NEWS BRIEF
For Immediate Release
July 13, 2010

County Commissioners Seek Applications for Public Safety Pension Plan Board of Trustees Appointment

            Elkton, MD - The Board of Cecil County Commissioners is seeking applications from citizens interested in serving on the Public Safety Pension Plan Board of Trustees.   The Board of Trustees has oversight and day-to-day administration authority of the Public Safety Pension Plan.

            A Board of Trustee member shall be required to select, monitor, and diversify the assets of the Pension Plan in accordance with the standards outlined in the Plan and Trust Agreement.  A copy of the responsibilities relative to serving on the Board of Trustees is included with this press release, and is available on the County website at www.ccgov.org.

            Interested citizens must submit a cover letter and resume' stating their qualifications and experience relative to the duties of Board of Trustees to the Board of County Commissioners by close of business on Friday, August 13, 2010.  The information can be mailed to the Commissioners' Office, County Administration Building, 200 Chesapeake Blvd., Suite 2100, Elkton, MD 21921, ATTN: Vicky Rinkerman, faxed to our office at 410.996.1014, or emailed to vrinkerman@ccgov.org

Contact Vicky Rinkerman in the Commissioners' Office at 410.996.8310, or via email to vrinkerman@ccgov.org   if you need more information or have any questions.      

RESPONSIBILITIES OF FINANCIAL EXPERTISE TRUSTEECECIL COUNTY PUBLIC SAFETY PENSION PLAN

 I.  BACKGROUND 

The Plan was established in 2002 by the Board of County Commissioners of Cecil County ("Commissioners") for the benefit of Cecil County's Public Safety Employees and has been amended from time to time.  The purpose of the Plan is to attract and retain the highest quality public safety employees and to provide the Plan's participants with retirement benefits in accordance with the terms, conditions, and provisions of the Plan, as set forth in the Plan Document, the Trust Agreement, and applicable law.  By Determination Letter of the Internal Revenue Service dated December 1, 2003, the Plan is a tax-qualified defined benefit pension plan.   The Commissioners have established a Board of Trustees ("the Trustees") and have delegated their oversight authority to the Trustees so that they may perform day-to-day administration and oversight of the Plan.

The Plan and the benefits provided by the Plan are funded through a combination of investment earnings on the Plan's assets and employee and employer contributions that are provided in accordance with the Plan Document.

 II. FIDUCIARY STANDARDS  

The Plan and Trust Agreement establish the standards by which the Plan's fiduciaries shall select, monitor, and diversify Plan assets (the "Fiduciary Standard").  Pursuant to the Plan's Fiduciary Standard, each Plan fiduciary shall:

 Discharge his or her duties with respect to the Plan solely in the interest of the Plan's participants and beneficiaries and

 (a)  for the exclusive purpose of:

             (i)         providing benefits to participants and their beneficiaries; and 

            (ii)        defraying reasonable expenses of administering the Plan;

 (b)        with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man (or a prudent investor, as applicable) acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims;

 (c)        by diversifying the investments of the Plan so as to minimize the risk of large losses, unless under the circumstances it is clearly imprudent to do so; and

 (d)        in accordance with the Plan Document, Trust Agreement, and applicable law. 

 With regard to the governance of Plan Assets held in trust pursuant to the terms of the Trust Agreement (the "Fund"), the Plan's fiduciaries may include any of the following, to the extent such party is designated as a Plan fiduciary or such party exercises discretionary control over the Fund:

• ·         The Trustees;
• ·         Investment Managers;  
• ·         Investment Consultants; and
• ·         Plan Administrators. 

To the extent reasonable, the Trustees shall purchase and maintain fiduciary insurance for the benefit of the Plan and its fiduciaries.  The terms and conditions of such insurance, including the amount of coverage for individual and aggregate events, shall be established by the Trustees.  The Trustees may require each independent or third-party fiduciary, advisor, consultant, or other service provider to provide evidence of adequate fiduciary insurance.     

  III. ETHICS AND CONFLICTS OF INTEREST

 Consistent with the Fiduciary Standard, each Trustee, delegate, or other party working with or for the Plan shall act in the sole interest of the Plan's participants and beneficiaries.  Consistent therewith, each Trustee, delegate or other party working with or for the Plan shall adhere to the requirements of the Plan Document and Trust Agreement, Cecil County Government conflict of interest policies, and all other applicable laws, regulations, and rules, including, but not limited to:

• Disclosure in writing to the Board of Trustees any material financial interest in financial institutions that conduct business  with the Cecil County Government or the Plan;  
• Refraining from personal or business activities that could conflict with proper execution of the Plan's investment program; 
• Subordination of personal investment transactions to those of the Plan, particularly with regard to the timing of purchases and sales; and,
• Disclosure in writing to the Board of Trustees of any personal, business, or family relationship a Trustee may have with a firm, vendor or other person or entity doing business with the Plan.

In the event the Trustees determine that an individual has a conflict of interest, such individual shall be directed to recuse himself with respect to voting on issues involving the firm, vendor, person or entity at issue.  If such individual shall refuse to recuse himself, the Trustees may vote to recommend to the Commissioners the removal or suspension of such individual (whichever is applicable) by majority vote of the Trustees.

 IV.   ROLES & RESPONSIBILITIES

 A.  Responsibility of Trustees

The Trustees are responsible for administration of the Plan and investment of the Fund.  Consistent therewith and practicing adherence to the Plan's Fiduciary Standard, the Trustees are authorized to delegate the performance of Plan-related duties to the extent such delegation is necessary and reasonable.  Pursuant to such authority, the Trustees may engage the services of Investment Managers, Custodians, and Investment Consultants, Attorneys, Accountants, Actuaries, Auditors, and others who possess the necessary care, skill, prudence, and diligence to perform professional services related to the administration of the Plan and investment of the Fund (each, an "Engaged Party").  Parties engaged by the Trustees to perform such professional services shall be registered, licensed, and otherwise qualified to do business in the State of Maryland.  Each such delegation shall be evidenced by a written contract (each, an "Engagement Contract").  The Trustees shall meet in person on a periodic basis, but no less than once per calendar year, for the purpose of evaluating the performance of the Plan and the success of the Plan's Engaged Parties.  Trustee meetings are held monthly on the second Thursday of each month, at 107 Chesapeake Boulevard, DES Meeting Room, Elkton, Maryland 21921, at 8:30 am.  Trustees shall be appointed by the Commissioners in accordance with the Plan Document.