CT SB00867

Municipalities may establish one or more trusts or participate in multiemployer trusts to hold and invest assets of pension, retirement, and postemployment health and life benefit systems, approved by ordinance or two-thirds legislative vote.

Municipalities may provide for management and investment of such trusts through establishment, designation, or election/appointment of board or commission members to oversee the systems.

Funds held in municipal trusts may be invested either in accordance with pension plan terms or in trust funds administered by the State Treasurer under chapter 32, with regulations adopted under chapter 54.

All investment and management of trust assets must comply with the prudent investor rule as set forth in sections 45a-541 to 45a-541l.

Amends section 3-13c to include municipal employee retirement funds, soldiers and sailors funds, teachers' funds, state employee retirement funds, and other trust funds described under section 7-450 in the definition of "trust funds" for state investment purposes.