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Montgomery County Council approves change moving key pension investment decisions to investment trustees
Summary
The council approved Bill 28‑24, shifting authority to set the assumed investment rate of return and certain actuarial decisions from the Chief Administrative Officer to the Board of Investment Trustees (BIT) with technical amendments clarifying the CRHBT’s role; the measure passed unanimously among members present.
The Montgomery County Council voted to approve Bill 28‑24 on final reading, transferring authority to set the assumed investment rate of return for the county retirement trust from the Chief Administrative Officer to the Board of Investment Trustees.
The bill, which the Government Operations and Fiscal Policy Committee recommended for enactment with amendments, also clarifies roles between the CAO, the Board of Investment Trustees (BIT) and the Consolidated Retiree Health Benefits Trust (CRHBT). Council staff proposed a technical amendment explicitly recognizing CRHBT authority to determine investment return assumptions and allowing county-funded agencies to select and retain actuaries for their portions of the trust fund.
Committee chair…
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