Course and method of operations

(a) Executive Office of the Treasurer. The Treasurer has overall responsibility for the operation of the agency and provides supervision and direction with regard to all activities of the agency. By statute, the Treasurer is required to appoint a Deputy, who performs all duties of the Treasurer in case of the sickness or absence of the Treasurer. In addition, the Treasurer appoints Assistant Treasurers who, under the direction of the Treasurer, advise the Treasurer on the investment of funds of the State, oversee the general financing procedure in the borrowing of money by the State, administer the State's unclaimed property program, and perform such other duties as the Treasurer may direct. (b) Investment Division. Under the direction of an Assistant Treasurer, who acts as the agency's chief investment officer, the division manages the invested assets of the State's retirement funds for which the Treasurer is the sole trustee. The Investment Division is organized into five units which perform the following functions: (1) Fixed Income Unit. This unit manages one domestic bond fund and two short term investment funds. One STIF fund is dedicated to pension assets, the second provides a cash reserve and management service to State agencies and local governments. (2) Real Estate Unit. This unit manages all real estate investments largely through the use of external managers. The unit monitors investment performance, makes recommendations on proposed investments, and makes recommendations on the hiring and termination of external managers. (3) Operations and Trading Unit. This unit processes all securities transactions, reconciles daily with the master custodian bank all cash balances in the pension investment system, operates an internal domestic equities trading desk, provides administrative support for local government clients in the short term investment fund, and supervises the master custodian bank in the lending of securities. (4) Pension Funds Analysis Unit. This unit is responsible for monitoring, evaluating and reporting to the Treasurer and the Investment Advisory Council regarding the external managers of the International Stock Fund, the International Bond Fund, the Mutual Equity Fund (domestic stocks) and the Mutual Fixed Income Fund (domestic bonds), including interviewing and evaluating prospective managers. The unit assists in structuring and funding of assigned investment funds. (5) Pension Funds Accounting Unit. This unit is responsible for all investment accounting for pension funds assets, reconciling financial reports of master custodian bank on investment funds. The unit provides financial statements to Treasurer and Assistant Treasurer. (c) Cash Management and Information Services Division. Under the direction of an Assistant Treasurer, this division is responsible for the coordination of banking services for all State agencies. The Cash Management Division is organized into three units, each headed by a Director of Cash Management, which perform the following functions: (1) Bank Control Unit. This unit tracks the receipts and disbursements of all State agencies, performs revenue accounting duties and prepares an annual financial report to the Governor, which consists of a reconciled statement of receipts and disbursement for each bank utilized by the State, for each State agency and for each fund administered by the Treasurer. (2) Bank Reconciliation Unit. This unit coordinates the opening and closing of all State bank accounts, including selection and contracting with each bank. The unit reconciles all State vendor, payroll, trust fund, and centralized receipts bank accounts. The unit also performs check administration functions, such as processing stop payments and check reissues, as well as related research. (3) Cash Control Unit. This unit monitors daily cash needs and maintains, through wire transfers, adequate balances for all agency bank accounts, and in conjunction with this function, analyzes and forecasts the State's cash flow needs. This unit also administers and performs accounting functions for the Short Term Investment Fund. (d) Debt Management Division. Under the direction of an Assistant Treasurer, the division manages and coordinates all State of Connecticut bond and note issuance, including general obligation bonds, special tax obligation bonds, airport revenue bonds and short term borrowings, if and when the need arises, and maintains an overall program of debt planning. With respect to such bond and note issuance, the division: (1) coordinates the preparation of official statements and other disclosure documents, (2) coordinates the state's relationship with the credit rating agencies, (3) determines the structure, timing and the purposes included in each bond issue, (4) oversees the work of bond counsel, financial advisors and underwriters, and (5) coordinates the timing and size of bond issues with the expenditures of individual bond fund accounts and the overall cash flow needs of the state. The division also performs several tax-related functions to ensure that bond-fund programs and projects conform to Internal Revenue Code limitations and requirements for federal tax-exempt treatment. The division manages the College Savings Plan bond issuance program, which involves the special structuring of general obligation bond issues to serve as a means for families to save for college. The Debt Management Division also works in behalf of the Treasurer with each of the quasi-public authorities which issue revenue bonds. (e) Second Injury Division. Under the direction of an Assistant Treasurer, the division is responsible for the operation of the Second Injury Fund. The division is organized into five units, which perform the following functions: (1) Claims Unit. This unit (A) reviews legal documents, including voluntary agreements, findings and awards, for errors or omissions, (B) reviews medical reports for claimant status, injury compensability and bill payment authorization, (C) authorizes reimbursement requests from insurance carriers and (D) refers files to the medical case management unit. (2) Medical Case Management Unit. This Unit's main function is to prevent abuse of Second Injury Fund programs by evaluating each claimant's medical condition and work capacity, providing education to the legal and medical community regarding rehabilitation of claimants and reintroduction of claimants into the work force, and monitoring treatment programs and equipment procurement. (3) Accounting Unit. This unit is responsible for collecting all employer assessments which fund Second Injury Fund programs, producing bi-weekly claimant benefit checks and checks for insurance carriers and other vendors, and monitoring accounts receivable and reporting uncollectible accounts. (4) Investigations Unit. This unit investigates employers to determine whether they have insured their worker's compensation risk. The unit investigates employee complaints of lack of worker's compensation insurance as well as initiating its own investigations, testifies at hearings, conducts asset searches and assists the Attorney General in collection actions. (5) Support Services Unit. This unit maintains a computerized record of all files, provides data processing services for the entire division and provides other support services including mail, telephone, and equipment related services.