Virginia Code 51.1-124.40: Investment of assets of the Opioid Abatement Fund
A. In addition to such other powers as shall be vested in the Board, the Board shall have the full power to invest, reinvest, and manage any assets of the Opioid Abatement Fund (the Fund) designated by the Opioid Abatement Authority for investment, reinvestment, or management by the Board. The Board shall maintain a separate accounting for the assets of the Fund. The Opioid Abatement Authority shall request a distribution of funds from the Board no more frequently than annually, and the Opioid Abatement Authority shall designate funds for investment by the Board no more frequently than annually.
Terms Used In Virginia Code 51.1-124.40
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the Board of Trustees of the Virginia Retirement System. See Virginia Code 51.1-124.3
- Member: means any person included in the membership of the Retirement System. See Virginia Code 51.1-124.3
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- Retirement System: means the Virginia Retirement System. See Virginia Code 51.1-124.3
B. The Board shall invest the assets of the Fund with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person 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. The Board shall also diversify such investments so as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so.
C. No officer, director, or member of the Board or of any advisory committee of the Retirement System or any of its tax exempt subsidiary corporations whose actions are within the standard of care in subsection B shall be held personally liable for losses suffered by the Retirement System on investments made under the authority of this section.
D. The provisions of §§ 51.1-124.32 through 51.1-124.35 shall apply to the Board’s activities with respect to funds in the Fund.
E. The Board may assess the Opioid Abatement Authority a reasonable administrative fee for its services.