(a) The Treasurer, with the advice and consent of the Investment Advisory Council, shall appoint a chief investment officer and may appoint a deputy chief investment officer and principal investment officers to assist the chief investment officer, for the Connecticut retirement pension and trust funds, who shall serve at the pleasure of the Treasurer and whose compensation shall be determined by the Treasurer within salary ranges established by the Treasurer in consultation with the Investment Advisory Council. The provisions of section 4-40 shall not apply to the compensation of said officers. The chief investment officer shall be sworn to the faithful discharge of duties under law and shall, under the direction of the Treasurer and subject to the provisions of sections 3-13 to 3-13d, inclusive, and 3-31b, advise the Treasurer on investing the trust funds of the state. Said officer shall also perform such other duties as the Treasurer may direct. In addition to said officers, the Treasurer may appoint investment officers and other personnel to assist said chief investment officer, which officers and other personnel shall serve at the pleasure of the Treasurer.
(b) The Treasurer may retain professional investment counsel to evaluate and recommend to the Treasurer changes in the portfolio of the state's trust and other funds. Said counsel shall inform the Treasurer of suitable investment opportunities and shall investigate the investment merit of any security or group of securities.
(c) The cost of operating the investment department including the cost of personnel and professional investment counsel retained under sections 3-13 to 3-13d, inclusive, and 3-31b shall be paid by the Treasurer charging the income derived from the trust funds.
(P.A. 73-594, S. 5, 6, 8, 12; P.A. 87-518, S. 4, 5; P.A. 00-43, S. 13, 19; Sept. Sp. Sess. P.A. 09-7, S. 11; P.A. 11-82, S. 2; P.A. 16-113, S. 1.)
History: P.A. 87-518 substituted “assistant” treasurer for “deputy” treasurer in Subsec. (a); P.A. 00-43 amended Subsec. (a) to change the title of assistant treasurer for investments to chief investment officer and to provide for the compensation of said officer and amended Subsec. (b) to make a technical change for purposes of gender neutrality, effective May 3, 2000; Sept. Sp. Sess. P.A. 09-7 amended Subsec. (a) to permit Treasurer to appoint deputy chief investment officer and principal investment officers, effective October 5, 2009; P.A. 11-82 amended Subsec. (a) to replace former provisions re appointment of deputy chief investment officer with provision re appointment of deputy to assist chief investment officer, to eliminate requirement for advice and consent of Investment Advisory Council in appointment of investment-related personnel and to make conforming changes, effective July 8, 2011; P.A. 16-113 amended Subsec. (a) by adding reference to principal investment officers in provision re officers Treasurer may appoint in consultation with Investment Advisory Council and making a conforming change, effective June 20, 2016.
Structure Connecticut General Statutes
Title 3 - State Elective Officers
Section 3-11. - Salary and bond of Treasurer. Office of Treasurer full time.
Section 3-11a. - Authority to enter into contractual agreements.
Section 3-12. - Deputy Treasurer.
Section 3-12a. - Appointment of officers and investment-related personnel.
Section 3-13. - Assistant treasurer for debt management. Additional assistant treasurer.
Section 3-13c. - Trust funds defined.
Section 3-13e. - Investment of trust funds in loans to mortgage lenders.
Section 3-13f. - State investment policy in relation to corporations doing business in South Africa.
Section 3-13g. - Divestment of state funds invested in companies doing business in Iran.
Section 3-13i. - Contracts for services related to investment of trust funds.
Section 3-13j. - Third party fees in investments by Treasurer or quasi-public agencies.
Section 3-14. - Management and sales of state property.
Section 3-14a. - Treasurer to administer trusts for counties.
Section 3-15. - Sites for beacon lights and other buildings.
Section 3-16. - Temporary borrowing. Approval by Governor. Notice to committees of General Assembly.
Section 3-17. - Collection of state revenue. Issuance of bonds.
Section 3-17a. - Payments to the state from certain financing litigation settlements.
Section 3-18. - Use of facsimile of state seal on bonds.
Section 3-19. - Place of payment of state bonds.
Section 3-20. - Short title: State General Obligation Bond Procedure Act. State Bond Commission.
Section 3-20a. - Redemption or repurchase of bonds. Additional security.
Section 3-20b. - Trusteeships.
Section 3-20c. - Certain appropriations not to lapse.
Section 3-20d. - Requirements for issuance of tax-exempt obligations by agents of state government.
Section 3-20g. - Economic recovery notes to finance deficit in fiscal year 2009.
Section 3-20i. - Disposition of bond proceeds.
Section 3-20j. - Credit revenue bonds.
