§ 522. Vermont Pension Investment Commission

(a) Members. There is created the Vermont Pension Investment Commission, an independent commission, to comprise nine members as follows:

(1) one member and one alternate, elected by the employee and retiree members of the Board of the Vermont State Employees’ Retirement System;

(2) one member and one alternate, elected by the employee and retiree members of the Board of the Vermont State Teachers’ Retirement System;

(3) one member and one alternate, elected by the municipal employee and municipal official members of the Board of the Vermont Municipal Employees’ Retirement System;

(4) two members and one alternate, who shall each be a financial expert and independent, appointed by the Governor;

(5) the State Treasurer or designee, an ex-officio voting member;

(6) one member, appointed by the other eight members of the Commission, who shall serve as Chair of the Commission and at the pleasure of the Commission;

(7) one member representing a municipal employer, appointed by the Executive Director of the Vermont League of Cities and Towns; and

(8) one member representing a school employer, appointed by the Vermont School Boards Association.

(b) Training. Members and alternates of the Commission shall be required to participate in onboarding and ongoing periodic training in investments, securities, and fiduciary responsibilities as directed by the Commission. The Commission shall provide an annual report to the respective authorities responsible for electing and appointing members and alternates regarding attendance at Commission meetings and relevant educational programs attended.

(c) Member terms.

(1) Except as provided in subdivision (2) of this section and for the ex-officio members of the Commission, all members and alternates of the Commission shall serve staggered four-year terms. A vacancy created before the expiration of a term shall be filled in the same manner as the original appointment for the unexpired portion of the term. A member or alternate appointed to fill a vacancy created before the expiration of a term shall not be deemed to have served a term for the purpose of this subsection. Members and alternates of the Commission shall be eligible for reappointment and shall serve not more than three terms; provided, however, that a single term served as an alternate shall not be used to calculate a member’s total term limit. Members and alternates of the Commission may be removed only for cause. The Commission shall adopt rules pursuant to chapter 25 of this title to define the basis and process for removal.

(2) The Chair shall serve not more than 20 years on the Commission as a chair or Commission member. If the Chair is unable to perform his or her duties, the Commission shall elect an interim chair who shall be a financial expert and independent.

(3) Terms shall end on June 30 with new terms beginning on July 1.

(4) Notwithstanding subdivision (3) of this subsection, members and alternates shall serve until their successors are appointed subject to the term limits provided in this subsection.

(d) Chair and vice chair.

(1)(A) The Chair of the Vermont Pension Investment Commission shall have the financial, investment, leadership, and governance expertise as required by policies adopted by the Commission.

(B) The Chair shall be a nonvoting member, except in the case of a tie vote.

(2) The Vermont Pension Investment Commission shall elect a vice chair from among its members.

(e) Eligibility. No legislator who is currently serving in the General Assembly shall serve on the Commission.

(f) Meetings.

(1) Five members of the Commission shall constitute a quorum.

(2) If a member is not in attendance, the alternate of that member shall be eligible to act as a member of the Commission during the absence of the member.

(3) Five concurring votes shall be necessary for a decision of the Commission at any meeting of the Commission, except that any decision of the Commission relating to setting actuarial assumptions pursuant to subdivision 523(b)(1) of this title shall require six concurring votes.

(g) Leave time. Public employee members and alternates shall be granted reasonable leave time by their employers to attend Commission meetings and Commission-related educational programs.

(h) Compensation and reimbursements. Members and alternates of the Commission who are not public employees shall be entitled to per diem compensation as permitted in 32 V.S.A. § 1010 and reimbursement for all necessary expenses that they may incur through service on the Commission from the funds of the retirement systems. The Chair of the Commission may be compensated from the funds at a level as recommended by the other members of the Commission and approved through the State budget process.

(i) Assistance and expenses.

(1) The Commission may collect proportionally from the funds of the three retirement systems and any individual municipalities that have been allowed to invest their retirement funds pursuant to subsection 523(a) of this title, any expenses incurred that are associated with carrying out its duties, and any expenses incurred by the Treasurer’s office in support of the Commission.

(2) The Attorney General shall serve as legal advisor to the Commission. (Added 2005, No. 50, § 2; amended 2007, No. 100 (Adj. Sess.), § 2; 2009, No. 139 (Adj. Sess.), § 3; 2021, No. 75, § 1, eff. June 8, 2021; 2021, No. 185 (Adj. Sess.), § E.134.1, eff. July 1, 2022; 2023, No. 53, § 4, eff. June 8, 2023.)