CT HB05405

Allows the Treasurer to appoint a chief investment officer, deputy chief investment officer, principal investment officers, and other personnel to manage Connecticut retirement pension and trust funds, with compensation determined by the Treasurer in consultation with the Investment Advisory Council.

Restructures the Investment Advisory Council to consist of the Secretary of Policy and Management, the Treasurer, five public members appointed by the Governor and legislative leaders, three teachers' union representatives, and two state employees' union representatives.

Requires public members of the council to recuse themselves from discussions or votes related to any direct or indirect contracts with their business organizations for investment services.

Mandates the Treasurer to recommend an investment policy statement to the council covering investment objectives, asset allocation, risk tolerance, investment manager guidelines, and proxy voting guidelines, subject to council review and majority approval.

Requires the Treasurer to submit quarterly reports to the Investment Advisory Council beginning September 30, 2022, listing all contracts awarded for investment services and their values, with the council able to file written reviews of deviating contracts within 45 days.