
administrative expenses over time. Beginning November 15, 2021,
the commission shall annually report to the Governor, the
chairperson and minority chairperson of the Finance Committee of
the Senate and the chairperson and minority chairperson of the
Finance Committee of the House of Representatives on department
spending for administrative expenses and anticipated
administrative expenses as the program shifts into different
phases of implementation and operation. The November 15, 2026,
report shall include recommendations for a method of calculating
future department administrative expenses to limit
administrative expenses while providing sufficient funds to
adequately operate the program. The members under subsection (b)
(1), (2), (3) and (4) may advise the commission on the reports
prepared under this subsection but must recuse themselves from
the commission's process for review, approval and submission to
the General Assembly.
(h) Investment strategy subcommittee.--The commission shall
establish an investment strategy subcommittee consisting of the
members under subsection (b)(1), (2), (3) and (4) as voting
members of the subcommittee. In addition, four members appointed
by the Governor who are considered experienced and qualified in
the field of investment shall serve as nonvoting members. The
subcommittee shall provide guidance and advice to the State
Treasury on investment strategies for the fund, including
seeking counsel and advice on the types of investments that are
constitutionally permitted.
Section 5. Long-Term Services and Supports Trust Council.
(a) Establishment.--The Long-Term Services and Supports
Trust Council is established.
(b) Membership.--The council shall include:
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