A bill introduced to assist MACo’s OPEB Investment Trust has passed the House of Delegates.
House Bill 378, sponsored by Delegate Debra Davis, has passed through the House of Delegates with unanimous support. The bill was introduced to classify MACo’s OPEB Investment Trust as a “local government” for liability purposes, which likely would save its participating counties and other governments on overhead costs with insurance.
The more immediate case for HB 378 is that this clarification would allow the Pooled Trust to receive its insurance through yet another instrument of Maryland local governments, the Local Government Insurance Trust (LGIT). Under LGIT’s forming documents, it may only serve members that are under the Local Government Tort Claims Act, as its underwriting and rate-setting structure is wholly predicated on those laws. HB 378 would enable insurance for the Pooled Trust that is closer to home, and more affordable, since LGIT more clearly understands the limited role of an admittedly peculiar entity.
Delegate Davis, prior to her election to the House of Delegates, served as Charles County Commissioner, and also on the LGIT Board of Trustees, including finishing her service time there as its Chair.
Follow county impact legislation through the entire session on MACo’s Legislative Tracking Database.
Want to learn more about MACo’s cost-saving OPEB Investment Trust? Visit the Trust webpage for information about how it could save you county, municipality, library, or college on the costs of investing today’s dollars toward tomorrow’s retiree health care costs. The Trust is owned and managed by local government officials, and gives its members plug-and-play access to an “A-team” of advisors and financial consultants, while sharing all the overhead costs of running a Trust.