GO Item 1
April 26, 2017
Worksession
MEMORANDUM
April 24, 2017
TO:
FROM:
Government Operations and Fiscal Policy Committee
Robert H. Drummer, Senior Legislative Attorney
f1li?j
SUBJECT:
Worksession:
Expedited Bill 11-17, Retirement - Board of Investment Trustees -
Consolidated Retiree Health Benefit Trust Board of Trustees - Powers and Duties ­
Montgomery County Group Trust
Expedited Bill 11-17, Retirement - Board of Investment Trustees - Consolidated Retiree
Health Benefit Trust Board of Trustees - Powers and Duties - Montgomery County Group Trust,
sponsored by Lead Sponsor Council President at the request of the County Executive, was
introduced on April 18. A public hearing is scheduled for April 25.
Bill 11-17 would permit the County's employee benefit trusts to create a group trust to be
used by each individual employee benefit trust to invest through one vehicle. The different
employee benefit trusts include the Employees' Retirement System, the Retirement Savings Plan,
the Deferred Compensation Plan, and the Consolidated Retiree Health Benefits Trust. The Bill
would amend the County's retirement law, and the law governing the consolidated retiree health
benefits trust, to permit the Board of Investment Trustees and the Consolidated Retiree Health
Benefits Trust Board of Trustees to establish a group trust. The group trust authorized by the Bill
would allow the participating trusts to access certain investment opportunities which may
otherwise be closed to new investors due to capacity or other constraints. The group trust would
also reduce the administrative work effort across the investment programs of the different trust
funds.
Discussion
Many of the current investments held by the much larger Employees' Retirement System
are closed to new investors and therefore unavailable to the smaller Consolidated Retiree Health
Benefit Trust. The Bill would lead to lower costs and potentially greater returns by opening these
investment opportunities to each employee benefit trust by investing through this single vehicle.
OMB was unable to estimate the savings from lower costs and greater returns due to using the
group trust. See ©13. Numerous other pension systems use a group trust structure to gain
economies of scale and efficiencies by aggregating assets across mUltiple trusts.
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Council staff recommendation:
approve the Bill as introduced.
This packet contains:
Expedited Bill 11-17
Legislative Request Report
Executive's Transmittal Memo
Fiscal and Economic Impact Statement
F:\LAW\BILLS\171I Retirement - Group Trust\GO Memo.Docx
Circle #
1
10
12
13
2
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Expedited Bill No.
11-17
Concerning: Retirement - Board of
Investment Trustees - Consolidated
Retiree Health Benefit Trust Board of
Trustees - Powers and Duties ­
Montgomery County Group Trust
Draft No.
_1_
Revised: April
10, 2017
Introduced:
April
18, 2017
Expires:
October
18, 2018
Enacted: _ _ _ _ _ _ _ _ __
Executive: _ _ _ _ _ _ _ __
Effective: _ _ _ _ _ _ _ _ __
Sunset Date: ---'-!.No:::.!n.!.!:e:.....-_,---_ _ __
Ch. _ _ Laws of Mont. Co. _ __
I
COUNTY COUNCIL
FOR MONTGOMERY COUNTY, MARYLAND
Lead Sponsor: Council President at the request of the County Executive
AN EXPEDITED ACT
to:
(1)
create a group trust to permit the County's employee benefit trusts to invest through
one vehicle to create investment opportunities and efficiencies; and
(2)
generally amend the law regarding the Employees' Retirement System, Retirement
Savings Plan, Deferred Compensation Plan and Consolidated Retiree Health
Benefits Trust.
By amending
Montgomery County Code
Chapter 33, Personnel and Human Resources
Sections 33-60,33-125,33-145, and 33-162
By adding
Montgomery County Code
Chapter 33, Personnel and Human Resources
Section 33-170
Boldface
Underlining
[Single boldface brackets]
Double underlining
[[Double boldface brackets]]
* * *
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 unqffected by bill.
The County Council for Montgomery County, Maryland approves the following Act:
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ExPEDITED BILL
No. 11-17
1
Sec.
