For Immediate Release: Friday, June 28, 2024
Deadline to apply is extended to Monday, July 22, at 5 p.m.
ROCKVILLE, Md., June 28, 2024—The Montgomery County Council is seeking applicants to serve as the two Council-recommended representatives 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 first term of Council representative Christine Kelleher expired in March 2024, and Ms. Kelleher indicated she would apply for reappointment. Applications for these positions must be received no later than 5 p.m. on Monday, July 22, 2024.
The Boards set investment policies and evaluate and monitor investment managers and the performance of the Trust Funds. The appointee may not furnish or be employed by a firm that furnishes to pension funds and other institutional investors the kind of investment services purchased by the Board.
The Board of Investment Trustees oversees 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. Additionally, 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 of 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 someone 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 ten 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 cover letter expressing interest, including a resume, listing professional and civic experience (including appointments to any state or local boards or committees), telephone number, home mailing address, and an email address (no more than 4 pages) should be emailed to: Council President Friedson, [email protected] or mailed to Council President Friedson, Stella B. Werner Council Office Building, 100 Maryland Avenue, Rockville, Maryland 20850. Submissions must be received no later than 5 p.m. on Monday, July 22, 2024. It is the Council’s policy not to consider applications received after the deadline. Council staff may request a redacted resume as part of the information shared with the public. The interviews and appointment process are open to the public and will be televised.
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Release ID: 24-244