§ 51.1-124.26. Advisory Committees to the Board of Trustees; membership;terms; qualifications; duties.
To further assist the Board of Trustees in fulfilling its fiduciary duty astrustee of the funds of the Retirement System, the Board shall appoint anInvestment Advisory Committee to provide the Board with sophisticated,objective, and prudent investment advice. The Investment Advisory Committeeshall consist of seven to nine members and each member appointment shallrequire a two-thirds vote of the Board.
A. In addition, the Board of Trustees may appoint such other advisorycommittees as it deems necessary. Each member appointment shall require atwo-thirds vote of the Board.
B. Each advisory committee shall include no more than two Board members andno individual Board member shall serve on more than one advisory committee.Advisory committee members shall serve at the pleasure of the Board and maybe removed by a majority vote of the Board.
C. Except for any Board member who serves on an advisory committee, noelected or appointed official shall serve on an advisory committee.
D. Except for any trustee appointed to the Board between February 28, 1994,and July 1, 1995, no former trustee of the Virginia Retirement System or itspredecessors in interest shall, during the five-year period after thetermination of his service as a Board member, serve on any advisory committee.
E. Except for Board members, members of any advisory committee shall receivean initial stipend of $1,875 for each calendar quarter they may serve and aper diem of $300 for each meeting attended not to exceed one meeting per day.Commencing July 1, 1995, the stipend shall be increased annually by apercentage equal to the most recent salary structure adjustment as providedin the general appropriation act. Government employees shall receive nostipend for their service but shall be entitled to receive a per diem of $300for each advisory committee meeting attended not to exceed one meeting perday. Each advisory committee member shall be entitled to receivereimbursement for his actual reasonable and necessary expenses incurred forattending committee meetings. Any member of any advisory committee who alsoserves as an officer, director, or member of the board of any corporationorganized by the Virginia Retirement System shall be entitled to receivecompensation and expenses pursuant to this subsection in addition to anyremuneration to which he is entitled by virtue of his service as an officer,director, or member of the board of any corporation organized by the VirginiaRetirement System.
F. Any Board member who serves on an advisory committee shall not receive thequarterly stipend for advisory committee members provided for in subsection Eabove, but shall receive the per diem applicable to advisory committeemeetings attended in that quarter plus reasonable and necessary expensesincurred.
G. The disclosure requirements of subsection B of § 2.2-3114 of the State andLocal Government Conflict of Interests Act shall apply to any member of anyadvisory committee who is not also a Board member.
H. Members of the Investment Advisory Committee shall demonstrate extensiveexperience in any one or more of the following areas: domestic orinternational equity or fixed-income securities, cash management, alternativeinvestments, substantial real estate investments, or managed futures. Byresolution of the Board, qualifications for members of any other advisorycommittee may be set.
The Investment Advisory Committee shall (i) review, evaluate, and monitorinvestments and investment opportunities, (ii) make appropriaterecommendations to the Board about such investments and investmentopportunities, and (iii) make recommendations to the Board about overallasset allocation. By resolution of the Board, responsibilities of any otheradvisory committee may be set.
I. The recommendations of an advisory committee are not binding upon theBoard of Trustees.
(1994, cc. 4, 85; 1995, c. 788; 1997, c. 641; 1998, c. 196.)
§ 51.1-124.26. Advisory Committees to the Board of Trustees; membership;terms; qualifications; duties.
To further assist the Board of Trustees in fulfilling its fiduciary duty astrustee of the funds of the Retirement System, the Board shall appoint anInvestment Advisory Committee to provide the Board with sophisticated,objective, and prudent investment advice. The Investment Advisory Committeeshall consist of seven to nine members and each member appointment shallrequire a two-thirds vote of the Board.
A. In addition, the Board of Trustees may appoint such other advisorycommittees as it deems necessary. Each member appointment shall require atwo-thirds vote of the Board.
B. Each advisory committee shall include no more than two Board members andno individual Board member shall serve on more than one advisory committee.Advisory committee members shall serve at the pleasure of the Board and maybe removed by a majority vote of the Board.
C. Except for any Board member who serves on an advisory committee, noelected or appointed official shall serve on an advisory committee.
D. Except for any trustee appointed to the Board between February 28, 1994,and July 1, 1995, no former trustee of the Virginia Retirement System or itspredecessors in interest shall, during the five-year period after thetermination of his service as a Board member, serve on any advisory committee.
E. Except for Board members, members of any advisory committee shall receivean initial stipend of $1,875 for each calendar quarter they may serve and aper diem of $300 for each meeting attended not to exceed one meeting per day.Commencing July 1, 1995, the stipend shall be increased annually by apercentage equal to the most recent salary structure adjustment as providedin the general appropriation act. Government employees shall receive nostipend for their service but shall be entitled to receive a per diem of $300for each advisory committee meeting attended not to exceed one meeting perday. Each advisory committee member shall be entitled to receivereimbursement for his actual reasonable and necessary expenses incurred forattending committee meetings. Any member of any advisory committee who alsoserves as an officer, director, or member of the board of any corporationorganized by the Virginia Retirement System shall be entitled to receivecompensation and expenses pursuant to this subsection in addition to anyremuneration to which he is entitled by virtue of his service as an officer,director, or member of the board of any corporation organized by the VirginiaRetirement System.