1.
Sections 33-60, 33-125, 33-145 and 33-162 are amended and
Section 33-170 is added as follows:
33-60. The board
of investment
trustees-Powers and duties.
2
3
4
5
*
(d)
section, the Board has the power to:
*
*
Trustee powers.
Subject to the limitations under subsection (a)(2) ofthis
6
7
8
9
*
*
*
(16) Pool all or any of the assets of the trust, from time to time, with
assets belonging to any other retirement plan trust or retiree health
benefit trust created by the County, and commingle such assets and
make joint or common investments and
~
10
11
12
joint accounts on
behalf of this trust and such other trust or trusts, allocating
or in
undivided shares or interests
- - -
investments
-
accounts
- -
in such
or
any pooled assets to the two or more trusts in accordance with their
respective interests. Consistent with its investment authority in
this Article, the Board may also buy or sell any assets or undivided
interests in this trust or in any other trust with which the assets of
this trust may be pooled, to or from this trust or such other trusts at
such prices or valuations as the Board may determine.
.Q1}
Do all acts which it considers necessary and exercise any and all
13
14
15
16
17
18
19
20
21
powers of this article with respect to the management of the
retirement system, and in general, exercise all powers in the
management of the assets which an individual could exercise in
the management of property owned in the individua1's own right
except for making an individual investment selection.
22
23
24
25
26
27
*
33-125. Powers and duties of the Board.
*
*
o
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EXPEDITED BILL
No. 11-17
28
29
*
(d)
may:
*
*
Trustee powers.
Except as otherwise provided in this Division, the Board
30
31
32
*
(16)
*
*
pool all or any of the assets of the trust, from time to time, with
assets belonging to any other [qualified pension or profit sharing
trust] retirement plan trust or retiree health benefit trust created by
the County, and commingle such assets and make joint or common
investments and carry joint accounts on behalf of this trust and
such other trust or trusts, allocating undivided shares or interests in
such investments or accounts or in any pooled assets to the two or
more trusts in accordance with their respective interests.
Consistent with its investment authority, the [The] Board may also
buy or sell any assets or undivided interests in this trust or in any
other trust with which the assets of this trust may be pooled, to or
from this trust or such other trusts at such prices or valuations as
the Board may determine; and
33
34
35
36
37
38
39
40
41
42
43
44
45
46
*
33-145. Powers and duties
of the
board.
*
*
*
*
47
48
49
*
(e)
may:
Trustee powers.
Except as otherwise provided in this Article, the Board
50
*
(14)
*
*
51
52
53
54
pool all or any ofthe assets ofthe deferred compensation plan trust
with assets belonging to any other [qualified pension or profit
sharing trust] retirement plan trust or retiree health benefit trust
created by the County. The Board may commingle the assets and
o
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EXPEDITED BILL
No. 11-17
55
56
57
58
59
make joint or common investments and carry joint accounts on
behalf of the deferred compensation plan trust and one or more
other trusts, allocating undivided shares or interests in the
investments or accounts, or in any pooled assets, to the trusts
according to the trusts' respective interests. Consistent with its
investment authority in this Article, the [The] Board also may buy
or sell any assets or undivided interests in any trust where the assets
of the deferred compensation plan trust are pooled at the prices or
valuations that the Board determines; and
60
61
62
63
64
*
33-162. Trust Fund management.
*
*
65
66
67
*
(h)
may:
*
*
Board Powers.
