Amendment ID: S2410-27

Amendment 27

Designation of Board of Trustees

Mr. Keenan moves to amend the amendment by striking the proposed subsection (d) in lines 158 through 174, inclusive, and inserting in place thereof the following:-

“(d) The governing body of the governmental unit shall designate a board of trustees, which shall have general supervision of the management, investment and reinvestment of the OPEB Fund. The governing body may designate as the trustee or board of trustees: (i) the governmental unit’s retirement board; or (ii) an OPEB Fund board of trustees established by the governmental unit pursuant to subsection (e). The duties and obligations of the board of trustees with respect to the fund shall be set forth in a declaration of trust to be adopted by the board, but shall not be inconsistent with this section. The declaration of trust and any amendments thereto shall be filed with the chief executive officer and the clerk of the governing body of the governmental unit and take effect 90 days after filing, unless the governing body votes to disapprove the declaration or amendment within that period. The board of trustees may employ reputable and knowledgeable investment consultants to assist in determining appropriate investments and pay for those services from the fund, if authorized by the governing body of the governmental unit. The board of trustees may, with the approval of the State Retiree Benefits Trust Fund board of trustees, invest the OPEB Fund in the State Retiree Benefits Trust Fund established in section 24 of chapter 32A.”;

And further by striking the words “trustee or” in each instance in which they appear in lines 210, 213, 214, 239, and 240.