 | | the year during which such individual held his or her office or position. 277 |
|---|
| 357 | 357 | | The Office of State Ethics shall notify such individuals of the 278 |
|---|
| 358 | 358 | | requirements of this subsection not later than sixty days after their 279 |
|---|
| 359 | 359 | | departure from such office or position. Such individuals shall file such 280 |
|---|
| 360 | 360 | | statement electronically not later than sixty days after receipt of the 281 |
|---|
| 361 | 361 | | notification. 282 |
|---|
| 362 | 362 | | Sec. 7. Subsection (e) of section 3-13d of the general statutes is 283 |
|---|
| 363 | 363 | | repealed and the following is substituted in lieu thereof (Effective July 1, 284 |
|---|
| 364 | 364 | | 2027): 285 |
|---|
| 365 | 365 | | (e) Notwithstanding any provision of the general statutes, neither the 286 |
|---|
| 366 | 366 | | Treasurer, the Deputy Treasurer nor any acting Treasurer shall make a 287 |
|---|
| 367 | 367 | | private equity or real estate investment without the approval of the 288 |
|---|
| 368 | 368 | | Investment [Advisory Council] Board, for the balance of the Treasurer's 289 |
|---|
| 369 | 369 | | term of office, on or after any of the following events: (1) The defeat of 290 |
|---|
| 370 | 370 | | the Treasurer (A) in a ballot for the party nomination for Treasurer at a 291 |
|---|
| 371 | 371 | | convention where said Treasurer was a candidate for nomination, (B) in 292 |
|---|
| 372 | 372 | | a primary for nomination for said office where said Treasurer was a 293 |
|---|
| 373 | 373 | | candidate for nomination, or (C) upon the completion of a recanvass of 294 |
|---|
| 374 | 374 | | the returns from such primary under section 9-445 or 9-446, whichever 295 |
|---|
| 375 | 375 | | Raised Bill No. 1557 |
|---|
| 376 | 376 | | |
|---|
| 377 | 377 | | |
|---|
| 378 | 378 | | |
|---|
| 379 | 379 | | LCO No. 7064 11 of 18 |
|---|
| 380 | 380 | | |
|---|
| 381 | 381 | | is later, (2) the defeat of the Treasurer (A) in the election for said office 296 |
|---|
| 382 | 382 | | or (B) upon the completion of a recanvass of the returns from such 297 |
|---|
| 383 | 383 | | election under section 9-311, 9-311a or 9-311b, or (3) the resignation of 298 |
|---|
| 384 | 384 | | the Treasurer. 299 |
|---|
| 385 | 385 | | Sec. 8. Subsections (c) and (d) of section 3-13g of the general statutes 300 |
|---|
| 386 | 386 | | are repealed and the following is substituted in lieu thereof (Effective July 301 |
|---|
| 387 | 387 | | 1, 2027): 302 |
|---|
| 388 | 388 | | (c) The State Treasurer (1) may divest, decide to not further invest 303 |
|---|
| 389 | 389 | | state funds or not enter into any future investment in any company 304 |
|---|
| 390 | 390 | | doing business in Iran; and (2) shall divest and not further invest in any 305 |
|---|
| 391 | 391 | | security or instrument issued by Iran. In determining whether to divest 306 |
|---|
| 392 | 392 | | state funds in accordance with the provisions of subdivision (1) of this 307 |
|---|
| 393 | 393 | | subsection, the factors that the Treasurer shall consider shall include, 308 |
|---|
| 394 | 394 | | but not be limited to, the following: (A) Revenues paid by such company 309 |
|---|
| 395 | 395 | | directly to the government of Iran; (B) whether the company is doing 310 |
|---|
| 396 | 396 | | business in Iran that involves contracts with or provision of supplies or 311 |
|---|
| 397 | 397 | | services to (i) the government of Iran, (ii) companies in which the 312 |
|---|
| 398 | 398 | | government of Iran has any direct or indirect equity share, (iii) consortia 313 |
|---|
| 399 | 399 | | or projects commissioned by the government of Iran, or (iv) companies 314 |
|---|
| 400 | 400 | | involved in consortia or projects commissioned by the government of 315 |
|---|
| 401 | 401 | | Iran where such business involves oil-related activities, mineral 316 |
|---|
| 402 | 402 | | extraction activities, investments that directly and significantly 317 |
|---|
| 403 | 403 | | contribute to the development of Iran's petroleum resources or any 318 |
|---|
| 404 | 404 | | other business activity that has been made the subject of economic 319 |
|---|
| 405 | 405 | | sanctions imposed by the United States government; (C) whether the 320 |