Except as otherwise provided in this Article, the Board
68
69
70
71
72
73
*
*
*
(13) hold, buy, transfer, surrender, and exercise all other incidents of
ownership of any insurance or annuity contract; [and]
(14) pool all or any of the assets of the trust, from time to time, with
assets belonging to any retirement plan trust or other retiree health
benefit trust created
Qy
the County, and commingle such assets and
make joint or common investments and
fillIY
joint accounts on
behalf of this trust and such other trust or trusts, allocating
undivided shares or interests in such investments or accounts or in
any pooled assets to the two or more trusts in accordance with their
respective interests. Consistent with the authority granted in this
Article, the Board may also buy or sell any assets or undivided
interests in this trust or in any other trust with which the assets of
74
75
76
77
78
79
80
81
CV
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EXPEDITED BILL
No. 11-17
82
this trust may be pooled, to or from this trust or such other trusts at
such prices or valuations as the Board may determine; and
83
84
85
86
87
88
89
90
(lj)
do any act that the Board finds necessary and exercise the power
of this Article to manage the Trust Fund. The Board may exercise
all powers to manage the assets that an individual could exercise
to manage property owned by that individual.
*
33-170.
ill}
*
*
Article XII MONTGOMERY COUNTY GROUP TRUST
Montgomery County Group Trust.
91
Creation gfGroup Trust.
The Board of Investment Trustees established
92
93
94
95
under Article
III
and the Consolidated Retiree Health Benefits Trust
Board of Trustees established under Article XI may create
~
combined,
common or commingled trust fund known as the Montgomery County
Group Trust for the commingling ofassets of any retirement plan and any
retiree health benefit trust created
Qy
the County under this Chapter.
96
97
(hl
Purpose.
The Montgomery County Group Trust is established solely for
98
99
the purpose of creating
~
collective investment vehicle intended to create
investment opportunities and efficiencies for the investment of
Montgomery County's employee benefit plan trusts. The interests of
each investing trust must be accounted for separately and the assets
attributable to an investing trust must be held for the benefit of that trust
only within the general holdings ofthe Montgomery County Group Trust.
No employee benefit plan trust must be deemed to have an individual
ownership interest in any asset held
Qy
the Montgomery County Group
Trust. Instead, each employee benefit plan trust must have an undivided
ownership interest in the Montgomery County Group Trust, with each
trust owning an undivided ownership interest in its respective subtrust
100
101
102
103
104
105
106
107
108
())
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EXPEDITED BILL
No. 11-17
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
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130
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133
134
135
within the Montgomery County Group Trust, and must share
proportionately with all other employee benefit plan trusts participating
in the Montgomery County Group Trust in the net income, profits, and
losses thereof.
W
Participation in Group Trust.
The Board of Investment Trustees may
elect to invest assets of the Employees' Retirement System, Retirement
Savings Plan, and/or Deferred Compensation Plan through the
Montgomery County Group Trust, and the Consolidated Retiree Health
Benefits Trust Board of Trustees may elect to invest assets of the
Consolidated Retiree Health Benefits Trust through the Montgomery
County Group Trust. Each board must discharge its duties with respect
to its respective employee benefit plan trust in accordance with the
provisions of Sections 33-61 or 33-163, as applicable, and this Section
33-170.
@
Implementation and Administration Authority.
The Board of Investment
Trustees established under Article III and the Consolidated Retiree
Health Benefits Trust Board of Trustees established under Article XI
must have the authority to:
ill
implement the Montgomery County Group Trust, as authorized
by
subsection
ill1
after consulting any other participating retirement
plan trust or retiree health benefits trust with
~
separate Board of
Trustees;
ill
ill
ill
develop and maintain the Montgomery County Group Trust:
modify or amend the tenns of the Montgomery County Group
Trust; and
retain any service providers
!!
deems appropriate to £illIY out these
actions.
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EXPEDITED BILL
No. 11-17
136
The terms ofthe Montgomery County Group Trust must be contained in
a written document.
137
138
139
W
Custodian.
The Director of Finance must serve as the custodian of the
Montgomery County Group Trust and must give bond with
~
surety and
for
~
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
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160
161
period and in an amount as the Boards determine. If the Boards
approve, the Director ofFinance may make written contracts with banks,
trust companies, insurance companies, or investment companies
authorized to do business in any state for the safe custody of investments,
banking services, the payment of benefits and expenses, and any other
function necessary to manage and safeguard the assets ofthe Group Trust.
ill
Trustees.
