Bill Summary: SB00525 - Connecticut Investment Board

• Establishes a new Connecticut Investment Board effective January 1, 2019, replacing the Investment Advisory Council with seven public members and two ex-officio members (State Treasurer and Banking Commissioner).

• Requires the State Treasurer to obtain prior approval from the Connecticut Investment Board for all trust fund investments, private equity/real estate investments, and other state fund investments effective January 1, 2019.

• Sunsets the Investment Advisory Council on December 31, 2018, with all public member terms ending on that date; the board assumes all advisory and approval functions for investment policy and decisions.

• Makes Connecticut Investment Board members public officials subject to ethics requirements but exempts them from financial disclosure statements and allows members with financial interests to serve if they abstain from related votes.

• Applies board approval requirements to numerous state investment funds and accounts, including pension funds, mortgage programs, housing funds, and environmental cleanup accounts across more than 40 statutes.