|---|
| 406 | 406 | | company has demonstrated complicity with an Iranian organization 321 |
|---|
| 407 | 407 | | that has been identified as a terrorist organization by the United States 322 |
|---|
| 408 | 408 | | government; (D) whether such company knowingly obstructs lawful 323 |
|---|
| 409 | 409 | | inquiries into its operations and investments in Iran; (E) whether such 324 |
|---|
| 410 | 410 | | company attempts to circumvent any applicable sanctions of the United 325 |
|---|
| 411 | 411 | | States; (F) the extent of any humanitarian activities undertaken by such 326 |
|---|
| 412 | 412 | | company in Iran; (G) whether such company is authorized by the 327 |
|---|
| 413 | 413 | | federal government of the United States to do business in Iran; and (H) 328 |
|---|
| 414 | 414 | | Raised Bill No. 1557 |
|---|
| 415 | 415 | | |
|---|
| 416 | 416 | | |
|---|
| 417 | 417 | | |
|---|
| 418 | 418 | | LCO No. 7064 12 of 18 |
|---|
| 419 | 419 | | |
|---|
| 420 | 420 | | any other factor that the Treasurer deems prudent. In the event that the 329 |
|---|
| 421 | 421 | | Treasurer determines that divestment of state funds is warranted from 330 |
|---|
| 422 | 422 | | a company in which state funds are invested due to such company 331 |
|---|
| 423 | 423 | | doing business in Iran, the Treasurer shall give notice to such company 332 |
|---|
| 424 | 424 | | that such funds shall be divested from such company for as long as such 333 |
|---|
| 425 | 425 | | company does business in Iran. 334 |
|---|
| 426 | 426 | | (d) The State Treasurer shall, at least once per fiscal year, provide a 335 |
|---|
| 427 | 427 | | report to the Investment [Advisory Council] Board on actions taken by 336 |
|---|
| 428 | 428 | | the Treasurer pursuant to the provisions of this section. 337 |
|---|
| 429 | 429 | | Sec. 9. Section 3-13i of the general statutes is repealed and the 338 |
|---|
| 430 | 430 | | following is substituted in lieu thereof (Effective July 1, 2027): 339 |
|---|
| 431 | 431 | | (a) On and after January 1, 2001, or on and after the first adoption of 340 |
|---|
| 432 | 432 | | an investment policy statement under section 3-13b of the general 341 |
|---|
| 433 | 433 | | statutes, revision of 1958, revised to January 1, 2025, whichever is later, 342 |
|---|
| 434 | 434 | | any contract for services related to the investment of trust funds, as 343 |
|---|
| 435 | 435 | | defined in section 3-13c, shall be subject to [the] such investment policy 344 |
|---|
| 436 | 436 | | statement, [adopted under section 3-13b] except that any contract for 345 |
|---|
| 437 | 437 | | services related to the investment of such trust funds, entered into on or 346 |
|---|
| 438 | 438 | | after the first adoption of an investment policy statement by the 347 |
|---|
| 439 | 439 | | Investment Board under subsection (c) of section 3-13b, as amended by 348 |
|---|
| 440 | 440 | | this act, shall be subject to the investment policy statement under 349 |
|---|
| 441 | 441 | | subsection (c) of section 3-13b, as amended by this act. 350 |
|---|
| 442 | 442 | | (b) No contract for services related to the investment of such funds 351 |
|---|
| 443 | 443 | | shall be awarded to a provider of such services until the Treasurer's 352 |
|---|
| 444 | 444 | | recommendation of a provider is reviewed by the Investment [Advisory 353 |
|---|
| 445 | 445 | | Council] Board. The Treasurer shall provide notice of such 354 |
|---|
| 446 | 446 | | recommendation at a meeting of the [council] board. Not later than 355 |
|---|
| 447 | 447 | | forty-five days after such meeting, the [council] board may file a written 356 |
|---|
| 448 | 448 | | review of the Treasurer's recommendation concerning the selection of 357 |
|---|
| 449 | 449 | | such provider with the [Office] office of the Treasurer where it shall be 358 |
|---|
| 450 | 450 | | available for public inspection. The Treasurer may proceed to award the 359 |
|---|
| 451 | 451 | | Raised Bill No. 1557 |
|---|
| 452 | 452 | | |
|---|
| 453 | 453 | | |
|---|
| 454 | 454 | | |
|---|
| 455 | 455 | | LCO No. 7064 13 of 18 |
|---|
| 456 | 456 | | |
|---|
| 457 | 457 | | contract after such forty-five-day period. 360 |
|---|
