A. In order to assist the Board in fulfilling its duties under § 23.1-704 and this chapter and to assist the Plan's chief executive officer in directing, managing, and administering the Program, the Board shall appoint the Program Advisory Committee to provide sophisticated, objective, and prudent administrative and investment advice and direction, as requested by the Board. The Committee may develop Program recommendations for the Board and perform such other duties as the Board may delegate to the Committee.
B. The Board shall develop requirements, procedures, and guidelines regarding Committee membership.
C. Members of the Committee shall demonstrate extensive experience in one or more of the following areas: retirement plan design, retirement plan investments, domestic or international equity or fixed-income securities, cash management, alternative investments, institutional real estate investments, or managed futures.
D. Members of the Committee shall serve at the pleasure of the Board and may be removed by a majority vote of the Board.
E. Members of the Committee shall receive no compensation but shall be reimbursed for actual expenses incurred in the performance of their duties.
F. The recommendations of the Committee shall not be binding upon the Board.
G. The disclosure requirements of subsection B of § 2.2-3114 shall apply to each member of the Committee who is not also a Board member.
H. The Board may appoint such other advisory committees as it deems necessary and shall set the qualifications for members of any such advisory committee by resolution.
2021, Sp. Sess. I, c. 556.