• Application Deadline Extended for Board of Investment Trustees for Employee Retirement Plans & Board of Trustees for the Consolidated Retiree Health Benefits Trust

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    February 02, 2021


     

    Montgomery County Council Seeks Applicants for Representative on the Board of Investment Trustees for Employee Retirement Plans and the Board of Trustees for the Consolidated Retiree Health Benefits Trust
    Deadline for Applications extended to Monday, Feb. 22, 2021 at 5 p.m. 

    ROCKVILLE, Md., Feb. 2, 2021—The Montgomery County Council is seeking applicants to serve as the Council's representative on the Board of Investment Trustees for the Montgomery County Employee Retirement Plans and the Board of Trustees for the Consolidated Retiree Health Benefits Trust. The boards set investment policy and evaluate and monitor investment managers and performance of the Trust Funds.

    The deadline for applications is 5 p.m. on Monday, February 22, 2021.

    The second term of Council representative Bradley Stelzer expires March 1, 2021, and Mr. Stelzer does not plan to apply for reappointment. The Council's policy recommends an individual not serve more than two consecutive full terms on any County board, committee or commission. Also, members of County boards, committees and commissions should not serve on more than one such group at a time. The appointee may not furnish, or be employed by a firm that furnishes, pension funds and other institutional investment services purchased by the board.

    The Board of Investment Trustees is responsible for overseeing the investment of approximately $5.5 billion in assets for approximately 16,500 active and retired members of the three retirement plans: defined benefit, defined contribution and deferred compensation. The Board of Trustees is responsible for overseeing the investment program for the Consolidated Retiree Health Benefits Trust, which has assets of approximately $1.4 billion.

    The Board of Investment Trustees for the Montgomery County Employee Retirement Plans consists of 13 trustees appointed by the County Executive and confirmed by the County Council. Trustees include the directors of the Office Human Resources, Office of Management and Budget, Department of Finance and the County Council Executive Director; two representatives of the County Council; one active member of the retirement plans who is not a member of a collective bargaining unit; one retired member of a County plan; two members of the public; and individuals recommended by each of the three County employee collective bargaining units.

    The Board of Trustees for the Consolidated Retiree Health Benefits Trust consists of 19 trustees, 13 of whom are members of the Board of Investment Trustees, along with the following additional members: one active employee recommended by the superintendent of Montgomery County Public Schools (MCPS), one retired member of MCPS, one MCPS bargaining unit representative, one active employee recommended by the Montgomery College (MC) president, one retired member of MC, and one MC bargaining unit representative.

    Trustees serve three-year terms without compensation from any source for services rendered to the Boards. The boards meet six times a year from 8:30 a.m. until approximately 1 p.m., usually on Fridays in January, March, May, July, September and November.

    This Council representative position on each board is for a person who is knowledgeable in pensions, investments or financial matters. The Council will recommend one applicant to the County Executive for appointment to serve on both boards. After the Executive appoints the Council representative, the appointee’s name is submitted to the Council for final confirmation. Within 10 days after confirmation, each trustee must sign a certificate stating that the trustee accepts the fiduciary responsibility of the trust funds and will administer the affairs of the trust with care, skill, prudence and diligence. Appointees must complete a financial disclosure statement within 15 days of Council confirmation and annually thereafter.

    A letter expressing interest in the position, including a resume listing professional and civic experience, should be addressed to Council President Tom Hucker, County Council Office, 100 Maryland Avenue, Rockville, Md. 20850 or sent via email to County.Council@MontgomeryCountyMD.gov. Submissions must be received no later than 5 p.m., Monday, February 22, 2021. It is the Council’s policy not to consider applications received after the deadline. Letters of application and resumes are made public as part of the appointment process and are available for public review (personal contact information is redacted). The interviews are conducted in public and are televised. After the closing date, Councilmembers will review the letters of application and select applicants for interviews to be held soon thereafter.

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    Contact:
    Anne Brown
    Anne.Brown@montgomerycountymd.gov