(a) Implementation of the policy established by the board of trustees may be delegated by the board to the state treasurer who shall put such policy into effect.(b) Subject to the delegation of the board of trustees, the state treasurer shall have full power to invest and reinvest such funds as are created by this chapter and chapters 34-36 of this title.(c) The investment committee for the board of trustees may cause the retirement system to divest, as expeditiously as possible, from an investment the system has with an entity found to be doing business with or supporting a country sanctioned by the office of foreign assets control. Any such divestment must be made in a manner consistent with § 35-14-107, the prudent investor rule pursuant to § 35-14-103, the standard of care pursuant to § 35-14-104, and the applicable portions of the board of trustees' investment policy relative to asset allocations and investment strategy. The state treasurer shall report a divestment made pursuant to this section to the council on pensions.Amended by 2022 Tenn. Acts, ch. 855, s 1, eff. 4/20/2022.Acts 1972, ch. 814, § 7; T.C.A., § 8-3929(3); Acts 1981, ch. 387, § 18.
Tennessee Legal Code