State might invest pension fund in Vermont economy
Wednesday May 14, 2008
MONTPELIER, Vt. (AP)
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The state of Vermont is considering investing a portion of its multibillion dollar pension fund in businesses that promise to strengthen the state's economy.
The Pension Fund Committee oversees a $3.2 billion retirement fund for teachers and state and municipal employees.
State Treasurer Jeb Spaulding says the committee will consider using the fund's resources to invest in ways that benefit Vermont communities.
Spaulding says the rate-of-return on the investments will remain the benchmark for approving any new investments.
But the new policy could help local businesses that might otherwise have trouble finding capital.
He says the money could stimulate anything from new industry to energy efficiency.
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