OPEB Trust Fund

1
OPEB Trust Fund

• April 14, 2009

2
VACo / VML Pooled OPEB Trust Fund

• Key Features
• Established to accumulate and invest
  contributions to meet OPEB obligations
• Only pooled OPEB trust in Virginia
• Board of Trustees elected by participating local
  governments
• Program administered by VML/VACo

3
VACo / VML Pooled OPEB Trust Fund

• Advantages of sharing in this service
• Access to best performing investment funds in the
  nation
• More diversified portfolio with less expected
  volatility
• Leading professional investment advisors and
  managers
• Lowest cost option
• Governed by local government officials of
  participating localities/school divisions

4
VACo / VML Pooled OPEB Trust Fund

• 91 million invested a/o Sept. 30, 2008
• Investment consultant Evaluation Associates,
  LLC
• 250 billion in client assets
• 140 institutional clients
• Trust counsel Kaufman Canoles

5
VACo / VML Pooled OPEB Trust Fund

• Current participants
• Fairfax County and Schools
• Henrico County
• Suffolk City and Schools
• Chesapeake Schools
• Roanoke City
• Chesterfield County and Schools
• Virginia Beach City and Schools
• Stafford County Schools
• Staunton City
• Fauquier County and Schools
• Town of Leesburg
• Health Center Commission of Chesterfield County
• NN Redevelopment and Housing Authority

6
VACo / VML Pooled OPEB Trust Fund

• Whats required to join?
• Adopt a resolution agreeing to participate
• Appoint a local finance board serves as trustee
  for NNPS participation in trust
• Chief admin officer
• Chief finance officer
• Citizen of Commonwealth
• Local finance board executes a trust joinder
  agreement