{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-1547.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-1547.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-1547.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-1547.html"}],"law_id":81208,"edition_id":1,"section_id":81208,"structure_id":16058,"section_number":"15.2-1547","catch_line":"Creation of local finance boards to manage the assets of postemployment benefits trust or equivalent arrangement; composition of such boards; alternatives to such boards; liability; and removal from office","history":"2007, c. 710.","full_text":"Except as otherwise provided herein, the governing body of any county, city, or town that establishes a trust, trusts, or equivalent arrangements for postemployment benefits other than pensions pursuant to this article also shall create a finance board to serve as trustee of such a trust, trusts, or equivalent arrangements and to manage and invest the assets of that trust, trusts, or equivalent arrangements. Such a finance board shall be composed of at least three members who shall include the chief financial officer of the locality, the treasurer of the locality, and at least one other additional person who shall be a citizen of the Commonwealth with proven integrity, business ability, and demonstrated experience in cash management and in investments. If the locality does not have a chief financial officer or a treasurer, then that position may be filled by the chief administrative officer of the locality or by a citizen who meets the qualifications set forth above. The citizen member shall be appointed initially by the governing body of the locality for a term of two years and if more than one citizen is appointed to serve on any such board, then the local governing body may appoint those citizens for staggered terms of one and two years. Subsequent appointments shall be for two-year terms or to fill the balance of any unexpired term. The finance board shall annually elect one of its members as chairman and another as vice-chairman. The finance board shall meet at least four times a year, and a majority of the members shall constitute a quorum.\n\t\tAny school board of a local school division or the governing body of any other political subdivision that establishes its own postemployment benefits trust, trusts, or equivalent arrangements pursuant to this article shall create a finance board to serve as trustee of such a trust, trusts, or equivalent arrangements and to manage and invest the assets of that trust, trusts, or equivalent arrangements. Such a finance board shall be composed of at least three members consisting of the chief administrative officer of the entity, the chief financial officer of the entity, and at least one additional person who shall be a citizen of the Commonwealth and who meets the qualifications set forth above. The citizen member shall be appointed initially by the governing body of the locality for a term of two years and if more than one citizen is appointed to serve on any such board, then the local governing body may appoint those citizens for staggered terms of one and two years. Subsequent appointments shall be for two-year terms or to fill the balance of any unexpired term. The finance board shall annually elect one of its members as chairman and another as vice-chairman. The finance board shall meet at least four times a year, and a majority of the members shall constitute a quorum.\n\t\tAlternatively, and in lieu of establishing the finance board as described in this section, the governing body of any county, city, or town, school division or other political subdivision that has established a retirement board or deferred compensation board to manage pension benefits provided to or for its active and former employees may designate that retirement board or deferred compensation board to serve as trustee and to manage the assets of a trust or equivalent arrangement established pursuant to this article. Any such retirement board or deferred compensation board shall have all the powers and duties of the finance board described in this article, mutatis mutandis.\n\t\tExcept in the case of gross negligence or intentional misconduct, any member of a finance board established pursuant to this section, any director of finance or another appointed official with a similarly named position, or any member of a retirement board, who is acting in accordance with the provisions of this article, shall not incur any liability for investment losses suffered by a trust established pursuant to this article. Members of any such finance board shall be subject to removal from office as set forth in \u00a7\u00a7 24.2-230 through 24.2-238.","order_by":null,"text":{"0":{"id":291080,"text":"Except as otherwise provided herein, the governing body of any county, city, or town that establishes a trust, trusts, or equivalent arrangements for postemployment benefits other than pensions pursuant to this article also shall create a finance board to serve as trustee of such a trust, trusts, or equivalent arrangements and to manage and invest the assets of that trust, trusts, or equivalent arrangements. Such a finance board shall be composed of at least three members who shall include the chief financial officer of the locality, the treasurer of the locality, and at least one other additional person who shall be a citizen of the Commonwealth with proven integrity, business ability, and demonstrated experience in cash management and in investments. If the locality does not have a chief financial officer or a treasurer, then that position may be filled by the chief administrative officer of the locality or by a citizen who meets the qualifications set forth above. The citizen member shall be appointed initially by the governing body of the locality for a term of two years and if more than one citizen is appointed to serve on any such board, then the local governing body may appoint those citizens for staggered terms of one and two years. Subsequent appointments shall be for two-year terms or to fill the balance of any unexpired term. The finance board shall annually elect one of its members as chairman and another as vice-chairman. The finance board shall meet at least four times a year, and a majority of the members shall constitute a quorum.