H1137 Summary: Treasurer's 2016 Investment and Administrative Changes Act

• Updates statutory language governing State Treasurer's office operations, including allowing the Treasurer to authorize deputies to affix signatures and expanding office hour exceptions to include travel periods and saturdays.

• Modernizes investment authority for state funds by updating rating criteria for eligible investments, adding detailed specifications for commercial paper, bills of exchange, asset-backed securities, and corporate bonds with specific rating classifications.

• Establishes new governance and oversight mechanisms including an Investment Advisory Committee, requirement for biennial investment policy statements, and mandatory independent expert evaluations every four years.

• Requires comprehensive quarterly and annual reporting on all state investments including detailed fee disclosures, performance metrics compared to benchmarks, and information on placement agents and sustainable investment practices.

• Creates new ethical standards and policies for the Investment Management Division including code of ethics, employee training requirements, gift restrictions, and assessment procedures to prevent conflicts of interest in investment decisions.