Sec. 3-13a. Investment department. Chief investment officer. Investment counsel. Costs of department.
Sec. 3-13a. Investment department. Chief investment officer. Investment
counsel. Costs of department. (a) The Treasurer shall, with the advice and consent of
the Investment Advisory Council, appoint a 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 a salary range
established by the Treasurer in consultation with the Investment Advisory Council. The
provisions of section 4-40 shall not apply to the compensation of said officer. Said
officer shall be sworn to the faithful discharge of duties under law. Said officer 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.
Said officer shall also perform such other duties as the Treasurer may direct. In addition
to said officer, the Treasurer may appoint investment officers and other personnel to
assist said chief investment officer, which officers and other personnel shall serve at
the pleasure of the Treasurer.
(b) The Treasurer may retain professional investment counsel to evaluate and recommend to to the Treasurer changes in the portfolio of the state's trust and other funds.
Said 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.
(P.A. 73-594, S. 5, 6, 8, 12; P.A. 87-518, S. 4, 5; P.A. 00-43, S. 13, 19.)
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.