\n\t\tAny school board of a local school division or the governing body of any other political subdivision that establishes its own postemployment benefits trust, trusts, or equivalent arrangements pursuant to this article shall create a finance board to serve as trustee of such a trust, trusts, or equivalent arrangements and to manage and invest the assets of that trust, trusts, or equivalent arrangements. Such a finance board shall be composed of at least three members consisting of the chief administrative officer of the entity, the chief financial officer of the entity, and at least one additional person who shall be a citizen of the Commonwealth and who meets the qualifications set forth above. The citizen member shall be appointed initially by the governing body of the locality for a term of two years and if more than one citizen is appointed to serve on any such board, then the local governing body may appoint those citizens for staggered terms of one and two years. Subsequent appointments shall be for two-year terms or to fill the balance of any unexpired term. The finance board shall annually elect one of its members as chairman and another as vice-chairman. The finance board shall meet at least four times a year, and a majority of the members shall constitute a quorum.\n\t\tAlternatively, and in lieu of establishing the finance board as described in this section, the governing body of any county, city, or town, school division or other political subdivision that has established a retirement board or deferred compensation board to manage pension benefits provided to or for its active and former employees may designate that retirement board or deferred compensation board to serve as trustee and to manage the assets of a trust or equivalent arrangement established pursuant to this article. Any such retirement board or deferred compensation board shall have all the powers and duties of the finance board described in this article, mutatis mutandis.\n\t\tExcept in the case of gross negligence or intentional misconduct, any member of a finance board established pursuant to this section, any director of finance or another appointed official with a similarly named position, or any member of a retirement board, who is acting in accordance with the provisions of this article, shall not incur any liability for investment losses suffered by a trust established pursuant to this article. Members of any such finance board shall be subject to removal from office as set forth in \u00a7\u00a7 24.2-230 through 24.2-238.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":16058,"edition_id":1,"name":"Local Trusts to Fund Postemployment Benefits Other Than Pensions","identifier":"8","label":"article","depth":4,"order_by":1,"parent_id":12734,"metadata":{},"date_created":"2026-06-26 04:04:55","date_modified":"2026-06-26 04:04:55","permalink":{"id":153279,"object_type":"structure","relational_id":16058,"identifier":"8","token":"15.2\/II\/15\/8","url":"\/15.2\/II\/15\/8\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12734,"edition_id":1,"name":"Local Government Personnel, Qualification for Office, Bonds, Dual Office Holding and Certain Local Government Officers","identifier":"15","label":"chapter","depth":3,"order_by":1,"parent_id":12733,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":153003,"object_type":"structure","relational_id":12734,"identifier":"15","token":"15.2\/II\/15","url":"\/15.2\/II\/15\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12733,"edition_id":1,"name":"Powers of Local Government","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12720,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":152369,"object_type":"structure","relational_id":12733,"identifier":"II","token":"15.2\/II","url":"\/15.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12720,"edition_id":1,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":151279,"object_type":"structure","relational_id":12720,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":66857,"structure_id":16058,"section_number":"15.2-1544","catch_line":"Counties, cities, towns, school divisions, and certain political subdivisions may establish local trusts or equivalent arrangements to fund postemployment benefits other than pensions","url":"\/15.2-1544\/","token":"15.2\/II\/15\/8\/15.2-1544","metadata":false},{"id":63092,"structure_id":16058,"section_number":"15.2-1545","catch_line":"Postemployment benefits other than pensions defined","url":"\/15.2-1545\/","token":"15.2\/II\/15\/8\/15.2-1545","metadata":false},{"id":86833,"structure_id":16058,"section_number":"15.2-1546","catch_line":"Assets of trusts or equivalent arrangements for postemployment benefits other than pensions","url":"\/15.2-1546\/","token":"15.2\/II\/15\/8\/15.2-1546","metadata":false},{"id":81208,"structure_id":16058,"section_number":"15.2-1547","catch_line":"Creation of local finance boards to manage the assets of postemployment benefits trust or equivalent arrangement; composition of such boards; alternatives to such boards; liability; and removal from office","url":"\/15.2-1547\/","token":"15.2\/II\/15\/8\/15.2-1547","metadata":false},{"id":68979,"structure_id":16058,"section_number":"15.2-1548","catch_line":"Finance boards