Vermont § 5063 - Investments; interest rate; disbursements

§ 5063. 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 Fund created by this chapter, and with respect to
  them may invest and reinvest the assets of the Fund, and hold, purchase, sell, assign,
  transfer, and dispose of the securities and investments in which the assets of the
  Fund have been invested and reinvested. Investments shall be made with judgment and
  care, under circumstances then prevailing, which persons of prudence, discretion,
  and intelligence exercise in the management of their own affairs, not for speculation,
  but for investment, considering the probable safety of capital as well as the probable
  income to be derived. (b) From time to time, the Retirement Board shall set the rate or rates of regular interest
  at such percent rate compounded annually as shall be determined by the Board, such
  rate to be limited to a minimum of three percent and a maximum of five percent. (c) The State Treasurer shall be the custodian of the assets of the Fund of the Retirement
  System. All payments from the Fund shall be made by the Treasurer or by the Deputy
  Treasurer, with approval of the Retirement Board. A duly attested copy of a resolution
  of the Retirement Board designating such persons and bearing on its face specimen
  signatures of such persons shall be filed with the State Treasurer as his or her authority
  for making payments upon such vouchers. (d) [Repealed.] (e) Except as otherwise herein provided, no trustee and no employee of the Retirement
  Board or 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,
  member of the Commission, 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 monies loaned to or borrowed from the Board. (Added 1973, No. 251 (Adj. Sess.), § 3; amended 1981, No. 41, § 37; 1985, No. 171 (Adj. Sess.), § 5, eff. May 7, 1986; 1987, No. 80, § 10, eff. June 9, 1987; 1995, No. 118 (Adj. Sess.), § 2; 2005, No. 50, § 9; 2007, No. 13, § 45; 2021, No. 75, § 9, eff. June 8, 2021.)