§ 35-10-15. Disclosure of performance and expenses.
(a) In 2015, the office of general treasurer launched the "Transparent Treasury Initiative�
in order to assist the public in accessing information regarding how the state's pension
investments are managed and invested; how such investments are performing; and to
provide an overview of the state's pension investment strategies. The purpose of this
section is to provide a statutory requirement for the continuance of several aspects
of this initiative.
(b) The state investment commission shall, on a best-effort basis, compile and disclose
in a manner readily accessible to the public the following information:
(1) On a quarterly basis, as to each investment vehicle and as to all vehicles in the
aggregate, the current values of the investment, and the annualized performance of
the investment, net of fees and expenses;
(2) On an annual basis, as to each vehicle and as to all vehicles in the aggregate, the
dollar amount of fees and expenses paid to each manager including, if applicable,
management fees, performance fees, and fund expenses.
(c) Disclosure of expenses in subsection (b)(2) of this section shall only be required
for investments initiated by the retirement system on or after June 30, 2017.
(d) The general treasurer shall use best efforts to calculate and verify the relevant
information necessary for the state investment commission to comply with these disclosure
requirements.
(e) For purposes of this section:
(1) "Investment� means an investment in a mutual fund, index fund, private equity fund,
a venture capital fund, a hedge fund, a real estate fund, infrastructure fund, or
any other investment vehicle in which retirement system assets are invested.
(2) "Investment vehicle� means the mutual fund, index fund, limited partnership, limited-liability
company or similar legal structure through which the retirement system makes an investment.
(3) "Retirement system� means the employees' retirement system of the state established
by § 36-8-2.