SB1369: Freedom of Information Act; expands current record & meeting exemptions for retirement systems.

Chief Patron

Sen. Brandon Bell (R-22)

Brandon Bell (R-22)
Served: 2004–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

03/21/2007: signed by governor

View Entire History

Summary

Freedom of Information Act; Virginia Retirement System.  Expands current record and meeting exemptions for the Virginia Retirement System (VRS) and local retirement systems by allowing the withholding of internal deliberations of or decisions by the retirement system on the pursuit of particular investment strategies, or the selection or termination of investment managers, prior to the execution of such investment strategies or the selection or termination of such managers, to the extent that disclosure of such records would have an adverse impact on the financial interest of the retirement system. The bill also excludes records relating to the acquisition, holding, or disposition of a security or other ownership interest in an entity, where such security or ownership interest is not traded on a governmentally regulated securities exchange, to the extent that (i) such records contain (a) trade secrets as defined in the Uniform Trade Secrets Act (§ 59.1-336 et seq.); (b) financial records, including balance sheets and financial statements; (c) the entity's portfolio company information; (d) investment performance information; or (e) subscription agreements or other agreements executed by the retirement system and the entity; (ii) such records are not generally available to the public through regulatory disclosure or otherwise; and (iii) disclosure of such records would have an adverse impact on the financial interest of the retirement system. The bill provides that nothing shall be construed to authorize the withholding of the identity or amount of any investment held or the present value and performance of all asset classes and subclasses. The bill also expands the VRS closed meeting exemption to include the Investment Advisory Committee appointed by the VRS Board of Trustees. The bill contains technical amendments.