Agenda Item 7
Robert H. Drummer, Senior Legislative Attorney
Expedited Bill 54-10, Retirement - Investments
Management and Fiscal Policy Committee recommendation (2-0, Councilmember
Trachtenberg absent): approve the Bill with amendments.
Expedited Bill 54-10, Retirement - Investments, sponsored by the Council President at
the request of the County Executive, was introduced on October 26,2010. A Management and
Fiscal Policy Committee worksession was held on November 22 and a public hearing was held
on November 23.
Bill 54-10 would:
allow investments other than mutual and commingled funds in the Retirement
Savings Plan (RSP);
update investment provisions in the RSP and Deferred Compensation Plan (DCP)
to comply with current procedures;
require automatic distribution of terminated RSP and Guaranteed Retirement
Income Plan (GRIP) participant account balances of$I,OOO or less; and
allow participants to rollover any eligible retirement plan account into the RSP.
Linda Herman, Executive Director of the Board of Investment Trustees testified in
support of the Bill. See ©30.
The Management and Fiscal Policy Committee The Committee reviewed the Bill on
November 22 and recommended (2-0, Councilmember Trachtenberg absent) approval with an