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Committee sends amended Bill 20‑824 on retirement governance to full Council after unanimous recommendation
Summary
After review of an OLO report and staff‑drafted amendments, the committee approved amendments to Bill 20‑824 that shift selection of actuaries and some hiring oversight toward the Board of Investment Trustees while preserving CAO administrative duties; the committee unanimously recommended the amended bill to the full Council (hand vote, counts not recorded).
The Government Operations and Fiscal Policy Committee unanimously recommended to the full County Council on Tuesday that Bill 20‑824, relating to governance of the Montgomery County Employees Retirement Plans, be advanced as amended.
The measure, as amended in the committee packet, would move two duties now described in the county code from the Chief Administrative Officer (CAO) to the Board of Investment Trustees (BIT): selecting and retaining the actuary for the retirement system and determining actuarial assumptions used for system calculations. Staff also proposed parallel clarifications for the Consolidated Retiree Health Benefit Trust (CRHBT). The amendments aim to draw a clearer line in the code between CAO administrative responsibilities (eligibility, benefit calculation, reporting and distribution) and the trustees’ investment and asset‑management duties.
Ms. Wellens, committee staff, walked members through the relevant…
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