Bill No.
24-12
Concerning:
Board of Investment
Trustees - Consolidated Retiree
Health Trust Board of Trustees ­
Delegation - Attendance
Revised: July 16. 2012 Draft No. _1_
Introduced:
July 31. 2012
Enacted:
October 16.2012
Executive:
October 24.2012
Effective:
January 23. 2013
Sunset Date: ...,!N..:.:o=:!.n!.!:e'--_ _ _ _ __
Ch.
~.
Laws of Mont. Co. 2012
COUNTY COUNCIL
FOR MONTGOMERY COUNTY, MARYLAND
By: Council President at the Request ofthe County Executive
AN
ACT to:
(1)
(2)
(3)
(4)
(5)
authorize the Board of Investment Trustees to adopt written policies and
procedures to delegate certain duties;
modify the laws concerning excused absences for a member of the Board of
Investment Trustees;
modifY the laws concerning excused absences for a member of the Consolidated
Retiree Health Trust Board of Trustees;
generally amend the law regarding the Employees' Retirement System,
Retirement Savings Plan and Deferred Compensation Plan; and
generally amend the law regarding the Consolidated Retiree Health Benefits Trust
Fund.
By amending
Montgomery County Code
Chapter 33, Personnel and Human Resources
Sections 33-59, 33-60, 33-125, 33-145, and 33-160
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Heading or defined term.
Added to existing law by original bill.
Deletedfromexisting 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
No.
24-12
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Sec.
1.
Sections 33-59, 33-60, 33-125, 33-145, and 33-160 are amended
as follows:
33-59.
(c)
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Board of investment trustees.
*
Vacancies.
(1)
*
*
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A trustee [who is absent from more than 25 percent of the
scheduled meetings of the Board during any 12-month period
has resigned from the Board. Scheduled meetings mean
meetings held at least 7 days after notice of the meeting.] may
be automatically removed for missing meetings as described in
Section 2-148(b).
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*
(f)
*
*
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Written policies.
(I)
The Board must establish written policies to administer and
invest the funds created by this Article and to transact the
business of the trust and the retirement system.
(2)
The Board must apply the policies to all members and
beneficiaries of the retirement system and must not discriminate
in favor of or against any member or beneficiary of the
retirement system.
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24
25
ill
Any delegation of duties
Qy
the Board under Sections 33-60,
33-125 or 33-145 must be specified in written policies and
procedures.
(g)
Officers.
The Board must select a chair, vice chair, and secretary
from the Board's members.
(1)
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The chair must preside at meetings of the Board and may take
administrative action [, including executing an instrument,] on
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BILL No. 24-12
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behalf of the Board.
[A
person may rely in good faith on an act
of the chair as legally valid.]
(2)
The vice chair must perform the duties and exercise the powers
of the chair when the chair is [absent from the County or
disabled] unavailable, or the Board determines is otherwise
unable to perform the duties of the chair.
(3)
The secretary must record the proceedings and actions of the
Board and may certify a document or action of the Board. A
person may rely in good faith on the secretary's certification as
proof of the document or action.
(h)
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33
34
35
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Meetings and actions.
*
[(5)
*
*
The Board may authorize a trustee to execute instruments on
behalf of the Board. The authority must be in writing and
specifically describe the instrument and how the trustee must
execute the instrument.]
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33-60.
*
*
*
*
The board of investment trustees-Powers and duties.
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*
ill
Delegation
gf
duties.
The Board may delegate its duties to the
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Executive Director or
£!
similarly situated County employee as
it
deems appropriate and consistent with its fiduciary duties in
£!
written
policy and procedure. If the Board has prudently delegated its duties
and monitored the delegation, the trustees must not be liable for an act
or omission made
hY
its delegate.
33-125.
Powers and duties of the Board.
*
*
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BILL No. 24-12
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ill
Delegation
Q[
duties.
Executive Director or
The Board may delegate its duties to the
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similarly situated County employee as it
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deems appropriate and consistent with its fiduciary duties in
written
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policy and procedure. If the Board has prudently delegated its duties
and monitored the delegation, the trustees must not be liable for an act
or omission made
Qy
its delegate.
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33-145.
Powers and duties of the board.
*
ill
Delegation
Q[
duties.
Executive Director or
~
*
*
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The Board may delegate its duties to the
similarly situated County employee as it
deems appropriate and consistent with its fiduciary duties in
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written
policy and procedure. If the Board has prudently delegated its duties
and monitored the delegation, the trustees must not be liable for an act
or omission made
Qy
its delegate.
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33-160.
Board of Trustees
*
(
c)
*
*
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Vacancies.
(1)
A trustee [who is absent from more than 25 percent of the
scheduled meetings of the Board during any 12-month period
has resigned from the Board.
Scheduled meetings mean
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meetings held at least 7 days after notice of the meeting.] may
be automatically removed for missing meetings as described in
Section 2-148(b).
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*
*
*
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BILL
No. 24-12
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Berliner, President, County Council
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Date
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This is a correct copy ofCouncil action.
Date
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Linda M. Lauer, Clerk of the Council
Date
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