(a) There is established an account to be known as the “firefighters cancer relief account” which shall be a separate, nonlapsing account within the General Fund. The account shall contain any moneys required by law to be deposited in the account. Moneys in the account shall be expended by the cancer relief subcommittee of the Connecticut State Firefighters Association, established pursuant to section 7-313i, for the purposes of providing wage replacement benefits to firefighters who are diagnosed with a condition of cancer described in section 7-313j.
(b) The State Treasurer shall invest the moneys deposited in the firefighters cancer relief account in a manner reasonable and appropriate to achieve the objectives of such account, exercising the discretion and care of a prudent person in similar circumstances with similar objectives. The State Treasurer shall give due consideration to rate of return, risk, term or maturity, diversification of the total portfolio within such account, liquidity, the projected disbursements and expenditures, and the expected payments, deposits, contributions and gifts to be received. The moneys in such account shall be continuously invested and reinvested in a manner consistent with the objectives of such account until disbursed in accordance with section 3-123 and section 7-313i.
(c) The moneys in the firefighters cancer relief account shall be used solely for the purposes of providing wage replacement benefits to firefighters who are diagnosed with a condition of cancer described in section 7-313j and to fund the expenses of administering the firefighters cancer relief program established pursuant to section 7-313j.
(P.A. 16-10, S. 3; June Sp. Sess. P.A. 17-2, S. 219.)
History: P.A. 16-10 effective February 1, 2017; June Sp. Sess. P.A. 17-2 amended Subsec. (a) to delete reference to moneys deposited pursuant to Sec. 16-256g, effective October 31, 2017.