Section 3-21. - Bond limitation. Debt certification. Bond issuance limitation. Allotment limitation.
Section 3-21e. - Divestment of state funds invested in companies doing business in Sudan.
Section 3-22. - Bond Retirement Fund.
Section 3-22a. - Definitions: College savings bonds.
Section 3-22b. - Designation of bonds as college savings bonds.
Section 3-22c. - Negotiated sales of college savings bonds.
Section 3-22d. - Terms of issuance of college savings bonds.
Section 3-22e. - Connecticut Higher Education Trust Advisory Committee.
Section 3-22f. - Connecticut Higher Education Trust: Definitions.
Section 3-22g. - Connecticut Higher Education Trust: Established.
Section 3-22h. - Trust authority of the Treasurer.
Section 3-22i. - Investment of funds in the trust.
Section 3-22k. - Trust financial report.
Section 3-22l. - Exemption from taxation.
Section 3-22m. - State pledge for purposes of the trust.
Section 3-22p. - Investments in trust not considered an asset for certain programs and purposes.
Section 3-22u. - CHET Baby Scholars fund and program.
Section 3-23. - Destruction of matured bonds.
Section 3-23a. - Replacement of mutilated, destroyed, stolen or lost state obligations.
Section 3-24. - Deposit of funds.
Section 3-24a. - Tax-Exempt Proceeds Fund created.
Section 3-24b. - Deposit of money in Tax-Exempt Proceeds Fund.
Section 3-24c. - Investment in Tax-Exempt Proceeds Fund by other state funds.
Section 3-24d. - Sale of investments in Tax-Exempt Proceeds Fund to other state instrumentalities.
Section 3-24e. - Investment of Tax-Exempt Proceeds Fund by the Treasurer.
Section 3-24g. - Borrowing for purposes of the Tax-Exempt Proceeds Fund. Issuance of notes.
Section 3-24h. - Borrowing from the Tax-Exempt Proceeds Fund for state capital projects.
Section 3-24k. - Investments with community banks and community credit unions.
Section 3-26. - Civil list funds; limitation.
Section 3-27. - Investment committee.
Section 3-27b. - Sale of certificates to state agencies.
Section 3-27c. - Use of fund for student loans.
Section 3-27d. - Investment of funds of the Short Term Investment Fund.
Section 3-27f. - Investment by Treasurer in participation certificates. Legal investments.
Section 3-27i. - Bonds and notes as legal investments.
Section 3-28. - Investment of sinking fund.
Section 3-28a. - Medium-Term Investment Fund.
Section 3-31a. - Authorized investments.
Section 3-31b. - Combined investment funds. Sale of participation units. Costs charged to income.
Section 3-32. - Acceptance of gifts and bequests by Treasurer.
Section 3-33. - Acceptance of land for military purposes.
Section 3-34. - Vote on stock of state bank owned by state or School Fund.
Section 3-35. - No execution against Treasurer.
Section 3-36. - Repayment of Town Deposit Fund.
Section 3-36a. - Connecticut Baby Bond Trust: Definitions.
Section 3-36b. - Connecticut Baby Bond Trust: Established.
Section 3-36c. - Treasurer's trust authority.
Section 3-36d. - Investment of funds in the trust.
Section 3-36e. - Exemption from taxation.
Section 3-36f. - Moneys invested in trust not considered assets or income.
Section 3-36g. - Accounting for designated beneficiary. Claim for accounting.
Section 3-36h. - Transfer to trust upon birth of designated beneficiary.
Section 3-37. - Annual report of Treasurer. Monthly report of Treasurer.
Section 3-39a. - Funds to be paid state recorded as receivables.
Section 3-39b. - Interest earnings on funds.
Section 3-39c. - Interest earnings credited to certain funds and accounts.
Section 3-39j. - Achieving a better life experience program: Definitions.
Section 3-39k. - Achieving a better life experience program: Establishment. Trust. Report.
Section 3-39l. - Trust authority of the State Treasurer.
Section 3-39m. - Investment of funds in the trust.
Section 3-39n. - Exemption from certain securities laws.
Section 3-39o. - Exemption from taxation.
Section 3-39p. - State pledge for purposes of the trust.
Section 3-39q. - Compliance with requirements for trust to constitute a qualified ABLE program.
Section 3-40. - Treasurer to have care and management.
Section 3-41. - School Fund interest.
Section 3-42. - Rate of interest on loans from the School Fund and Agricultural College Fund.
Section 3-43. - Loan expenses. Foreclosure costs.
Section 3-44. - Interest on overdue loans.
Section 3-45. - Loans and appraisals.
