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OLO recommends code changes, more expert trustees in review of county retirement trust governance
Summary
Montgomery County’s Office of Legislative Oversight presented research recommending clarifications to County Code on roles for the CAO, BIT and CRHBT, a shift of actuarial‑assumption authority to the Board of Investment Trustees, and consideration of smaller boards with more subject‑matter experts; the committee scheduled further review alongside Bill 20‑824.
The Office of Legislative Oversight presented a detailed review of Montgomery County’s retirement and retiree health benefit trust governance and recommended that the County Council consider amending the County Code to clarify responsibilities and, where appropriate, shift responsibilities to the boards that manage investments.
OLO analyst Mr. Trumka told the Government Operations and Fiscal Policy Committee that national practice usually gives trust boards authority to select actuaries and set actuarial assumptions. He said the county is an outlier: County Code §33‑47 assigns broad administrative duties to the chief administrative officer…
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