Section 21-123.2 – Private Equity and Venture Capital Investments
(a) (1) In this section the following words have the meanings indicated. (2) “Private equity” means an asset class consisting of equity securities and debt in operating companies that are not publicly traded on a stock exchange. (3) “Venture capital” means an investment of capital to a business at any stage of its development before the business makes a […]
Section 21-124 – State Treasurer
(a) (1) The State Treasurer is the custodian of: (i) the accumulation, annuity savings, and expense funds of the several systems; and (ii) the assets of the Board of Trustees. (2) The State Retirement Agency shall make all payments from the accumulation, annuity savings, and expense funds of the several systems in accordance with regulations that the Board of Trustees […]
Section 21-125 – Actuary
(a) The Board of Trustees shall designate an actuary who shall: (1) give technical advice to the Board of Trustees on the operation of the funds of the several systems; and (2) perform other related duties that the Board of Trustees requires. (b) (1) On the basis of actuarial assumptions that the Board of Trustees adopts, each year the actuary […]
Section 21-126 – Medical Boards; Other Physicians
(a) The Board of Trustees shall establish one or more medical boards. (b) (1) Each medical board consists of three members and not more than three alternates. (2) Each medical board member and alternate shall be a physician who is not eligible to be a member of a State system. (3) (i) The Board of Trustees shall appoint the medical board […]
Section 21-128 – Retiree Information for Direct Mailings
(a) In this section, “retiree organization” means an organization in which State retirees participate and that has as one of its primary purposes, representing or providing services to State retirees. (b) This section applies to any retiree organization that has the legal authority to provide services to retirees of the several systems. (c) (1) A retiree organization may submit […]
Section 21-115 – Investment Committee — Membership
(a) The Board of Trustees shall: (1) specify by resolution the number of members of the Investment Committee; and (2) except as provided in subsection (b)(2) of this section, appoint annually the members of the Investment Committee from the members of the Board of Trustees. (b) The Board of Trustees shall ensure that the membership of the Investment Committee […]
Section 21-116 – Investment Committee — Powers
(a) By resolution, the Board of Trustees shall specify the powers of the Investment Committee. (b) The Investment Committee shall advise the Board of Trustees and make recommendations on: (1) the investment programs; (2) compliance of the investment programs with the policies of the Board of Trustees; and (3) bonding for employees of the State Retirement Agency in the form […]
Section 21-117 – State Retirement Agency — Established
(a) There is a State Retirement Agency. (b) The State Retirement Agency is an agency of the Board of Trustees.
Section 21-118 – State Retirement Agency — Executive Director
(a) (1) The Board of Trustees shall appoint the Executive Director of the State Retirement Agency. (2) The Executive Director serves at the pleasure of the Board of Trustees. (b) The Executive Director shall: (1) be in charge of the State Retirement Agency; (2) compile annually a comprehensive budget for submission to the Board of Trustees; and (3) have the duties and […]
Section 21-118.1 – Chief Investment Officer
(a) Notwithstanding any other provision of law, on the recommendation of the Executive Director and the Investment Committee, the Board of Trustees shall determine the qualifications and appointment, as well as compensation and leave, for the Chief Investment Officer who shall be the head of the Investment Division. (b) (1) In making determinations and appointments under this section, […]