The Chair of the Board of Investment Trustees and the Chair
of the Consolidated Retiree Health Trust Board of Trustees must be the
Trustees ofthe Montgomery County Group Trust. The Trustees may take
administrative action
Qy
joint action taken at
~
meeting,
Qy
unanimous
written consent, or
Qy
any other method as set forth in the Montgomery
County Group Trust Declaration of Trust approved in writing
Qy
both
Trustees. The Trustees may appoint
~
directed Trustee.
(g)
Investment Authority.
The Board of Investment Trustees and the
Consolidated Retiree Health Benefits Trust Board of Trustees have the
authority to select the investments of the Montgomery County Group
Trust consistent with the authority granted under Articles III, Article VIII,
Article IX and Article XI.
(h)
Delegation
gf
Signature Authority.
In its written policies and
procedures, the Board of Investment Trustees and the Consolidated
Retiree Health Benefits Trust Board of Trustees may authorize
Trustee, the Executive Director or
~
~
similarly situated Montgomery
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EXPEDITED BILL
No. 11-17
162
163
164
165
166
167
168
169
170
171
172
County employee to execute instruments on behalf of the Montgomery
County Group Trust.
ill
Withdrawal
Q[
an Employee Benefit Plan Trust.
An
employee benefit
plan trust may withdraw, in whole or in part, from the Montgomery
County Group Trust at any time upon action
.by
its board. The amount
distributed to the employee benefit plan trust upon the withdrawal
in
whole or
in
part will be equal to the value of the employee benefit plan
trust, or part thereof, on the date as ofthe effective date ofthe withdrawal.
ill
Termination
Q[
Group Trust.
Termination of an employee benefit plan
trust's participation in the Montgomery County Group Trust or an
employee benefit plan trust's interest
in
the Montgomery County Group
Trust must have no effect on the continuance of the Montgomery County
Group Trust with respect to any other employee benefit plan trust whose
participation or interest is not so terminated.
Notwithstanding this
173
174
175
176
177
Section, the County Council may terminate the Montgomery County
Group Trust at any time. If the Montgomery County Group Trust is
terminated, the assets of the Montgomery County Group Trust must be
returned to the board of the respective employee benefit plan trusts
participating in the Montgomery County Group Trust. Assets of the
Montgomery County Group Trust may only be used for the exclusive
purpose ofproviding benefits to members and beneficiaries and defraying
reasonable expenses of administering each respective employee benefit
plan trust and the Montgomery County Group Trust.
178
179
180
181
182
183
184
185
186
187
188
®
Procurement.
Chapter 11 B does not
illmlY
to the procurement of goods
and services for the Montgomery County Group Trust.
Sec. 2.
Expedited Effective Date.
l~lation
IS
The Council declares that this
necessary for the immediate
~
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EXPEDITED BILL
No. 11-17
189
190
191
protection ofthe public interest. This Act takes effect on the date on which it becomes
law.
Approved:
192
193
Roger Berliner, President, County Council
Date
194
Approved:
195
Isiah Leggett, County Executive
Date
196
This is a correct copy ofCouncil action.
197
Linda M. Lauer, Clerk of the Council
Date
198
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LEGISLATIVE REQUEST REPORT
Expedited Bill 11-17
Retirement
-
Board ofInvestment Trustees
-
Consolidated Retiree Health Benefit Trust
Board ofTrustees
-
Powers and Duties
-
Montgomery County Group Trust
DESCRIPTION:
The Bill amends the County's retirement law, and the law governing
the consolidated retiree health benefits trust, to permit the Board of
Investment Trustees and the Consolidated Retiree Health Benefits
Trust Board of Trustees to establish a group trust. The group trust
would permit the Boards to secure investment opportunities and
obtain administrative efficiencies for the County's retirement plans
and the consolidated retiree health benefits trust.
The Bill would allow the participating trusts to access certain
investment opportunities which may otherwise
be
closed to new
investors due to capacity or other constraints, and reduce the
administrative work effort across the investment programs of the
trust funds.
