GO Item 2
October 4, 2012
Government Operations and Fiscal Policy commRJ'
Robert H. Drummer, Senior Legislative Attorney
Faden, Senior Legislative Attorney
Bill 24·12, Board of Investment Trustees - Consolidated Retiree
Health Trust Board of Trustees - Delegation - Attendance
Jeff Sharpe, BIT Chair
Linda Herman, Executive Director, BIT
Bill 24-12, Board of Investment Trustees Consolidated Retiree Health Trust Board of
Trustees - Delegation - Attendance, sponsored by the Council President at the request of the
County Executive, was introduced on July 31, 2012. A public hearing was held on September
Bill 24·12 would amend the County's retirement law to permit the Board of Investment
Trustees (BIT), which oversees the investment programs for the County's Employee Retirement
Plans, including the Employees' Retirement System, Retirement Savings Plan and the Deferred
Compensation Plan, to delegate certain duties as it deems appropriate and consistent with its
fiduciary duties and its written policies and procedures. The Bill would authorize the Board to
delegate certain duties, but would not require a delegation of any duties.
The Bill would also amend the current law governing automatic removal of a member of
either the Board of Investment Trustees or the Consolidated Retiree Health Trust Board of
Trustees for missing meetings. Bill 24-12 would make the automatic removal laws for these
Boards consistent with the law governing all other County boards and commissions.
The lone speaker at the September 18 public hearing, Jeff Sharpe, Chair of the Board of
Investment Trustees, supported the Bill on behalf of the Board. See ©13.