§ 472. Investments; interest rate; disbursements
(a) The members of the Vermont Pension Investment Committee established in chapter 17 of this title shall be the trustees of the Funds created by this subchapter, 16 V.S.A. chapter 55, and 24 V.S.A. chapter 125, 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 in accordance with the standard of care established by the prudent investor rule under 9 V.S.A. chapter 147.
(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.
Terms Used In Vermont Statutes Title 3 Sec. 472
- assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: shall mean the board provided for in section 471 of this title to administer the Retirement System. See
- Committee: shall mean the Vermont Pension Investment Committee. See
- Employee: shall mean :
- gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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: shall mean any employee included in the membership of the Retirement System under section 457 of this title. See
- Pension: shall mean annual payments for life derived from contributions by the State. See
- Regular interest: shall mean interest at such rate or rates as may be set from time to time by the Retirement Board in accordance with subsection 472(b) of this title. See
- Retirement System: shall mean the Vermont State Retirement System as defined in section 456 of this title. 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
- trustee: A person or institution holding and administering property in trust.
(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 State Treasurer or his or her deputy, 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) Except as otherwise herein provided, no trustee and no employee of the Board or member of the Committee shall have any direct interest in the gains or profits of any investment made by the Committee; nor shall any trustee or employee of the Board or the Committee, 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 Committee; nor shall any trustee or employee of the Board or the Committee become an endorser or surety, or in any manner an obligor, for the monies loaned to or borrowed from the Board. The Treasurer, with the approval of the Board and the Committee, shall adopt by rule standards of conduct for trustees, members of the Committee, and employees of the Board and Committee in order to maintain and promote public confidence in the integrity of the Board and Committee. 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 or Committee. (Added 1971, No. 231 (Adj. Sess.), § 4; amended 1981, No. 41, § 16; 1985, No. 171 (Adj. Sess.), § 3, eff. May 7, 1986; 1987, No. 80, § 8, eff. June 9, 1987; 1997, No. 67 (Adj. Sess.), § 4; 2005, No. 50, § 5; 2007, No. 13, § 9.)