{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-1548.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-1548.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-1548.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-1548.html"}],"law_id":68979,"edition_id":1,"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","history":"2007, c. 710.","full_text":"Except as otherwise provided herein, any finance board or any other person or entity serving as an alternative thereto pursuant to \u00a7 15.2-1547 shall retain the services of an investment manager, invest its funds in accordance with \u00a7 15.2-1549, maintain records of all of its proceedings, make such records available for inspection by the public, invest the assets of the trust or equivalent arrangement in accordance with the provisions of this article, and provide the governing body that created it an annual report on the fund’s performance and financial status. In lieu of any finance board or other person or entity serving as an alternative thereto pursuant to \u00a7 15.2-1547 serving as trustee, the investment manager may serve as trustee of the funds. The selection of services related to the management, purchase, or sale of authorized investments, including but not limited to actuarial services, shall not be subject to the provisions of the Virginia Public Procurement Act (\u00a7 2.2-4300 et seq.).","order_by":null,"text":{"0":{"id":249676,"text":"Except as otherwise provided herein, any finance board or any other person or entity serving as an alternative thereto pursuant to \u00a7 15.2-1547 shall retain the services of an investment manager, invest its funds in accordance with \u00a7 15.2-1549, maintain records of all of its proceedings, make such records available for inspection by the public, invest the assets of the trust or equivalent arrangement in accordance with the provisions of this article, and provide the governing body that created it an annual report on the fund’s performance and financial status. In lieu of any finance board or other person or entity serving as an alternative thereto pursuant to \u00a7 15.2-1547 serving as trustee, the investment manager may serve as trustee of the funds. The selection of services related to the management, purchase, or sale of authorized investments, including but not limited to actuarial services, shall not be subject to the provisions of the Virginia Public Procurement Act (\u00a7 2.2-4300 et seq.).","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-1548\/","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":false,"refers_to":[{"id":81208,"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","order_by":null,"url":"\/15.2-1547\/"},{"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\/"},{"id":70034,"section_number":"2.2-4300","catch_line":"Short title; purpose; declaration of intent","order_by":null,"url":"\/2.2-4300\/"}],"permalink":{"id":153297,"object_type":"law","relational_id":68979,"identifier":"15.2-1548","token":"15.2\/II\/15\/8\/15.2-1548","url":"\/15.2-1548\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-1548\/","token":"15.2\/II\/15\/8\/15.2-1548","dublin_core":{"Title":"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","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-1548","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Except as otherwise provided herein, any finance board or any other person or entity serving as an alternative thereto pursuant to \u00a7 15.2-1547<\/a> shall retain the services of an investment manager, invest its funds in accordance with \u00a7 15.2-1549<\/a>, maintain records of all of its proceedings, make such records available for inspection by the public, invest the assets<\/span> of the trust or equivalent arrangement in accordance with the provisions of this article, and provide the governing body<\/span> that created it an annual report on the fund’s performance and financial status. In lieu of any finance board or other person or entity serving as an alternative thereto pursuant to \u00a7 15.2-1547<\/a> serving as trustee, the investment manager may serve as trustee of the funds. The selection of services related to the management, purchase, or sale of authorized investments, including but not limited to actuarial services, shall not be subject to the provisions of the Virginia Public Procurement Act (\u00a7 2.2-4300<\/a> et seq.).<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFINANCE BOARDS OR ALTERNATIVES THERETO TO MANAGE THE ASSETS OF TRUSTS OR\nEQUIVALENT ARRANGEMENTS TO FUND POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS AND\nPROVIDE ANNUAL REPORTS; EXEMPTION FROM PUBLIC PROCUREMENT ACT (\u00a7 15.2-1548)\n\nExcept as otherwise provided herein, any finance board or any other person or\nentity serving as an alternative thereto pursuant to \u00a7 15.2-1547 shall retain\nthe services of an investment manager, invest its funds in accordance with \u00a7\n15.2-1549, maintain records of all of its proceedings, make such records\navailable for inspection by the public, invest the assets of the trust or\nequivalent arrangement in accordance with the provisions of this article, and\nprovide the governing body that created it an annual report on the fund’s\nperformance and financial status. In lieu of any finance board or other person\nor entity serving as an alternative thereto pursuant to \u00a7 15.2-1547 serving as\ntrustee, the investment manager may serve as trustee of the funds. The selection\nof services related to the management, purchase, or sale of authorized\ninvestments, including but not limited to actuarial services, shall not be\nsubject to the provisions of the Virginia Public Procurement Act (\u00a7 2.2-4300 et\nseq.).\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}}