City of Alexandria, Virginia
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MEMORANDUM
DATE: JANUARY 8, 2014
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: RASHAD M. YOUNG, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of Appointment of a Medic/Fire Marshal Alternate to the City of Alexandria Supplemental Retirement Board.
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ISSUE: Appointment of a Participant Alternate to the Retirement Board ("Board") of the City of Alexandria's Supplemental Retirement Plan ("Plan").
RECOMMENDATION: That City Council appoint Mr. Young-Ju Kim, Medic II, to the City of Alexandria's Supplemental Retirement Board as the Fire Marshall/Medic Alternate. Mr. Kim's term will begin January 15, 2014 and expire December 31, 2016.
BACKGROUND: The Board was created on December 11, 2012 and includes General Schedule, Deputy Sheriff and Fire Marshal/Medic employees. The Board is comprised of eight members and five alternates who serve as the trustees of the Plan's trust and fiduciaries of the Plan and its assets. The Board acts for the City on matters concerning the Plan's assets, including selecting and monitoring investment funds and appointing investment managers, custodians, and advisors. The Board is also charged with consulting with City management to recommend modifications to the Plan. The Plan requires Board meetings to be held each quarter of the calendar year, but meetings are held more often.
City Council has the authority to appoint Board members. The Board members are either nominated by the City Manager or by the Board. The City Manager nominates four representatives and one alternate to represent City management. The Board nominates two representatives and two alternates to represent General Schedule employees, one representative and one alternate to represent the Deputy Sheriffs, and one representative and one alternate to represent the Fire Marshals and Medics. In the...
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