Sec. 10-183m. Custody of funds.
Sec. 10-183m. Custody of funds. (a) All funds of the system shall be in the custody
of the State Treasurer who shall invest such portions of the same not required for current
disbursements in accordance with the statutes governing the investment of savings bank
funds or, when deemed prudent, in accordance with the statutes governing the investment of trust funds.
(b) When needed by the system and as authorized by statute, the State Treasurer
shall accept and hold general obligation bonds of the state. Such bonds shall have maturities fixed with due regard for the needs of the system and shall bear interest at a rate equal
to the average rate of return, to the nearest one-eighth of one per cent, on investments of
funds of the system for the two fiscal years preceding the date of issue. Said Treasurer
may hold such bonds to maturity or may at any time prior to maturity sell such bonds
or a portion thereof, whether in the original form, rate of interest and denominations or
in such other form, rate of interest and denominations as said treasurer may approve. The
net proceeds from such sales shall be used for the purpose of paying benefits provided for
in this chapter.
(c) On order of the board, the State Treasurer shall transfer such amounts in favor
of said board as are necessary to pay all benefits provided for in this chapter.
(d) Upon certification by the board, the Comptroller shall draw an order on the
Treasurer monthly for such amount as is necessary to pay benefits authorized under this
chapter from sums appropriated for that purpose.
(e) Not later than the third Wednesday in July of each year, the State Treasurer
shall file with the Insurance Commissioner and with the secretary of the board a sworn
statement exhibiting the condition of the funds of the system on the thirtieth day of the
preceding June and their financial transactions for the year ending on such date. Such
statements shall be in the form prescribed by said board.
(f) The board shall submit to the Governor, as provided in section 4-60, a detailed
statement of the membership, retirements, withdrawals, investments, incomes and expenditures of the system. The statement shall be printed by the Secretary of the Office
of Policy and Management.
(P.A. 78-208, S. 12, 35; 78-228, S. 6, 8; P.A. 91-52, S. 1, 2.)
History: P.A. 78-228 made technical changes; P.A. 91-52 amended Subsec. (c) to allow the treasurer to transfer amounts
through means other than the drawing of checks.