title
Motion of the Council of Allegheny County expressing the opinion of Allegheny County Council regarding the Retirement Board of Allegheny County’s ongoing review of potential alterations to the Board’s ethical standards and/or best practices.
body
WHEREAS, the Retirement Board of Allegheny County (RBAC) provides direction for the retirement system in accordance with Commonwealth law, specifically the Second Class County Code, Article XVII (“the Code”); and
WHEREAS, pursuant to the Code, 16 P.S. §4703 vests full control over Allegheny County’s retirement system solely with the Retirement Board of Allegheny County (“RBAC”), as follows: “[t]he retirement system shall be under the sole direction of a board, which shall consist of the county chief executive; one member, who shall be a member of the retirement system, appointed by the chief executive with the consent of county council; one member, who shall be a member of the retirement system, appointed by county council; the controller; the treasurer; and two persons elected by ballot from among the members of the retirement system.”; and
WHEREAS, the role of RBAC is further described at 16 P.S. §4706(a): “[t]he board shall be the trustees of the retirement fund, and shall have exclusive control and management of the said fund with full power to invest the money or any part thereof, subject to the terms, conditions, limitations and restrictions that are provided by law for investments of trust funds by fiduciaries or the retention or sale of certain investments in the hands of fiduciaries. Subject to like terms, conditions, limitations and restrictions, the board shall have power to hold, purchase, sell, assign, transfer or dispose of any of the securities and investments in the retirement fund, as well as the proceeds of said investments and of the money belonging to said fund, or it may deposit such moneys or any part thereof in one or more banks or banking institutions selected by the board. The boar...
Click here for full text