15.2-1548 - Finance boards or alternatives thereto to manage the assets of trusts or equivalent arrangements to fund postemployment benefits other than pensions and provide annual reports; exemption f - Virginia Statutes

§ 15.2-1548. Finance boards or alternatives thereto to manage the assets oftrusts or equivalent arrangements to fund postemployment benefits other thanpensions and provide annual reports; exemption from Public Procurement Act.

Except as otherwise provided herein, any finance board or any other person orentity serving as an alternative thereto pursuant to § 15.2-1547 shall retainthe services of an investment manager, invest its funds in accordance with §15.2-1549, maintain records of all of its proceedings, make such recordsavailable for inspection by the public, invest the assets of the trust orequivalent arrangement in accordance with the provisions of this article, andprovide the governing body that created it an annual report on the fund'sperformance and financial status. In lieu of any finance board or otherperson or entity serving as an alternative thereto pursuant to § 15.2-1547serving as trustee, the investment manager may serve as trustee of the funds.The selection of services related to the management, purchase, or sale ofauthorized investments, including but not limited to actuarial services,shall not be subject to the provisions of the Virginia Public Procurement Act(§ 2.2-4300 et seq.).

(2007, c. 710.)