or alternatives thereto to manage the assets of trusts or equivalent arrangements to fund postemployment benefits other than pensions and provide annual reports; exemption from Public Procurement Act","url":"\/15.2-1548\/","token":"15.2\/II\/15\/8\/15.2-1548","metadata":false},{"id":82231,"structure_id":16058,"section_number":"15.2-1549","catch_line":"Investment of assets of trusts or equivalent arrangement for postemployment benefits other than pensions","url":"\/15.2-1549\/","token":"15.2\/II\/15\/8\/15.2-1549","metadata":false}],"previous_section":{"id":86833,"structure_id":16058,"section_number":"15.2-1546","catch_line":"Assets of trusts or equivalent arrangements for postemployment benefits other than pensions","url":"\/15.2-1546\/","token":"15.2\/II\/15\/8\/15.2-1546","metadata":false},"next_section":{"id":68979,"structure_id":16058,"section_number":"15.2-1548","catch_line":"Finance boards or alternatives thereto to manage the assets of trusts or equivalent arrangements to fund postemployment benefits other than pensions and provide annual reports; exemption from Public Procurement Act","url":"\/15.2-1548\/","token":"15.2\/II\/15\/8\/15.2-1548","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-1547\/","history_text":"

This law was first created in 2007. The record of its establishment is cataloged in chapter 710<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":68979,"section_number":"15.2-1548","catch_line":"Finance boards or alternatives thereto to manage the assets of trusts or equivalent arrangements to fund postemployment benefits other than pensions and provide annual reports; exemption from Public Procurement Act","order_by":null,"url":"\/15.2-1548\/"},{"id":82231,"section_number":"15.2-1549","catch_line":"Investment of assets of trusts or equivalent arrangement for postemployment benefits other than pensions","order_by":null,"url":"\/15.2-1549\/"}],"refers_to":[{"id":63359,"section_number":"24.2-230","catch_line":"Applicability of article; certain exceptions","order_by":null,"url":"\/24.2-230\/"},{"id":79620,"section_number":"24.2-238","catch_line":"Costs","order_by":null,"url":"\/24.2-238\/"}],"permalink":{"id":153293,"object_type":"law","relational_id":81208,"identifier":"15.2-1547","token":"15.2\/II\/15\/8\/15.2-1547","url":"\/15.2-1547\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-1547\/","token":"15.2\/II\/15\/8\/15.2-1547","dublin_core":{"Title":"Creation of local finance boards to manage the assets of postemployment benefits trust or equivalent arrangement; composition of such boards; alternatives to such boards; liability; and removal from office","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-1547","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Except as otherwise provided herein, the governing body<\/span> of any county<\/span>, city<\/span>, or town<\/span> that establishes a trust, trusts, or equivalent arrangements for postemployment benefits other than pensions pursuant to this article also shall create a finance board to serve as trustee of such a trust, trusts, or equivalent arrangements and to manage and invest the assets<\/span> of that trust, trusts, or equivalent arrangements. Such a finance board shall be composed of at least three members who shall include the chief financial officer of the locality<\/span>, the treasurer of the locality<\/span>, and at least one other additional person who shall be a citizen of the Commonwealth with proven integrity, business ability, and demonstrated experience in cash management and in investments. If the locality<\/span> does not have a chief financial officer or a treasurer, then that position may be filled by the chief administrative officer of the locality<\/span> or by a citizen who meets the qualifications set forth above. The citizen member shall be appointed initially by the governing body<\/span> of the locality<\/span> for a term of two years and if more than one citizen is appointed to serve on any such board, then the local governing body<\/span> may appoint those citizens for staggered terms of one and two years. Subsequent appointments shall be for two-year terms or to fill the balance of any unexpired term. The finance board shall annually elect one of its members as chairman and another as vice-chairman. The finance board shall meet at least four times a year, and a majority of the members shall constitute a quorum.\n\t\tAny school board of a local school division or the governing body<\/span> of any other political subdivision that establishes its own postemployment benefits trust, trusts, or equivalent arrangements pursuant to this article shall create a finance board to serve as trustee of such a trust, trusts, or equivalent arrangements and to manage and invest the assets<\/span> of that trust, trusts, or equivalent arrangements. Such a finance board shall be composed of at least three members consisting of the chief administrative officer of the entity, the chief financial officer of the entity, and at least one additional person who shall be a citizen of the Commonwealth and who meets the qualifications set forth above. The citizen member shall be appointed initially by the governing body<\/span> of the locality<\/span> for a term of two years and if more than one citizen is appointed to serve on any such board, then the local governing body<\/span> may appoint those citizens for staggered terms of one and two years. Subsequent appointments shall be for two-year terms or to fill the balance of any unexpired term. The finance board shall annually elect one of its members as chairman and another as vice-chairman. The finance board shall meet at least four times a year, and a majority of the members shall constitute a quorum.