§ 472. Investments; interest rate; disbursements
(a) The members of the Vermont Pension Investment Commission 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.
(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 provided for in this section, no trustee and no employee of the
Board or member of the 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 the Commission, directly or indirectly, for the trustee or employee 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 the Commission 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 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 or Commission. (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; 2021, No. 75, § 5, eff. June 8, 2021; 2025, No. 18, § 10, eff. May 13, 2025.)