Investments; interest rate; disbursements; standards of conduct
3 V.S.A. § 472
in effect472. Investments; interest rate; disbursements; standards of conduct
(a) The members of the Vermont Pension Investment Commission established in chapter 17 of this title shall be the trustees of the Funds created by this subchapter, 16 V.S.A. chapter 55, and 24 V.S.A. chapter 125, and with respect to them may invest and reinvest the assets of the Fund, and hold, purchase, sell, assign, transfer, and dispose of the securities and investments in which the assets of the Fund have been invested and reinvested. Investments shall be made in accordance with the standard of care established by the prudent investor rule under 9 V.S.A. chapter 147.
(b) From time to time, the Retirement Board shall set the rate or rates of regular interest at such percent rate compounded annually as shall be determined by the Board, such rate to be limited to a minimum of three percent and a maximum of five percent.
(c) [Repealed.]
(d) Except as otherwise provided for in this section, no trustee and no employee of the Board shall have any direct interest in the gains or profits of any investment made by the Commission; nor shall any trustee or employee of the Board, directly or indirectly, for the trustee or employee personally or as an agent, in any manner use the same except to make such current and necessary payments as are authorized by the Board; nor shall any trustee or employee of the Board become an endorser or surety, or in any manner an obligor, for the monies loaned to or borrowed from the Board. The Treasurer, with the approval of the Board, shall adopt by rule standards of conduct for trustees and employees of the Board in order to maintain and promote public confidence in the integrity of the Board. Such rules shall prohibit trustees and employees from receiving or soliciting any gift, including meals, alcoholic beverages, travel fare, room and board, or any other thing of value, tangible or intangible, from any vendor or potential vendor of investment services, management services, brokerage services, and other services to the Board.
Added 1971, No. 231 (Adj. Sess.), § 4; amended 1981, No. 41, § 16; 1985, No. 171 (Adj. Sess.), § 3, eff. May 7, 1986; 1987, No. 80, § 8, eff. June 9, 1987; 1997, No. 67 (Adj. Sess.), § 4; 2005, No. 50, § 5; 2007, No. 13, § 9; 2021, No. 75, § 5, eff. June 8, 2021; 2025, No. 18, § 10, eff. May 13, 2025; 2025, No. 131 (Adj. Sess.), § 9, eff. July 1, 2026.
Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/section/03/016/00472Fetched: 10/21/2026