The state Senate voted Thursday to create a new board of directors to manage the state's pension investments. Currently, the state treasurer decides how to invest the retirement fund for state employees. But, new State Treasurer Brad Briner wants to shift that power to a group of experts. Senate leader Phil Berger says the change could improve how much the pension fund brings in to pay state retirees.
"I do think that having professionals and a board of professionals making those kinds of decisions gives the state the best opportunity to maximize returns, but within the confines of acceptable risk" Berger said.
The new Investment Authority board would be appointed by the governor, treasurer, and legislative leaders. The bill now goes back to the House for a final vote.