Contact: Kathy Zieger, 240-777-2528
For Immediate Release: December 26, 2001

Duncan Seeks Applicants For
Employees’ Retirement System Investment Board

County Executive Douglas M. Duncan is seeking applicants for one vacancy on the Board of Investment Trustees for the Montgomery County Employees Retirement System (ERS). The position must be filled by a member of the general public. The term of the position expires in March 2005. The public member is required by law to be knowledgeable in the field of pensions, investments or financial matters and should be nominated by a citizen or county-wide citizens group.

The Board is responsible for overseeing 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 including the general public member, a person nominated by an employee organization, one person nominated by the County Council, a retired member of the ERS, an employee not represented by an employee organization, and four ex-officio members – Directors of Finance, OMB, Human Resources and the Council Staff Director.

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 meet once a month. Within 10 days after confirmation by the County Council, the trustee must sign a certificate, agreeing to accept the trust and to administer the affairs of the trust with care, skill, prudence, and diligence.

Applicants should send a letter and resume no later than January 18, 2002, to the County Executive Douglas M. Duncan at the Executive Office Building, 101 Monroe Street, Rockville, MD 20850. A brief resume including home and work telephone numbers should be enclosed. Members of County boards, committees and commissions may not serve on more than one such group at a time.

Duncan’s appointments are subject to confirmation by the County Council. Applications of those selected for appointment are made public as part of the confirmation process.