AN ACT ESTABLISHING THE INVESTMENT BOARD AND CONCERNING INDEPENDENT REVIEW OF THE INVESTMENT PERFORMANCE OF THE STATE'S PENSION FUNDS.

SB 1557 establishes a new Investment Board to oversee Connecticut's state pension funds, replacing previous oversight structures. The bill creates an Investment Advisory Council with five public members (appointed by state leaders), three teachers' union representatives, and two state employees' union representatives. Key provisions include granting the Board authority to appoint investment officers, hire independent investment counsel for portfolio reviews, and cover costs through pension fund income. This directly affects Connecticut's retirement systems and the Treasurer's office, shifting management oversight to the new Board structure effective July 1, 2027. The bill focuses on governance changes, not pension benefits or investment strategies.