F. Any Board member who serves on an advisory committee shall not receive thequarterly stipend for advisory committee members provided for in subsection Eabove, but shall receive the per diem applicable to advisory committeemeetings attended in that quarter plus reasonable and necessary expensesincurred.
G. The disclosure requirements of subsection B of § 2.2-3114 of the State andLocal Government Conflict of Interests Act shall apply to any member of anyadvisory committee who is not also a Board member.
H. Members of the Investment Advisory Committee shall demonstrate extensiveexperience in any one or more of the following areas: domestic orinternational equity or fixed-income securities, cash management, alternativeinvestments, substantial real estate investments, or managed futures. Byresolution of the Board, qualifications for members of any other advisorycommittee may be set.
The Investment Advisory Committee shall (i) review, evaluate, and monitorinvestments and investment opportunities, (ii) make appropriaterecommendations to the Board about such investments and investmentopportunities, and (iii) make recommendations to the Board about overallasset allocation. By resolution of the Board, responsibilities of any otheradvisory committee may be set.
I. The recommendations of an advisory committee are not binding upon theBoard of Trustees.
(1994, cc. 4, 85; 1995, c. 788; 1997, c. 641; 1998, c. 196.)
§ 51.1-124.26. Advisory Committees to the Board of Trustees; membership;terms; qualifications; duties.
To further assist the Board of Trustees in fulfilling its fiduciary duty astrustee of the funds of the Retirement System, the Board shall appoint anInvestment Advisory Committee to provide the Board with sophisticated,objective, and prudent investment advice. The Investment Advisory Committeeshall consist of seven to nine members and each member appointment shallrequire a two-thirds vote of the Board.
A. In addition, the Board of Trustees may appoint such other advisorycommittees as it deems necessary. Each member appointment shall require atwo-thirds vote of the Board.
B. Each advisory committee shall include no more than two Board members andno individual Board member shall serve on more than one advisory committee.Advisory committee members shall serve at the pleasure of the Board and maybe removed by a majority vote of the Board.
C. Except for any Board member who serves on an advisory committee, noelected or appointed official shall serve on an advisory committee.
D. Except for any trustee appointed to the Board between February 28, 1994,and July 1, 1995, no former trustee of the Virginia Retirement System or itspredecessors in interest shall, during the five-year period after thetermination of his service as a Board member, serve on any advisory committee.
E. Except for Board members, members of any advisory committee shall receivean initial stipend of $1,875 for each calendar quarter they may serve and aper diem of $300 for each meeting attended not to exceed one meeting per day.Commencing July 1, 1995, the stipend shall be increased annually by apercentage equal to the most recent salary structure adjustment as providedin the general appropriation act. Government employees shall receive nostipend for their service but shall be entitled to receive a per diem of $300for each advisory committee meeting attended not to exceed one meeting perday. Each advisory committee member shall be entitled to receivereimbursement for his actual reasonable and necessary expenses incurred forattending committee meetings. Any member of any advisory committee who alsoserves as an officer, director, or member of the board of any corporationorganized by the Virginia Retirement System shall be entitled to receivecompensation and expenses pursuant to this subsection in addition to anyremuneration to which he is entitled by virtue of his service as an officer,director, or member of the board of any corporation organized by the VirginiaRetirement System.
F. Any Board member who serves on an advisory committee shall not receive thequarterly stipend for advisory committee members provided for in subsection Eabove, but shall receive the per diem applicable to advisory committeemeetings attended in that quarter plus reasonable and necessary expensesincurred.
G. The disclosure requirements of subsection B of § 2.2-3114 of the State andLocal Government Conflict of Interests Act shall apply to any member of anyadvisory committee who is not also a Board member.
H. Members of the Investment Advisory Committee shall demonstrate extensiveexperience in any one or more of the following areas: domestic orinternational equity or fixed-income securities, cash management, alternativeinvestments, substantial real estate investments, or managed futures. Byresolution of the Board, qualifications for members of any other advisorycommittee may be set.
The Investment Advisory Committee shall (i) review, evaluate, and monitorinvestments and investment opportunities, (ii) make appropriaterecommendations to the Board about such investments and investmentopportunities, and (iii) make recommendations to the Board about overallasset allocation. By resolution of the Board, responsibilities of any otheradvisory committee may be set.
I. The recommendations of an advisory committee are not binding upon theBoard of Trustees.
(1994, cc. 4, 85; 1995, c. 788; 1997, c. 641; 1998, c. 196.)
