Subchapter XXI-A. Other Post-Employment Benefits Fund Advisory Committee.

§ 1–621.51. Establishment of the Other Post-Employment Benefits Fund Advisory Committee.

There is established an Other Post-Employment Benefits Fund Advisory Committee (“Advisory Committee”) to advise the Office of the Chief Financial Officer in its administration of the Other Post-Employment Benefits Fund (“Fund”) established pursuant to § 1-621.09(c).

§ 1–621.52. Composition and term.

(a) The Advisory Committee shall consist of 7 members selected as follows:

(1) One individual appointed by the Council of the District of Columbia;

(2) One individual appointed by the Mayor;

(3) Four individuals appointed by the Chief Financial Officer; and

(4) One individual who is either a member of the District of Columbia Retirement Board (“Board”) or a member of the Board’s professional staff.

(b) Advisory Committee members shall have expertise in one or more of the following areas:

(1) Accounting;

(2) Employee benefits law;

(3) Financial advisory services;

(4) Government administration;

(5) Investment management; and

(6) Life and health insurance plans.

(d) A vacancy on the Advisory Committee shall be filled in the same manner in which the original appointment was made.

(e) An Advisory Committee member whose term has expired may continue to serve as a member until a replacement member has been appointed.

(f) A member appointed to replace a member who has resigned, dies, or is no longer able to serve (as determined by the Advisory Committee) shall serve for the remainder of the unexpired term of the member being replaced.

(g) The Advisory Committee shall elect a chairperson by majority vote on an annual basis.

(h) Members shall serve without compensation, but shall receive actual and necessary expenses incurred in the performance of their official duties.

(i) The Mayor, Council, and Chief Financial Officer shall appoint members to the Advisory Committee within 90 days of December 17, 2014.

§ 1–621.53. Duties.

(a) The Advisory Committee shall:

(1) Advise the Office of the Chief Financial Officer regarding:

(A) General administration of the Fund;

(B) Fund investment objectives and practices;

(D) Authorized Fund investments;

(E) The creation of relevant assumptions necessary for administration of the Fund;

(F) Review the selection of other post-employment benefits consultants and other professionals, including:

(i) Actuaries;

(ii) Accountants:

(iii) Financial advisors;

(iv) Investment managers; and

(v) Lawyers;

(2) Review the policies and practices of the Office of the Chief Financial Officer with regard to the Fund and provide recommendations regarding best practices;

(3) Review and critique the investment performance of the Fund; and

(4) Advise the Office of the Chief Financial Officer regarding the potential for collaboration or consolidation with the District of Columbia Retirement Board in the management of the Fund in order to promote efficiency.

(b) By February 1st of each fiscal year, the Advisory Committee shall transmit written recommendations to the Chief Financial Officer for inclusion in the annual report for the Fund pursuant to § 1-621.09f(a)(2)(C).

§ 1–621.54. Meetings and records.

(a) The Advisory Committee shall hold no fewer than 2 meetings per year. The chairperson of the Advisory Committee shall fix the time and place of each meeting.

(b) The meetings of the Advisory Committee shall not be subject to subchapter IV of Chapter 5 of Title 2 [§ 2-571 et seq.].

(c) Except for the written recommendations transmitted to the Chief Financial Officer pursuant to § 1-621.53(b), any record or report of the Advisory Committee shall not be made available as a public record under § 2-532.