| 458 | 458 | | Sec. 10. Subsections (c) and (d) of section 3-21e of the general statutes 361 |
|---|
| 459 | 459 | | are repealed and the following is substituted in lieu thereof (Effective July 362 |
|---|
| 460 | 460 | | 1, 2027): 363 |
|---|
| 461 | 461 | | (c) The State Treasurer (1) may divest, decide to not further invest 364 |
|---|
| 462 | 462 | | state funds or not enter into any future investment in any company 365 |
|---|
| 463 | 463 | | doing business in Sudan, and (2) shall divest and not further invest in 366 |
|---|
| 464 | 464 | | any security or instrument issued by Sudan. In determining whether to 367 |
|---|
| 465 | 465 | | divest state funds in accordance with the provisions of subdivision (1) 368 |
|---|
| 466 | 466 | | of this subsection, the factors [which] that the Treasurer shall consider 369 |
|---|
| 467 | 467 | | shall include, but not be limited to, the following: (A) Revenues paid by 370 |
|---|
| 468 | 468 | | such company directly to the government of Sudan, (B) whether such 371 |
|---|
| 469 | 469 | | company supplies infrastructure or resources used by the government 372 |
|---|
| 470 | 470 | | of Sudan to implement its policies of genocide in Darfur or other regions 373 |
|---|
| 471 | 471 | | of Sudan, (C) whether such company knowingly obstructs lawful 374 |
|---|
| 472 | 472 | | inquiries into its operations and investments in Sudan, (D) whether such 375 |
|---|
| 473 | 473 | | company attempts to circumvent any applicable sanctions of the United 376 |
|---|
| 474 | 474 | | States, (E) the extent of any humanitarian activities undertaken by such 377 |
|---|
| 475 | 475 | | company in Sudan, (F) whether such company is engaged solely in the 378 |
|---|
| 476 | 476 | | provision of goods and services intended to relieve human suffering, or 379 |
|---|
| 477 | 477 | | to promote welfare, health, education, religious or spiritual activities, 380 |
|---|
| 478 | 478 | | (G) whether such company is authorized by the federal government of 381 |
|---|
| 479 | 479 | | the United States to do business in Sudan, (H) evidence that such 382 |
|---|
| 480 | 480 | | company has engaged the government of Sudan to cease its abuses in 383 |
|---|
| 481 | 481 | | Darfur or other regions in Sudan, (I) whether such company is engaged 384 |
|---|
| 482 | 482 | | solely in journalistic activities, and (J) any other factor that the Treasurer 385 |
|---|
| 483 | 483 | | deems prudent. In the event that the Treasurer determines that 386 |
|---|
| 484 | 484 | | divestment of state funds is warranted from a company in which state 387 |
|---|
| 485 | 485 | | funds are invested due to such company doing business in Sudan, the 388 |
|---|
| 486 | 486 | | Treasurer shall give notice to such company that such funds shall be 389 |
|---|
| 487 | 487 | | divested from such company for as long as such company does business 390 |
|---|
| 488 | 488 | | in Sudan. 391 |
|---|
| 489 | 489 | | Raised Bill No. 1557 |
|---|
| 490 | 490 | | |
|---|
| 491 | 491 | | |
|---|
| 492 | 492 | | |
|---|
| 493 | 493 | | LCO No. 7064 14 of 18 |
|---|
| 494 | 494 | | |
|---|
| 495 | 495 | | (d) The State Treasurer shall, at least once per fiscal year, provide 392 |
|---|
| 496 | 496 | | reports to the Investment [Advisory Council] Board on actions taken by 393 |
|---|
| 497 | 497 | | the Treasurer pursuant to the provisions of this section. 394 |
|---|
| 498 | 498 | | Sec. 11. Subsection (a) of section 3-37 of the general statutes is 395 |
|---|
| 499 | 499 | | repealed and the following is substituted in lieu thereof (Effective July 1, 396 |
|---|
| 500 | 500 | | 2027): 397 |
|---|
| 501 | 501 | | (a) The Treasurer shall, annually, on or before December thirty-first, 398 |
|---|
| 502 | 502 | | submit a final audited report to the Governor and a copy of such report 399 |
|---|
| 503 | 503 | | to the Investment [Advisory Council] Board, which shall include the 400 |
|---|
| 504 | 504 | | following information concerning the activities of the office of the State 401 |
|---|
| 505 | 505 | | Treasurer for the immediately preceding fiscal year ending June 402 |
|---|
| 506 | 506 | | thirtieth: (1) Complete financial statements and accompanying footnotes 403 |
|---|
