Bill No.
31-10
Concerning
Board of Investment
Trustees - Membership
Revised: April 23, 2010 Draft No._1_
Introduced:
May 4,2010
Enacted:
June 22, 2010
Executive:_ _ _ _ _ _ _ _ __
Effective: _ _ _ _ _ _ _ _ __
Sunset Date:--!..N::.,::ooune=--_=-_ _ __
Ch._ _. Laws of Mont. Co. _ __
COUNTY COUNCIL
FOR MONTGOMERY COUNTY, MARYLAND
By: Council President at the Request of the County Executive
AN
ACT to:
(1)
(2)
(3)
add an additional member of the Board of Trustees with an indefinite term of
office and delete a member with a definite term of office;
amend the law establishing the Board of Investment Trustees; and
generally amend the law regarding the employees' retirement system.
By amending
Montgomery County Code
Chapter 33, Personnel and Human Resources
Section 33-59
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Heading or defined term.
Added to existing law by original bill.
Deletedfrom existing law by original bill.
Added by amendment.
Deletedfrom eXisting law or the bill by amendment.
Existing law unaffected by bill.
The County Council for Montgomery County, Maryland approves the following Act:
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BILL 31-10
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Sec.
1.
Section 33-59 is amended as follows:
33-59. Board of Investment Trustees
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(b) Membership.
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voting certified
(3) The County Executive must appoint [2]
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employee organization representatives, subject to County
Council confirmation, as members of the Board, who serve
indefinitely while each remains the designee of the certified
employee representative. These trustees must not vote on any
matter involving the County deferred compensation plan.
These trustees should be:
(A) one
representative
nominated
by
the
employee
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organizations certified as the representative of the Office,
Professional, and Technical (OPT) and Service, Labor
and Trades (SL T) bargaining units; [and]
(B)
one
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representative
nominated
by
the
employee
organization certified as the representative for the fire
and rescue employee unit[.]; and
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one representative nominated
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the employee
organization certified as the representative for the police
employee bargaining unit under Article V.
(4) The following [7]
.Q
trustees must be appointed by the
Executive and confirmed by the Council:
(A) [One active County employee who is a member of an
employee organization certified under Article V, and
who is a vested member of the retirement system, or an
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BILL 31-10
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individual recommended by the employee organization
certified under Article V.
The employee organization
may recommend 3 to 5 individuals for the respective
trustee position.
Before appointing this trustee, the
Executive must consider, and should select from, the
individuals recommended by the employee organization.
The Executive must notify the Council when appointing
an individual not recommended by an employee
organization. A 3-year term for this trustee ends on
March 1 of every third year after each trustee is
confirmed by the Council. Any trustee appointed under
this subparagraph must not vote on any matter involving
the County deferred compensation plan.]
An
active County employee who is a vested member of
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the retirement system and the Merit System, and not a
member of a collective bargaining unit. A 3-year term
for this trustee ends on March 1 of every third year after
the trustee is confirmed by the Council.
[(C)]
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A retired County employee who is a member of
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the retirement system. Before appointing this trustee, the
Executive must consider, and should select from, a list of
3 to 5 individuals recommended by the Montgomery
County Retired Employees' Association. The Executive
must notify the Council when nominating an individual
not recommended by the Association. A 3-year term for
this trustee ends on March 1 of every third year after the
trustee is confirmed by the Council.
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BILL 31-10
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[(D)](Q
Two persons recommended by the Council who
are knowledgeable in pensions, investments, or financial
matters. A 3-year term for these trustees ends on March
1 of every third year after each trustee is confirmed by
the Council.
[(E)]
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Two individuals knowledgeable in penSIOns,
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investments, or financial matters. Before nominating
these trustees, the Executive must consider, and should
select from, individuals recommended by citizens or
countywide
citizens'
groups.
An
individual
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recommended by a citizens' group need not be a member
of the group. The Executive must notify the Council
when nominating an individual not recommended by a
citizens' group. A 3-year term for these trustees ends on
March 1 of every third year after each trustee is
confirmed by the Council.
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[(4)]
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A trustee appointed under paragraph (3) continues to
serve after the trustee's term ends until the Council confirms a
successor, but the term for each position is not affected by any
holdover. A trustee who, after appointment and before the end
of a term, is no longer qualified for the trustee's position is
removed from the Board by operation of law.
[(5)]
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The Executive must not appoint as a trustee any person
who furnishes, or is employed by a firm that furnishes, to
pension funds and other institutional investors the kind of
investment services purchased by the Board.
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BILL 31-10
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Approved:
Nancy Floreen, Pres tient, County Council
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Approved:
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Isiah Leggett, County Executive
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Date
This is a correct copy ofCouncil action.
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Linda M. Lauer, Clerk of the Council
Date
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