\n\t\tAlternatively, and in lieu of establishing the finance board as described in this section, the governing body<\/span> of any county<\/span>, city<\/span>, or town<\/span>, school division or other political subdivision that has established a retirement board or deferred compensation board to manage pension benefits provided to or for its active and former employees may designate that retirement board or deferred compensation board to serve as trustee and to manage the assets<\/span> of a trust or equivalent arrangement established pursuant to this article. Any such retirement board or deferred compensation board shall have all the powers and duties of the finance board described in this article, mutatis mutandis<\/span>.\n\t\tExcept in the case of gross negligence<\/span> or intentional misconduct, any member of a finance board established pursuant to this section, any director of finance or another appointed official with a similarly named position, or any member of a retirement board, who is acting in accordance with the provisions of this article, shall not incur any liability for investment losses suffered by a trust established pursuant to this article. Members of any such finance board shall be subject to removal from office as set forth in \u00a7\u00a7 24.2-230<\/a> through 24.2-238<\/a>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCREATION OF LOCAL FINANCE BOARDS TO MANAGE THE ASSETS OF POSTEMPLOYMENT BENEFITS\nTRUST OR EQUIVALENT ARRANGEMENT; COMPOSITION OF SUCH BOARDS; ALTERNATIVES TO\nSUCH BOARDS; LIABILITY; AND REMOVAL FROM OFFICE (\u00a7 15.2-1547)\n\nExcept as otherwise provided herein, the governing body of any county, city, or\ntown that establishes a trust, trusts, or equivalent arrangements for\npostemployment benefits other than pensions pursuant to this article also shall\ncreate a finance board to serve as trustee of such a trust, trusts, or\nequivalent arrangements and to manage and invest the assets of that trust,\ntrusts, or equivalent arrangements. Such a finance board shall be composed of at\nleast three members who shall include the chief financial officer of the\nlocality, the treasurer of the locality, and at least one other additional\nperson who shall be a citizen of the Commonwealth with proven integrity,\nbusiness ability, and demonstrated experience in cash management and in\ninvestments. If the locality does not have a chief financial officer or a\ntreasurer, then that position may be filled by the chief administrative officer\nof the locality or by a citizen who meets the qualifications set forth above.\nThe citizen member shall be appointed initially by the governing body of the\nlocality for a term of two years and if more than one citizen is appointed to\nserve on any such board, then the local governing body may appoint those\ncitizens for staggered terms of one and two years. Subsequent appointments shall\nbe for two-year terms or to fill the balance of any unexpired term. The finance\nboard shall annually elect one of its members as chairman and another as\nvice-chairman. The finance board shall meet at least four times a year, and a\nmajority of the members shall constitute a quorum.\n\t\tAny school board of a local school division or the governing body of any other\npolitical subdivision that establishes its own postemployment benefits trust,\ntrusts, or equivalent arrangements pursuant to this article shall create a\nfinance board to serve as trustee of such a trust, trusts, or equivalent\narrangements and to manage and invest the assets of that trust, trusts, or\nequivalent arrangements. Such a finance board shall be composed of at least\nthree members consisting of the chief administrative officer of the entity, the\nchief financial officer of the entity, and at least one additional person who\nshall be a citizen of the Commonwealth and who meets the qualifications set\nforth above. The citizen member shall be appointed initially by the governing\nbody of the locality for a term of two years and if more than one citizen is\nappointed to serve on any such board, then the local governing body may appoint\nthose citizens for staggered terms of one and two years. Subsequent appointments\nshall be for two-year terms or to fill the balance of any unexpired term. The\nfinance board shall annually elect one of its members as chairman and another as\nvice-chairman. The finance board shall meet at least four times a year, and a\nmajority of the members shall constitute a quorum.\n\t\tAlternatively, and in lieu of establishing the finance board as described in\nthis section, the governing body of any county, city, or town, school division\nor other political subdivision that has established a retirement board or\ndeferred compensation board to manage pension benefits provided to or for its\nactive and former employees may designate that retirement board or deferred\ncompensation board to serve as trustee and to manage the assets of a trust or\nequivalent arrangement established pursuant to this article. Any such retirement\nboard or deferred compensation board shall have all the powers and duties of the\nfinance board described in this article, mutatis mutandis.\n\t\tExcept in the case of gross negligence or intentional misconduct, any member\nof a finance board established pursuant to this section, any director of finance\nor another appointed official with a similarly named position, or any member of\na retirement board, who is acting in accordance with the provisions of this\narticle, shall not incur any liability for investment losses suffered by a trust\nestablished pursuant to this article. Members of any such finance board shall be\nsubject to removal from office as set forth in \u00a7\u00a7 24.2-230 through 24.2-238.\n\nHISTORY: 2007, c. 710.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}