| 507 | 507 | | for the combined investment funds prepared in accordance with 404 |
|---|
| 508 | 508 | | generally accepted accounting principles, which financial statements 405 |
|---|
| 509 | 509 | | shall be audited in accordance with generally accepted auditing 406 |
|---|
| 510 | 510 | | standards and supplementary schedules depicting the interests of the 407 |
|---|
| 511 | 511 | | component retirement plans and trust funds; (2) complete financial 408 |
|---|
| 512 | 512 | | statements and accompanying footnotes for the Short Term Investment 409 |
|---|
| 513 | 513 | | Fund prepared in accordance with generally accepted accounting 410 |
|---|
| 514 | 514 | | principles and supplementary schedules listing all assets held by the 411 |
|---|
| 515 | 515 | | Short Term Investment Fund; (3) a discussion and review of the 412 |
|---|
| 516 | 516 | | performance of the combined investment funds and Short Term 413 |
|---|
| 517 | 517 | | Investment Fund for such fiscal year in accordance with recognized and 414 |
|---|
| 518 | 518 | | appropriate performance presentation and disclosure, including an 415 |
|---|
| 519 | 519 | | analysis of the return earned by the portfolio and each combined 416 |
|---|
| 520 | 520 | | investment fund as well as the risk profile of the portfolio and each 417 |
|---|
| 521 | 521 | | combined investment fund according to investment industry standards; 418 |
|---|
| 522 | 522 | | (4) the activities and transactions in such reasonable detail as is 419 |
|---|
| 523 | 523 | | appropriate of the cash management division including information on 420 |
|---|
| 524 | 524 | | the state's cash receipts and disbursements for the fiscal year, and the 421 |
|---|
| 525 | 525 | | debt management division; (5) financial statements and accompanying 422 |
|---|
| 526 | 526 | | footnotes as well as a summary of operating results for the Second Injury 423 |
|---|
| 527 | 527 | | Fund for such fiscal year; (6) a financial summary and report on the 424 |
|---|
| 528 | 528 | | Raised Bill No. 1557 |
|---|
| 529 | 529 | | |
|---|
| 530 | 530 | | |
|---|
| 531 | 531 | | |
|---|
| 532 | 532 | | LCO No. 7064 15 of 18 |
|---|
| 533 | 533 | | |
|---|
| 534 | 534 | | activities of the state's unclaimed property program for such fiscal year; 425 |
|---|
| 535 | 535 | | (7) a listing of the companies from which state funds were divested 426 |
|---|
| 536 | 536 | | based upon such companies' business in Sudan, pursuant to the 427 |
|---|
| 537 | 537 | | provisions of section 3-21e, as amended by this act, and any companies 428 |
|---|
| 538 | 538 | | identified by the Treasurer as companies from which investment of state 429 |
|---|
| 539 | 539 | | funds has been declared impermissible by the Treasurer, pursuant to the 430 |
|---|
| 540 | 540 | | provisions of section 3-21e, as amended by this act; and (8) such other 431 |
|---|
| 541 | 541 | | information as the Treasurer deems of interest to the public. 432 |
|---|
| 542 | 542 | | Sec. 12. Subdivisions (3) and (4) of subsection (e) of section 9-612 of 433 |
|---|
| 543 | 543 | | the general statutes are repealed and the following is substituted in lieu 434 |
|---|
| 544 | 544 | | thereof (Effective July 1, 2027): 435 |
|---|
| 545 | 545 | | (3) Neither the State Treasurer, the Deputy State Treasurer, any 436 |
|---|
| 546 | 546 | | unclassified employee of the office of the State Treasurer acting on 437 |
|---|
| 547 | 547 | | behalf of the State Treasurer or Deputy State Treasurer, any candidate 438 |
|---|
| 548 | 548 | | for the office of State Treasurer, any member of the Investment 439 |
|---|
| 549 | 549 | | [Advisory Council] Board established under subsection (b) of section 3-440 |
|---|
| 550 | 550 | | 13b, as amended by this act, nor any agent of any such candidate may 441 |
|---|
| 551 | 551 | | knowingly, wilfully or intentionally solicit contributions on behalf of an 442 |
|---|
| 552 | 552 | | exploratory committee or candidate committee established by a 443 |
|---|
| 553 | 553 | | candidate for nomination or election to any public office, a political 444 |
|---|
| 554 | 554 | | committee or a party committee, from a principal of an investment 445 |
|---|
| 555 | 555 | | services firm. The provisions of this subdivision shall apply only to 446 |
