CT SB00453

Office of Legislative Management must issue a request for proposals by January 1, 2025 for a private advisory firm to conduct annual independent reviews of Connecticut's pension fund investment performance.

Advisory firms are disqualified if they have existing contracts with the Treasurer, have accepted fees for pension fund management work, employ staff affiliated with pension fund management, or are likely to engage in such work within 12 months.

Office of Legislative Management must contract with an advisory firm by January 1, 2026 and notify legislative leadership and the Treasurer of the selection.

Contracted firms and their decision-making employees are prohibited from working with the Treasurer or state pension funds for two years following contract termination.

Advisory firm must submit annual reports comparing Connecticut's pension fund performance against at least 50 peer state public pension funds, benchmark indices, and provide recommendations for investment management improvements.