The Vermont Statutes Online

Title 3 : Executive

Chapter 018 : VT Saves

• § 533. Duties of the State Treasurer

  In carrying out the purposes of this chapter, the Treasurer:

  (1) May adopt such rules, pursuant to the Vermont Administrative Procedure Act, as the Treasurer determines to be necessary or advisable for the implementation and general administration and operation of the Program, including rules governing:

  (A) the distribution of funds from the Program and promoting portability of benefits, including the ability to make tax-free rollovers or transfers from IRAs under the Program to other IRAs or to tax-qualified plans that accept such rollovers or transfers; and

  (B) that each participant’s initial contributions, up to a specified dollar amount or for a specified period of time, are required to be invested in a principal preservation investment or must be defaulted into such an investment, unless the participant affirmatively opts for a different investment for those contributions.

  (2) May make and enter into contracts, agreements, memoranda of understanding, arrangements, partnerships, or other arrangements to collaborate, cooperate, coordinate, contract, or combine resources, investments, or administrative functions with other governmental entities, including states or their agencies or instrumentalities that maintain or are establishing retirement savings programs compatible with the Program, including collective, common, or pooled investments with other funds of other states’ programs with which the assets of the Program and Trust are permitted by law to be collectively invested, to the extent necessary or desirable for the effective and efficient design, administration, and implementation of the Program. The Treasurer is authorized to use sole source or simplified bid processes as may be consistent with the purposes of this chapter.

  (3) May contract with financial institutions, a trustee, a record keeper, investment managers, investment advisors, other administrative, professional and expert advisors and service providers or other organizations offering or servicing retirement programs.

  (4) Shall establish criteria and guidelines for the Program to offer qualified retirement investment choices.

  (5) Shall cause the Program and accounts established under the Program to be designed, established, invested, and operated in accordance with best practices for retirement savings accounts and to avoid preemption of the Program by federal law.

  (6) May apply for and accept any grants, gifts, legislative appropriations, loans, and other funds from the State, any unit of federal, state, or local government or any other person, firm, or entity to defray Program costs.

  (7) Shall evaluate the need for, and procure if necessary, insurance against any loss in connection with the property, assets, or activities of the Program as well as establish procedures for abandoned accounts pursuant to 27 V.S.A. chapter 13.

  (8) Shall enter into agreement with the Vermont Department of Taxes to:

  (A) facilitate the checking of Program eligibility for employers and employees; and

  (B) pursuant to 32 V.S.A. § 3102(e), share tax return information sufficient to verify wages to determine the ability of an individual to be covered by the Program.

  (9) May enter into an intergovernmental agreement or memorandum of understanding with any agency or instrumentality of the State to receive outreach, technical assistance, enforcement, and compliance services; collection or dissemination of information pertinent to the Program, subject to such obligations of confidentiality as may be agreed to or required by law; or other services or assistance. The State and any agencies or instrumentalities of the State that enter into such agreements or memoranda of understanding shall collaborate to provide the outreach, assistance, information, and compliance or other services or assistance to the Program. The agreements or memoranda of understanding may cover the sharing of costs incurred in gathering and disseminating information and the reimbursement of costs for any enforcement activities or assistance.

  (10) Discharge the Treasurer’s duties as fiduciary with respect to the Program solely in the interest of the Participants as follows: for the exclusive purpose of providing benefits to Participants and defraying reasonable expenses of administering the Program and with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an enterprise of a like character and with like aims. (Added 2023, No. 43, § 1, eff. July 1, 2023.)