CT SB01557

Creates a new Investment Board effective July 1, 2027 to replace the existing Investment Advisory Council, with the Board assuming oversight responsibility for all state trust fund investments and appointing the chief investment officer and investment staff

The Investment Board will consist of 12 members: the Governor (or designee), the Treasurer as chairperson, five public members with investment experience appointed by the Governor with General Assembly consent, three teachers' union representatives, and two state employees' union representatives serving four-year terms

Transfers key investment authorities from the Treasurer to the Investment Board, including setting investment policy statements, establishing salary ranges for investment personnel, retaining professional investment counsel, and approving private equity or real estate investments during certain periods

Requires the Board to publish monthly and quarterly investment performance reports showing external manager performance, fees, and benchmarks against peer states, plus annual fiscal year examinations of state security investments

Mandates the Office of Legislative Management to contract with an independent advisory firm by January 1, 2027 to conduct annual reviews comparing Connecticut's pension fund performance against at least 50 peer state public pension funds, with reports submitted to the Finance, Revenue and Bonding Committee