Vermont House of Representatives has approved a bill that would create a new joint investment committee to oversee investment of the state's three main retirement systems — the $1.34 billion State Teachers' Retirement System, the $1.09 billion State Employees' Retirement System and the $239 million Municipal Employees' Retirement System, all in Montpelier. The bill, passed Tuesday, is being reviewed by the state Senate's government operations committee today.
The legislation would create a committee consisting of nine members, including two each from the state employees' and teachers' retirement systems; one each from the municipal employees' system, the state treasurer or designate and the governor or designate; and two public members with professional investment experience, one appointed by the treasurer and one by the governor.
Gov. James Douglas vetoed a similar bill in March because he disagreed with how the committee was constructed; the new bill addresses those concerns.