§ 522. Vermont Pension Investment Committee

(a) There is created the Vermont Pension Investment Committee to comprise seven members as follows:

(1) one member and one alternate, who may or may not be trustees of the Board of the Vermont State Employees' Retirement System, elected by the employee and retiree members of that board;

(2) one member and one alternate, who may or may not be trustees of the Board of the State Teachers' Retirement System of Vermont, elected by the employee and retiree members of that Board;

(3) one member and one alternate, who may or may not be trustees of the Board of the Vermont Municipal Employees' Retirement System, elected by the municipal employee and municipal official members of that Board;

(4) two members and one alternate, appointed by the Governor;

(5) the State Treasurer or designee; and

(6) one member, appointed by the other six voting members of the Committee, who shall serve as Chair of the Committee and at the pleasure of the Committee.

(b) An authority responsible for electing or appointing a member or alternate shall consider the experience and knowledge of potential members and alternates consistent with the purposes of the Committee, and shall inform potential members and alternates that they shall participate in ongoing training in investments, securities, and fiduciary responsibilities as directed by the Committee.

(c) Initially, one appointee and the alternate appointee of the Governor shall serve a two-year term, and the second appointee shall serve for a four-year term. Thereafter, the Governor's appointees and alternate appointee shall serve for four-year terms. Initially, the member and alternate chosen by the Vermont Municipal Employees' Retirement Board shall serve for a two-year term, the member and alternate chosen by the Vermont State Teachers' Retirement Board shall serve for a three-year term and the member and alternate chosen by the Vermont State Employees' Retirement Board shall serve for a four-year term. Thereafter, all members and alternates shall serve for four-year terms.

(d) The Chair of the Vermont Pension Investment Committee shall be a nonvoting member, except in the case of a tie vote.

(e) The Vermont Pension Investment Committee shall elect a vice chair from among its members.

(f) Four members of the Committee shall constitute a quorum. If a member is not in attendance, the alternate of that member shall be eligible to act as a member of the Committee during the absence of the member. Four concurring votes shall be necessary for a decision of the Committee at any meeting of the Committee. The Committee shall be attached to the Office of the State Treasurer for administrative support, and the expenses of the Committee and the Treasurer's office in support of the Committee shall be paid proportionately from the funds of the three retirement systems and any individual municipalities that have been allowed to invest their retirement funds pursuant to subsection 523(a) of this title.

(g) Public employee members and alternates shall be granted reasonable leave time by their employers to attend Committee meetings and Committee-related educational programs.

(h) The Committee shall provide an annual report to the respective authorities responsible for electing and appointing members and alternates regarding attendance at Committee meetings and relevant educational programs attended.

(i) A vacancy of an elected or appointed member or alternate shall be filled for the remainder of the term by the authority responsible for electing or appointing that member or alternate. (Added 2005, No. 50, § 2; amended 2007, No. 100 (Adj. Sess.), § 2; 2009, No. 139 (Adj. Sess.), § 3.)