|---|
| 556 | 556 | | contributions and the solicitation of contributions that are not 447 |
|---|
| 557 | 557 | | prohibited under subdivision (3) of subsection (f) of this section. 448 |
|---|
| 558 | 558 | | (4) No member of the Investment [Advisory Council] Board 449 |
|---|
| 559 | 559 | | appointed under subsection (b) of section 3-13b, as amended by this act, 450 |
|---|
| 560 | 560 | | shall make a contribution to, or solicit contributions on behalf of, an 451 |
|---|
| 561 | 561 | | exploratory committee or candidate committee established by a 452 |
|---|
| 562 | 562 | | candidate for nomination or election to the office of State Treasurer. 453 |
|---|
| 563 | 563 | | Sec. 13. (NEW) (Effective from passage) (a) (1) Not later than January 1, 454 |
|---|
| 564 | 564 | | 2026, the Office of Legislative Management shall issue a request for 455 |
|---|
| 565 | 565 | | Raised Bill No. 1557 |
|---|
| 566 | 566 | | |
|---|
| 567 | 567 | | |
|---|
| 568 | 568 | | |
|---|
| 569 | 569 | | LCO No. 7064 16 of 18 |
|---|
| 570 | 570 | | |
|---|
| 571 | 571 | | proposals for the services of a private advisory firm with demonstrated 456 |
|---|
| 572 | 572 | | expertise in asset management and financial services, to conduct an 457 |
|---|
| 573 | 573 | | annual independent review of the investment performance of the state's 458 |
|---|
| 574 | 574 | | pensions funds. Any advisory firm with a conflict of interest shall be 459 |
|---|
| 575 | 575 | | disqualified from submitting a proposal. For purposes of this section, a 460 |
|---|
| 576 | 576 | | conflict of interest exists if the advisory firm (A) has an existing contract 461 |
|---|
| 577 | 577 | | with the office of the Treasurer or for investment management of the 462 |
|---|
| 578 | 578 | | state's pension funds, (B) has accepted any fees for work related to the 463 |
|---|
| 579 | 579 | | management of the state's pension funds, (C) employs an employee or 464 |
|---|
| 580 | 580 | | employees who are affiliated with or connected to the management of 465 |
|---|
| 581 | 581 | | the state's pension funds, or (D) is likely to engage in contract work 466 |
|---|
| 582 | 582 | | related to the management of the state's pension funds within twelve 467 |
|---|
| 583 | 583 | | months of the date a proposal is submitted. 468 |
|---|
| 584 | 584 | | (2) The Office of Legislative Management shall contract with an 469 |
|---|
| 585 | 585 | | advisory firm not later than January 1, 2027, and shall notify the 470 |
|---|
| 586 | 586 | | following of the firm selected: The speaker of the House of 471 |
|---|
| 587 | 587 | | Representatives, the president pro tempore of the Senate, the minority 472 |
|---|
| 588 | 588 | | leaders of the House of Representatives and the Senate, the chairpersons 473 |
|---|
| 589 | 589 | | and ranking members of the joint standing committee of the General 474 |
|---|
| 590 | 590 | | Assembly having cognizance of matters relating to finance, revenue and 475 |
|---|
| 591 | 591 | | bonding and the office of the Treasurer. If the Office of Legislative 476 |
|---|
| 592 | 592 | | Management is unable to enter into a contract by said date, said office 477 |
|---|
| 593 | 593 | | shall inform the chairpersons of said committee and shall provide a 478 |
|---|
| 594 | 594 | | projected date by which said office expects to enter into such contract. 479 |
|---|
| 595 | 595 | | (3) Any such contract shall include a provision that if any of the 480 |
|---|
| 596 | 596 | | conditions described under subparagraphs (A) to (D), inclusive, of 481 |
|---|
| 597 | 597 | | subdivision (1) of this subsection become applicable to the advisory 482 |
|---|
| 598 | 598 | | firm, the contract shall be terminated in accordance with an agreed-483 |
|---|
| 599 | 599 | | upon timeframe set forth in such contract. 484 |
|---|
| 600 | 600 | | (4) No advisory firm that contracts with the Office of Legislative 485 |
|---|
| 601 | 601 | | Management, or any employee of such firm in a decision-making 486 |
|---|
| 602 | 602 | | capacity related to asset management, may enter into a contract with, 487 |
|---|
| 603 | 603 | | Raised Bill No. 1557 |
|---|
| 604 | 604 | | |
|---|
| 605 | 605 | | |
|---|
| 606 | 606 | | |
