Contact: Kathy Zieger, 240-777-6530
For Immediate Release: November 20, 2001

Duncan Seeks Applicants for
Board of Investment Trustees Employees Retirement System

County Executive Douglas M. Duncan is seeking nominees for an appointment to the Board of Investment Trustees for the Employees Retirement System (ERS). The position must be filled by a Montgomery County employee who is not represented by an employee organization. The term of the position expires in March 2005.

A County law was passed in 1986 that created a Board of Investment Trustees to oversee the management of the assets of the Employees Retirement System. Currently worth nearly $1.9 billion and invested in a variety of financial instruments, the fund supports pension benefits for nearly 7,000) active and retired County employees and their dependents. The Board sets overall investment policy for the fund; hires investment managers and consultants; and monitors investment performance.

There are nine trustees on the Board. The other trustees include a person nominated by an employee organization; a member of the general public; one person nominated by the County Council; a retired member of the ERS; and four ex-officio members – Directors of Finance, OMB, Human Resources and the Council Staff Director.

Many county employees who are not represented by a labor union participate in the ERS. Any who are interested in serving as a member of the Board of Investment Trustees are invited to send a letter of interest and resume to the County Executive at the Executive Office Building, 101 Monroe Street, Rockville, MD 20850. Include in your letter your name, phone number, County position and department, a statement of your qualifications for this assignment and any special reason why you feel you would be a good trustee. Letters should be submitted by December 14, 2001.

The trustee appointment is for three years, and there is no compensation for serving. The Board meets at least once every three months for several hours, usually on the first Friday in March, June, September, and December, plus standing committees and other meetings as required.