§ 3-13a — Investment department. Chief investment officer and other personnel. Investment counsel. Costs of department.

Connecticut § 3-13a

• Jurisdiction: Connecticut
• Title 3: State Elective Officers
• Ch. 32: Treasurer

Text

(a) The Treasurer, with the advice and consent of the Investment Advisory Council, shall appoint a chief investment officer and may appoint a deputy chief investment officer, principal investment officers, investment officers and other personnel to assist the chief investment officer, for the Connecticut retirement pension and trust funds, who shall serve at the pleasure of the Treasurer and whose compensation shall be determined by the Treasurer within salary ranges established by the Treasurer in consultation with the Investment Advisory Council. The provisions of section 4-40 shall not apply to the compensation of such officers and personnel. The chief investment officer shall be sworn to the faithful discharge of duties under law and shall, under the direction of the Treasurer and subject to the provisions of sections 3-13 to 3-13d, inclusive, and 3-31b, advise the Treasurer on investing the trust funds of the state. The chief investment officer shall also perform such other duties as the Treasurer may direct. (b) The Treasurer may retain professional investment counsel to evaluate and recommend to the Treasurer changes in the portfolio of the state's trust and other funds. Such counsel shall inform the Treasurer of suitable investment opportunities and shall investigate the investment merit of any security or group of securities. (c) The cost of operating the investment department including the cost of personnel and professional investment counsel retained under sections 3-13 to 3-13d , inclusive, and 3-31b shall be paid by the Treasurer charging the income derived from the trust funds.

Legislative History

(P.A. 73-594, S. 5, 6, 8, 12; P.A. 87-518, S. 4, 5; P.A. 00-43, S. 13, 19; Sept. Sp. Sess. P.A. 09-7, S. 11; P.A. 11-82, S. 2; P.A. 16-113, S. 1; P.A. 23-204, S. 388.) History: P.A. 87-518 substituted “assistant” treasurer for “deputy” treasurer in Subsec. (a); P.A. 00-43 amended Subsec. (a) to change the title of assistant treasurer for investments to chief investment officer and to provide for the compensation of said officer and amended Subsec. (b) to make a technical change for purposes of gender neutrality, effective May 3, 2000; Sept. Sp. Sess. P.A. 09-7 amended Subsec. (a) to permit Treasurer to appoint deputy chief investment officer and principal investment officers, effective October 5, 2009; P.A. 11-82 amended Subsec. (a) to replace former provisions re appointment of deputy chief investment officer with provision re appointment of deputy to assist chief investment officer, to eliminate requirement for advice and consent of Investment Advisory Council in appointment of investment-related personnel and to make conforming changes, effective July 8, 2011; P.A. 16-113 amended Subsec. (a) by adding reference to principal investment officers in provision re officers Treasurer may appoint in consultation with Investment Advisory Council and making a conforming change, effective June 20, 2016; P.A. 23-204 amended Subsec. (a) to move provision re appointment of investment officers and other personnel to provision re appointments by Treasurer whose compensation shall be determined by Treasurer, and amended Subsecs. (a) and (b) to make technical changes, effective June 12, 2023.