Section 3-46. - Reappraisal of securities.
Section 3-47. - Sale of real estate.
Section 3-48. - National bank stock; Treasurer attorney for state.
Section 3-49. - Debtor accounts.
Section 3-50. - Agents to give certified copies of bonds.
Section 3-51. - Annual schedule of assets.
Section 3-52. - Moneys paid on account.
Section 3-53. - Exhibition of claims against estates.
Section 3-54. - Mortgagor's affidavit of title.
Section 3-55. - Waste on mortgaged premises.
Section 3-55i. - Mashantucket Pequot and Mohegan Fund.
Section 3-55j. - Payments from fund.
Section 3-55k. - Municipality defined.
Section 3-57. - Escheat of property unclaimed or unused for seven years.
Section 3-57a. - Property held by banking or financial organization presumed abandoned, when.
Section 3-58. - Sale of escheated property.
Section 3-58a. - Funds held by insurance company presumed abandoned, when.
Section 3-59. - Petition in case of interest in escheated property. Appeal.
Section 3-59b. - Ownership interest in business association presumed abandoned, when.
Section 3-59c. - Duties of holder of abandoned interests in business associations.
Section 3-60. - Examination of witnesses.
Section 3-60b. - Wages, salary or other compensation for personal services presumed abandoned, when.
Section 3-60c. - Deposit, refund or other sum owed by utility presumed abandoned, when.
Section 3-60d. - Value of gift certificate presumed abandoned, when.
Section 3-61. - Action against custodian of property.
Section 3-61a. - Property held by fiduciary presumed abandoned, when.
Section 3-62. - Application of provisions.
Section 3-62a. - Property held by public body or officer presumed abandoned, when.
Section 3-62b. - Property held by federal court or agency presumed abandoned, when.
Section 3-62c. - Proceedings to recover property.
Section 3-62d. - Action to obtain decree of escheat.
Section 3-62e. - Treasurer to pay costs and deposit funds into General Fund.
Section 3-62f. - Claim for return of escheated property.
Section 3-62g. - Liability of state.
Section 3-63. - Notice of inactive bank accounts. Index. Interest. Escheat.
Section 3-63a. - Property in decedent's estate presumed abandoned, when.
Section 3-64. - Escheating of trust funds held by the Treasurer.
Section 3-64a. - Property presumed abandoned generally.
Section 3-65. - Conversion of escheated property into cash.
Section 3-65a. - Duties of holder of abandoned property.
Section 3-65c. - Charge, fee or penalty for inactivity prohibited.
Section 3-66. - Escheat of unclaimed life insurance company funds. Definitions.
Section 3-66a. - Maintenance of searchable list and provision of notice by Treasurer.
Section 3-66b. - Unclaimed intangible property. Conditions raising presumption of abandonment.
Section 3-66c. - Recovery of funds or property.
Section 3-67. - When funds escheat.
Section 3-68. - Report of unclaimed funds.
Section 3-68a. - Sale of property by Treasurer.
Section 3-69a. - Deposit of funds in General Fund and Citizens' Election Fund.
Section 3-70. - Payment to Treasurer.
Section 3-70a. - Claims for abandoned property.
Section 3-71. - State to assume custody and liability.
Section 3-73a. - Excepted property.
Section 3-73b. - Effect of expiration of limitation period or period specified in contract.
Section 3-74. - Payment of claim.
Section 3-74a. - Regulations. Agreements and enforcement with other states.
Section 3-76a. - Short title: Municipal Bond Refunding Trust Act.
Section 3-76b. - Statement of purpose and policy.
Section 3-76e. - Effect of filing of bond determination. Limits on Treasurer's contracts.
Section 3-76f. - Terms of special obligation bonds determined by State Treasurer.
Section 3-76g. - Optional provisions to secure payment of special obligation bonds.
Section 3-76h. - Additional powers of State Treasurer.
Section 3-76i. - Form of special obligation bonds.
Section 3-76j. - Special obligation bonds not general obligations of the state.
Section 3-76k. - Special obligation bonds as legal investments: Tax exemptions.
Section 3-76m. - Municipal Refunding Trust Fund. Required reserve. General Fund appropriations.
Section 3-76n. - Validity of pledges.
Section 3-76o. - State pledges to holders of special obligation bonds.
Section 3-76p. - Principal amounts of special obligation bonds not part of state indebtedness.
Section 3-76q. - Default by state, remedies of municipalities, holders.
Section 3-76s. - Defaults in principal or interest payments on municipal refunding bonds; remedies.
Section 3-76t. - Transfer of interest subsidy under section 10-292m.