City of Alexandria, Virginia
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MEMORANDUM
DATE: JUNE 5, 2013
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: RASHAD M. YOUNG, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of Appointment of a Representative to the Post-Employment Benefits Trust Board.
BODY
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ISSUE: Appointing a new Citizen Representative to the Post-Employment Benefits Trust (PEBT) Board.
RECOMMENDATION: That City Council appoint Nelsie Smith, Director of the Office of Management and Budget, the Citizen Representative to the PEBT Board.
BACKGROUND: The purpose of the Post-Employment Benefits Trust is to receive City contributions for future retiree health insurance premiums. The Code of Virginia requires governing bodies that create such a trust to also create a board to serve as trustee to manage and invest the assets of the trust. The Code further says that the board shall be composed of at least three members to include:
1. The Chief Financial Officer of the locality
2. The City Finance Director, and
3. At least one other citizen of the Commonwealth with "proven integrity, business ability, and demonstrated experience in cash management and in investments."
City Council approved the creation of a PEBT Board on June 14, 2008. The current Board members are Laura B. Triggs, who serves as both Chief Financial Officer and Finance Director, and Steven Bland, who serves as the City's Retirement Administrator and Chief Investment Officer.
Nelsie Smith is nominated to be the Citizen Representative to the PEBT Board. Ms. Smith, a resident of Alexandria, was appointed to be the Director of the Office of Management and Budget in 2012. She replaces Bruce Johnson, who previously served as Budget Director, Chief Financial Officer, and Acting City Manager.
FISCAL IMPACT: None.
STAFF: Laura B. Triggs, Chief Financial Officer/Finance Director
Steven...
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