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Richmond
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23219
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Boards and Commissions Detail
AUTHORITY
BOARD
COMMISSION
COMMITTEE
MISCELLANEOUS
TASK FORCE
Active
ENACTED
Ordinance No. 2018-196, adopted July 23, 2018 - To establish a trust, through participation in the Virginia Pooled OPEB Trust Fund, to fund postemployment benefits other than pensions in accordance with Va. Code § 15.2-1544.
COMPOSITION
In accordance with section 15.2-1547 of the Code of Virginia, this board shall consist of at least three members who shall include the chief financial officer as a citizen member, treasurer of the City of Richmond, and at least one other additional person who shall be a citizen of the Commonwealth with proven integrity, business ability, and demonstrated experience in cash management and in investments. The Board of Trustees, in addition to all powers and authorities under common law or statutory authority, including Article 8, Chapter 15, Subtitle II of Title 15.2 of the Virginia Code(§§ 15.2-1544 et seq.), shall have and in its sole and absolute discretion may exercise from time to time and at any time, either through its own actions, delegation to the Administrator, or through a Custodian selected by the Board of Trustees, the administrative powers and authority with respect to the Trust Fund as outlined in Section 103 of the Trust Agreement.
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# Members
unlimited
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# Terms
indefinite
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Length of Terms
Variable Length
OBLIGATION
The Board of Trustees and each Investment Manager appointed pursuant to this Agreement shall discharge their respective duties under this Agreement solely in the interest of Employees and Beneficiaries of the Participating Employers and: (i) except as otherwise provided by any applicable provision of any statute, regulation, ordinance, or resolution, for the exclusive purpose of providing Other Post-Employment Benefits to Employees and Beneficiaries of Participating Employers and defraying the reasonable expenses of administering the Trust Fund; (ii) with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with the same aims; and (iii) by diversifying the investments of the Trust Fund so as to minimize the risk of large losses unless under the circumstances, it is dearly prudent not to do so. However, the duties and obligations of the Board of Trustees and each Investment Manager, respectively, as such, shall be limited to those expressly imposed upon them, respectively, by this Agreement notwithstanding any reference herein to the Plans. The Board of Trustees shall administer the Trust Fund in compliance with Code Section 503(b).
REQUIREMENTS
The Board of Trustees shall meet at least quarterly, and more frequently if called, at the principal
MEETING LOCATION
MEETING TIME
Oath Required
Date Abolished