|---|
| 607 | 607 | | LCO No. 7064 17 of 18 |
|---|
| 608 | 608 | | |
|---|
| 609 | 609 | | receive any payments from or perform any work for the office of the 488 |
|---|
| 610 | 610 | | Treasurer or the state's pension funds for a period of two years 489 |
|---|
| 611 | 611 | | following the termination of a contract under this section with the Office 490 |
|---|
| 612 | 612 | | of Legislative Management. 491 |
|---|
| 613 | 613 | | (b) The advisory firm shall submit a report annually to the joint 492 |
|---|
| 614 | 614 | | standing committee of the General Assembly having cognizance of 493 |
|---|
| 615 | 615 | | matters relating to finance, revenue and bonding, in accordance with the 494 |
|---|
| 616 | 616 | | provisions of section 11-4a of the general statutes, for each year such 495 |
|---|
| 617 | 617 | | firm is providing services under the contract executed pursuant to 496 |
|---|
| 618 | 618 | | subsection (a) of this section. Such report shall include, but need not be 497 |
|---|
| 619 | 619 | | limited to, (1) a comparative analysis of the state's investment 498 |
|---|
| 620 | 620 | | performance, benchmarked against the performance of at least fifty peer 499 |
|---|
| 621 | 621 | | state public pension funds across aggregate performance, individual 500 |
|---|
| 622 | 622 | | asset class performance and short-term and long-term time periods, (2) 501 |
|---|
| 623 | 623 | | a comparison of the state's investment performance for each asset class 502 |
|---|
| 624 | 624 | | against commonly accepted financial benchmark indices used by a 503 |
|---|
| 625 | 625 | | majority of other states, and (3) any recommendations for 504 |
|---|
| 626 | 626 | | improvements in the investment management practices and processes 505 |
|---|
| 627 | 627 | | of the state's pension funds. 506 |
|---|
| 628 | 628 | | This act shall take effect as follows and shall amend the following |
|---|
| 629 | 629 | | sections: |
|---|
| 630 | 630 | | |
|---|
| 631 | 631 | | Section 1 July 1, 2027 3-12a |
|---|
| 632 | 632 | | Sec. 2 July 1, 2027 3-13a |
|---|
| 633 | 633 | | Sec. 3 July 1, 2027 3-13b |
|---|
| 634 | 634 | | Sec. 4 July 1, 2027 3-39b |
|---|
| 635 | 635 | | Sec. 5 July 1, 2027 1-79(11) |
|---|
| 636 | 636 | | Sec. 6 July 1, 2027 1-83(a)(1) |
|---|
| 637 | 637 | | Sec. 7 July 1, 2027 3-13d(e) |
|---|
| 638 | 638 | | Sec. 8 July 1, 2027 3-13g(c) and (d) |
|---|
| 639 | 639 | | Sec. 9 July 1, 2027 3-13i |
|---|
| 640 | 640 | | Sec. 10 July 1, 2027 3-21e(c) and (d) |
|---|
| 641 | 641 | | Sec. 11 July 1, 2027 3-37(a) |
|---|
| 642 | 642 | | Sec. 12 July 1, 2027 9-612(e)(3) and (4) |
|---|
| 643 | 643 | | Sec. 13 from passage New section |
|---|
| 644 | 644 | | Raised Bill No. 1557 |
|---|
| 645 | 645 | | |
|---|
| 646 | 646 | | |
|---|
| 647 | 647 | | |
|---|
| 648 | 648 | | LCO No. 7064 18 of 18 |
|---|
| 649 | 649 | | |
|---|
| 650 | 650 | | |
|---|
| 651 | 651 | | Statement of Purpose: |
|---|
| 652 | 652 | | To (1) establish the Investment Board and sunset the Investment |
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| 653 | 653 | | Advisory Council, and (2) require the Office of Legislative Management |
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| 654 | 654 | | to issue a request for proposals for an advisory firm to conduct an |
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| 655 | 655 | | independent review of the investment performance of the state's |
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| 656 | 656 | | pension funds relative to peer states' investment performances and |
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| 657 | 657 | | submit a report of such review on an annual basis. |
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| 658 | 658 | | |
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| 659 | 659 | | [Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except |
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| 660 | 660 | | that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not |
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| 661 | 661 | | underlined.] |
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| 662 | 662 | | |
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