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1994 SESSION

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SB 78 Virginia Retirement System; reorganization.

Introduced by: Stanley C. Walker | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Retirement System; reorganization; emergency enactment. Dissolves the current Board of Trustees and discharges its current membership two weeks after confirmation of the new Board of Trustees; restructures and reconstitutes the Board, establishes new terms, sets forth more specific qualifications for Board members, and establishes a new standard of care for investment decisions by the Board; formalizes the duties and functions of the chairman of the Board and the chief investment officer; abolishes the current advisory committees of the Retirement System and discharges the members; re-establishes the Investment and Real Estate Advisory Committees, specifies the eligible members and their qualifications, and formalizes the role of the advisory committees.


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