City of Alexandria, Virginia
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MEMORANDUM
DATE: DECEMBER 4, 2024
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER /s/
FROM: KENDEL TAYLOR, DIRECTOR OF FINANCE
DOCKET TITLE:
TITLE
Consideration of the Appointment of a Representative to the Other Post-Employment Benefit Trust Board.
BODY
ISSUE: Appointing a new Representative to the Other Post-Employment Benefit Trust Board ("OPEB") Board.
RECOMMENDATION: That City Council appoint Greg Useem to a two-year term to the OPEB Trust Board as a citizen of the Commonwealth.
BACKGROUND: The purpose of the Other Post-Employment Benefits Trust Board is to receive City contributions for future retiree health insurance premiums. The Code of Virginia requires governing bodies that create such a trust 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 Treasurer of the locality, and
3. At least one other additional person who shall be a citizen of the Commonwealth with "proven integrity, business ability, and demonstrated experience in cash management and in investments."
City Council approved the creation of the OPEB Trust Board on June 14, 2008. The City does not currently have a Chief Financial Officer. Section 15.2-1547 of the State Code says that in the event a locality does not have a Chief Financial Officer, then that position may be filled by the Chief Administrative Officer of the locality or by a citizen who meets the described qualifications. The current Board members are Kendel Taylor, who serves as the Finance Director and City Manager James F. Parajon. Mr. Useem is being appointed as a citizen of the Commonwealth.
DISCUSSION: Greg Useem is nominated to the OPEB Board. Mr. Useem is currently serving as the Chief Performance Officer and Director of the Offi...
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