Vermont § 1943 - Investments; interest rate; disbursements

§ 1943. Investments; interest rate; disbursements

• (a) The members of the Vermont Pension Investment Commission established in 3 V.S.A. chapter
  17 shall be the trustees of the Pension Fund created by this chapter, and with respect
  to them may invest and reinvest the assets of the Pension Fund, and hold, purchase,
  sell, assign, transfer, and dispose of the securities and investments in which the
  assets of the Pension Fund have been invested and reinvested. Investments shall be
  made in accordance with the standard of care established by the prudent investor rule
  under 14A V.S.A. chapter 9. (b) The Board from time to time shall set rates of regular interest at such percentages
  compounded annually as it determines to be equitable both to members and to taxpayers
  of the State, but not less than three percent nor more than five percent. (c) The State Treasurer shall be the custodian of the assets of the Pension Fund of the
  System. All payment from the Pension Fund shall be made by the Treasurer or by a deputy
  treasurer, only upon vouchers signed by two persons designated by the Board. A duly
  attested copy of a resolution of the Board designating such persons and bearing on
  its face specimen signatures of such persons shall be filed with the State Treasurer
  as authority for making payments upon such vouchers. No vouchers shall be drawn unless
  it has previously been authorized by resolution of the Board. (d) Except as otherwise provided in this section, no trustee and no employee of the Board
  or member of the Vermont Pension Investment Commission shall have any direct interest
  in the gains or profits of any investment made by the Commission; nor shall any trustee
  or employee of the Board or Commission, directly or indirectly, for himself or herself
  or as an agent, in any manner use the same except to make such current and necessary
  payments as are authorized by the Board or Commission; nor shall any trustee or employee
  of the Board or Commission become an endorser or surety, or in any manner an obligor,
  for the monies loaned to or borrowed from the Board. The State Treasurer, with the
  approval of the Board and the Commission, shall adopt by rule standards of conduct
  for trustees and employees of the Board in order to maintain and promote public confidence
  in the integrity of the Board. Such rules shall prohibit trustees and employees from
  receiving or soliciting any gift, including meals, alcoholic beverages, travel fare,
  room and board, or any other thing of value, tangible or intangible, from any vendor
  or potential vendor of investment services, management services, brokerage services,
  and other services to the Board. (Amended 1963, No. 110, § 4, eff. May 28, 1963; 1967, No. 13; 1967, No. 29, § 1, eff. March 14, 1967; 1981, No. 41, § 30; 1985, No. 171 (Adj. Sess.), § 4, eff. May 7, 1986; 1987, No. 80, § 9, eff. June 9, 1987; 1997, No. 67 (Adj. Sess.), § 3; 2005, No. 50, § 7; 2007, No. 13, § 31; 2015, No. 23, § 39; 2017, No. 165 (Adj. Sess.), § 16; 2019, No. 131 (Adj. Sess.), § 85; 2021, No. 75, § 7, eff. June 8, 2021.)