PROBLEM:
GOALS AND
OBJECTIVES:
To permit the Board of Investment Trustees and the Consolidated
Retiree Health Benefits Trust Board of Trustees to establish a
group trust. The group trust would allow the Boards to create
investment opportunities and obtain administrative efficiencies for
the County's retirement plans and the consolidated retiree health
benefits trust.
COORDINATION:
Montgomery County Employee Retirement Plans, Finance
FISCAL IMPACT:
Office of Management and Budget
ECONOMIC
IMPACT:
EVALUATION:
EXPERIENCE
ELSEWHERE:
Department of Finance
N/A
Numerous other pension systems utilize a group trust structure to
gain economies of scale and efficiencies by aggregating assets
across multiple trusts. The Boards are currently authorized by the
County Code
to
commingle trust assets into a group trust for
investment purposes.
SOURCE OF
INFORMATION:
Linda Herman, Montgomery County Employee Retirement Plans
10
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Amy Moskowitz, Office of the County Attorney
Groom Law Group, outside legal counsel for the Board of Investment
Trustees and Board of Trustees
APPLICATION
WITIDN
MUNICIPALITIES:
NI
A
PENALTIES:
N/A
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1/
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OFFICE OF 1HE COUNTY EXECUTIVE
ROCKvn..LE, MARYLAND 20850
Isiah Leggett
County Executive
MEMORANDUM
April 7,2017
TO:
FROM:
SUBJECT:
Roger Berliner, Montgomery County Council President
Isiah Leggett, County Executive
-P~
0#
Expedited Legislation to Amend Chapter 33, Personnel and Human
Resources.
I am attaching for the Council's consideration a bill that would amend the
County's law related to the retirement plans and the consolidated retiree health benefits
trust to pennit the Boards overseeing the investment programs to establish a group
trust.
The Employees' Retirement System, Consolidated Retiree Health Benefits Trust,
Retirement Savings Plan, and the Deferred Compensation Plan will
be
considered the
participating trusts in the group trust. The Boards are authorized by County Code
sections 33-60(d), 33-125(d), 33-145(e) and 33-162(h) to commingle the corpus of such
trusts for investment purposes.
The group trust would create an investment vehicle to commingle the
assets of each participating trust, ifthe Board has so authorized, to secure investment
opportunities and obtain administrative efficiencies for the participating
trusts.
The
group trust
is
intended
to
qualify as a group trust under Internal Revenue Service
Revenue Ruling
81-J
00 as amended by Revenue Rulings 2004-67, 2008-40, 2011-1, and
2014-24, and any successor ruling, regulation, or similar pronouncement. In accordance
with County Code section 33-170(e), the Chair ofthe Board of Investment Trustees and
the Chair of the Consolidated Retiree Health Benefits Trust Board of Trustees shall serve
as the trustee ofthe group trust.
Thank you for your consideration of this matter.
Attachments:
Draft
legislation
Cc:
Linda Herman, Executive Director, MCERP
montgomeryCOuntymcl.gov/311''!;'''::F 301-251-4850 TTY
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Fiscal Impact Statement
Bill XX-17 - Retirement - and Consolidated Retiree Health Benefit Trust
1. Legislative Summary
'The bill would create a group trust for purposes of allowing the County's employee
benefit trusts to invest through one vehicle to create investment opportunities and to
streamline administration. Many ofthe current investments held in the Employees'
Retirement System are
clos~d
to
new investors including the Consolidated Retiree Health
Benefit Trust (CRHBT). Currently the CRHBT accesses some managers via their
commingled product which results
in
higher fees and limited access to products that are
not closed to new investors.
.
2. An estimate of changes in County revenues and expenditures regardless ofwbether
the revenues or expenditures are assumed in the recommended or approved budget.
Includes source of information, assumptions, and methodologies used.
If the CRHBT cannot access the managers they will either pay a higher fee or find
another manager with little or no exposure to the aSset sector and strategy. These factors
will result in lower revenues to the CRHBT, however the degree of increase in fees and
decrease in revenues is indetenninable at this time. The bill would allow the Consolidated
Retiree Health Benefits Trust the opportunity to access additional investment managers,
with no change to the fee or expense structure for investment.
