Except as otherwise provided herein, the governing body of any county, city, or town that establishes a trust, trusts, or equivalent arrangements for postemployment benefits other than pensions pursuant to this article also shall create a finance board to serve as trustee of such a trust, trusts, or equivalent arrangements and to manage and invest the assets of that trust, trusts, or equivalent arrangements. Such a finance board shall be composed of at least three members who shall include the chief financial officer of the locality, the treasurer of the locality, and 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. If the locality does not have a chief financial officer or a treasurer, then that position may be filled by the chief administrative officer of the locality or by a citizen who meets the qualifications set forth above. The citizen member shall be appointed initially by the governing body of the locality for a term of two years and if more than one citizen is appointed to serve on any such board, then the local governing body may appoint those citizens for staggered terms of one and two years. Subsequent appointments shall be for two-year terms or to fill the balance of any unexpired term. The finance board shall annually elect one of its members as chairman and another as vice-chairman. The finance board shall meet at least four times a year, and a majority of the members shall constitute a quorum.
Any school board of a local school division or the governing body of any other political subdivision that establishes its own postemployment benefits trust, trusts, or equivalent arrangements pursuant to this article shall create a finance board to serve as trustee of such a trust, trusts, or equivalent arrangements and to manage and invest the assets of that trust, trusts, or equivalent arrangements. Such a finance board shall be composed of at least three members consisting of the chief administrative officer of the entity, the chief financial officer of the entity, and at least one additional person who shall be a citizen of the Commonwealth and who meets the qualifications set forth above. The citizen member shall be appointed initially by the governing body of the locality for a term of two years and if more than one citizen is appointed to serve on any such board, then the local governing body may appoint those citizens for staggered terms of one and two years. Subsequent appointments shall be for two-year terms or to fill the balance of any unexpired term. The finance board shall annually elect one of its members as chairman and another as vice-chairman. The finance board shall meet at least four times a year, and a majority of the members shall constitute a quorum.
Alternatively, and in lieu of establishing the finance board as described in this section, the governing body of any county, city, or town, school division or other political subdivision that has established a retirement board or deferred compensation board to manage pension benefits provided to or for its active and former employees may designate that retirement board or deferred compensation board to serve as trustee and to manage the assets of a trust or equivalent arrangement established pursuant to this article. Any such retirement board or deferred compensation board shall have all the powers and duties of the finance board described in this article, mutatis mutandis.
Except in the case of gross negligence or intentional misconduct, any member of a finance board established pursuant to this section, any director of finance or another appointed official with a similarly named position, or any member of a retirement board, who is acting in accordance with the provisions of this article, shall not incur any liability for investment losses suffered by a trust established pursuant to this article. Members of any such finance board shall be subject to removal from office as set forth in §§ 24.2-230 through 24.2-238.
2007, c. 710.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
§ 15.2-1500. Organization of local government
§ 15.2-1500.1. Employment discrimination prohibited; sexual orientation or gender identity
§ 15.2-1501. Designation of officers to perform certain duties
§ 15.2-1502. Employment of certain deputies and assistants; delegation of powers and duties
§ 15.2-1503. Tenure of officers and employees; suspension or removal
§ 15.2-1503.1. Background checks required for certain employees and licensees
§ 15.2-1504. Use of tobacco products by government employees
§ 15.2-1505. Employment based on residency prohibited for certain employees
§ 15.2-1505.1. Applicant preemployment information
§ 15.2-1505.2. Personnel policies related to the use of public property
§ 15.2-1507. Provision of grievance procedure; training programs
§ 15.2-1507.1. Appointment of standing panel in certain counties
§ 15.2-1508. Bonuses for employees of local governments
§ 15.2-1508.1. Traveling expenses on business of town, city or county
§ 15.2-1508.2. Same; where Commonwealth bears portion of expenses
§ 15.2-1509. Preferences for veterans and people with disabilities in local government employment
§ 15.2-1510. Retirement systems
§ 15.2-1510.1. Public announcement of severance packages for certain officials
§ 15.2-1511. Allowances to injured officials and employees and their dependents
§ 15.2-1511.01. Allowances to injured deputy sheriffs
§ 15.2-1511.1. Written benefit information to certain employees
§ 15.2-1512.3. Telecommuting by local government employees
§ 15.2-1512.4. Rights of local employees to contact elected officials
§ 15.2-1513. Joint local government employees permitted
§ 15.2-1514. Exercise of powers and duties
§ 15.2-1515. Compensation, benefits and liability insurance of such persons
§ 15.2-1517.1. Formation of not-for-profit benefits consortium
§ 15.2-1522. When and how officers qualify
§ 15.2-1523. Record of qualification
§ 15.2-1524. Failure to qualify vacates office
§ 15.2-1525. Where officers shall reside
§ 15.2-1526. Removal vacates office
§ 15.2-1527. Bonds of officers
§ 15.2-1529. Amount of bond of treasurer or director of finance of counties
§ 15.2-1530. Bonds required of treasurers or directors of finance of cities
§ 15.2-1531. When certain city and county treasurers not required to give additional bond
§ 15.2-1532. Payment of premiums on bonds for more than one year in advance
§ 15.2-1533. Bond plan to be forwarded to clerk and Comptroller
§ 15.2-1534. Certain officers not to hold more than one office
§ 15.2-1536. Required and discretionary officers
§ 15.2-1537. Financial officer
§ 15.2-1537.1. Disposition of state funds locally collected
§ 15.2-1538. Clerk for the governing body
§ 15.2-1539. General duties of clerk
§ 15.2-1540. Chief administrative officer
§ 15.2-1541. Administrative head of government
§ 15.2-1541.1. Authority of county administrator to maintain centralized system of accounting
§ 15.2-1543. Employment of purchasing agent; duties
§ 15.2-1545. Postemployment benefits other than pensions defined