CT SB00881

Authorizes the State Treasurer to appoint a deputy chief investment officer and additional investment personnel with approval of the Commissioner of Administrative Services and Secretary of the Office of Policy and Management, effective October 1, 2011.

Requires the State Treasurer to review state investment holdings and may divest or avoid investing in companies doing business in Iran, considering factors including revenues to Iran's government, involvement in oil or mineral extraction, terrorist connections, and sanctions violations.

Divests all state funds from securities issued directly by Iran and ceases effectiveness if Iran is no longer designated a state sponsor of terrorism and the President certifies Iran has ceased nuclear weapons development efforts.

Adds the State Treasurer (or designee) as a nonvoting ex-officio member to the Connecticut State Employees Retirement Commission and expands the definition of "company" to include majority-owned subsidiaries, parent companies, and affiliates.

Permits the Governor to approve temporary borrowing by the Treasurer with a two-year redemption deadline and requires the Governor to notify legislative finance committees of such borrowing approvals.