(a) The Vermont Pension Investment Committee shall be responsible for the investment of the assets of the State Teachers' Retirement System of Vermont, the Vermont State Employees' Retirement System, and the Vermont Municipal Employees' Retirement System pursuant to section 472 of this title, 16 V.S.A. § 1943, and 24 V.S.A. § 5063. The Committee shall strive to maximize total return on investment, within acceptable levels of risk for public retirement systems, in accordance with the standards of care established by the prudent investor rule under 14A V.S.A. § 902. The Committee may, in its discretion, subject to approval by the Attorney General, also enter into agreements with municipalities administering their own retirement systems to invest retirement funds for those municipal pension plans. The State Treasurer shall serve as the custodian of the funds of all three retirement systems.

(b) Members and alternates of the Committee who are not public employees shall be entitled to compensation as set forth in 32 V.S.A. § 1010 and reimbursement for all necessary expenses that they may incur through service on the committee from the funds of the retirement systems. The Chair of the Committee may be compensated from the funds at a level not to exceed one-third of the salary of the State Treasurer, as determined by the other members of the Committee.

(c) The Committee shall keep a record of all its proceedings which shall be open for public inspection.

(d) The Committee shall formulate policies and procedures deemed necessary and appropriate to carry out its functions, including a written statement of the responsibilities of and expectations for the Chair of the Committee.

(e) The Attorney General shall serve as legal advisor to the Committee.

(f) Contracts approved by the Committee and related documents may be executed by the Chair, or in the Chair's absence, the Vice Chair.

(g) Notwithstanding any other provision of law to the contrary, changes to the actuarial rate of return shall be made at a joint meeting of the Committee and the appropriate Retirement Board. The Board and Committee shall review the recommendations of the actuary and the investment consultant. A change to an actuarial rate of return shall be by joint resolution of the Board and Committee. Each body shall vote according to its own procedures. In the event that the Board and Committee are unable to agree on an actuarial rate of return, the existing assumed rate of return shall remain in effect. (Added 2005, No. 50, § 2; amended 2005, No. 215 (Adj. Sess.), § 277b; 2007, No. 100 (Adj. Sess.), § 3; 2007, No. 176 (Adj. Sess.), § 18, May 28, 2008; 2009, No. 139 (Adj. Sess.), § 4.)