3. Revenue and expenditure estimates covering at least the next 6 rlScal years.
See response #2.
4. An actuarial analysis through the entire amortization period for each bill that would
affect retiree pension or group insurance costs.
Not applicable.
5.
An
estimate of expenditures related to County's information technology (IT)
systems, including Enterprise Resource Planning (ERP) systems.
Not applicable.
6. Later actions that may affect future revenue and expenditures
if
the bill, authorizes
future spending.
Not applicable.
7. An estimate of the staff time needed to implement the bill.
Not applicable.
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8. An explanation of how the addition of new staff responsibilities would affed other
duties.
Not applicable.
9.
An
estimate of costs when an additional appropriation is needed.
Not applicable.
10. A description of any variable that could affect revenue and cost estimates.
Not applicable.
11. Ranges of revenue or expenditures that are uncertain or difficult to project.
Not applicable.
12.
If
a bill is likely to have no fiscal impact, why that is the case.
Not applicable.
13. Other fiscal impacts or comments.
Not applicable.
14. The following contributed to and concurred with this analysis:
Corey OrIosky, Office of Management and Budget
Linda Hennan, Director, Montgomery County Employee Retirement Plans
.3j30;J7
Date
I
--------------------- -----------------
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.'
!
-- -
~
-
---:'::"'.:
:
Economic Impact Statement
Bill ##-17, Retirement and Consolidated Retiree Health Benefit Trust
Background:
This legislation would:
• establish a group trust for purposes of allowing the County's retirement plans and
the consolidated retiree health benefits trust to invest through one vehicle to
access investment opportunities and efficiencies; and
• amend the law regarding the Employees' Retirement System (ERS), Retirement
Savings Plan (RSP), Deferred Compensation Plan (DCP), and Consolidated
Retiree Health Benefits Trust (CRHBT).
The purpose of the legislation is to create an investment vehicle, i.e., a group trust, that
would commingle certain assets of each participating trust for investment purposes only.
The establishment ofthe group trust is to secure investment opportunities with managers
of investment vehicles which may otherwise be closed to new clients due to capacity or
other constraints. The proposed legislation would also provide efficiencies for the
participating trusts.
1.
The sources of information, assumptions, and methodologies used.
,.
Source of infonnation includes the Board of Investment Trustees (BIT) and the
CRHBT Board of Trustees. Based on infonnation provided by the Boards, the
proposed legislation would allow participating
trusts
the opportunity to access certain
investment opportunities. By allowing such access and increasing investment
opportunities, the revenue to the Trust Funds may be increased and the fees may be
reduced resulting in the County's contributions to the Trust Funds bemg reduced. By
permitting participating trusts to expand their investment opportunity set through the
potential reduction in fees, the Trust Funds would gain economies of scale and
administrative efficiencies.
2. A description of any variable that could affect the economic impact estimates.
The variables that could affect the economic impact are the number of investment
OPPOl1unities that could
be
accessed resulting
in
the potential increase in revenue
and
reduction in fees.
3. The Bill's positive or negative effect,
if
any on employment, spending, savings,
investment, incomes, and property values in the County.
Bill ##-17 may have a positive economic impact on incomes to the County residents
because the creation of a group trust could reduce the
costs
to the County through
reduced contributions and therefore could reduce taxes paid by the County residents.
The amount of reduction to the County's contributions and subsequent effects on
taxes would be determined by the investment opportunities accessed, the revenue
generated, and the reduction in fees.
Page
1
of2
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Economic Impact Statement
Bill ##-17, Retirement and Consolidated Retiree Health Benefit Trust
4.
If
a Bill is likely to have no economic impact, why
is
that the case?
Please see paragraph
3.
5. The following contributed to or concurred with this analys.is: David
Platt.
Dennis
Hetman, and Robert Hagedoorn. finance.
Alexandre A. Espino a, Director
Department of Finance
Date
Page 2 of2