| Chapter 399 |
| 2017 -- S 1023 Enacted 10/05/2017 |
| A N A C T |
| RELATING TO PUBLIC FINANCE -- DISCLOSURE BY THE STATE INVESTMENT COMMISSIONS OF PERFORMANCE AND EXPENSES OF RETIREMENT SYSTEM INVESTMENT MANAGERS |
| Introduced By: Senator James Arthur Seveney |
| Date Introduced: September 19, 2017 |
| It is enacted by the General Assembly as follows: |
| SECTION 1. Chapter 35-10 of the General Laws entitled "State Investment Commission" |
| is hereby amended by adding thereto the following section: |
| 35-10-15. Disclosure of performance and expenses. |
| (a) In 2015, the office of general treasurer launched the "Transparent Treasury Initiative" |
| in order to assist the public in accessing information regarding how the state's pension |
| investments are managed and invested,; how such investments are performing,; and to provide an |
| overview of the state's pension investment strategies. The purpose of this section is to provide a |
| statutory requirement for the continuance of several aspects of this initiative. |
| (b) The state investment commission shall, on a best-effort basis, compile and disclose in |
| a manner readily accessible to the public the following information: |
| (1) On a quarterly basis, as to each investment vehicle and as to all vehicles in the |
| aggregate, the current values of the investment, and the annualized performance of the |
| investment, net of fees and expenses; |
| (2) On an annual basis, as to each vehicle and as to all vehicles in the aggregate, the |
| dollar amount of fees and expenses paid to each manager including , if applicable, management |
| fees, performance fees, and fund expenses. |
| (c) Disclosure of expenses in §35-10-15(b)(2) subsection (b)(2) of this section shall only |
| be required for investments initiated by the retirement system on or after June 30, 2017. |
| (d) The general treasurer shall use best efforts to calculate and verify the relevant |
| information necessary for the state investment commission to comply with these disclosure |
| requirements. |
| (e) For purposes of this section: |
| (1) "Investment" means an investment in a mutual fund, index fund, private equity fund, |
| a venture capital fund, a hedge fund, a real estate fund, infrastructure fund, or any other |
| investment vehicle in which retirement system assets are invested. |
| (2) "Investment vehicle" means the mutual fund, index fund, limited partnership, limited- |
| liability company or similar legal structure through which the retirement system makes an |
| investment. |
| (3) "Retirement system" means the employees' retirement system of the state established |
| by §36-8-2. |
| SECTION 2. This act shall take effect upon passage. |
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| LC002989 |
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