Vermont Statutes Title 24 Sec. 5063
Terms Used In Vermont Statutes Title 24 Sec. 5063
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the Board of Trustees of the System provided for in section 5062 of this title to administer the System. See
- Employee: means the following persons employed on a regular basis by a school district or by a supervisory union for no fewer than 1,040 hours in a year and for no fewer than 30 hours a week for the school year, as defined in 16 V. See
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Member: means any employee included in the membership of the Retirement System under section 5053 of this title. See
- Pension: means annual payments for life derived from contributions by the State and municipality. See
- Regular interest: means interest at such rate or rates as may be established from time to time by the Board as provided in subsection 5063(b) of this title. See
- Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this chapter. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
- System: means the Municipal Employees' Retirement System of Vermont, as defined in section 5052 of this title. See
- Trustee: A person or institution holding and administering property in trust.
§ 5063. Investments; interest rate; disbursements
(a) The members of the Vermont Pension Investment Commission established in 3 Vt. Stat. Ann. 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.)