VACo/VML Pooled OPEB Trust

Local governments, school districts, and authorities that provide health insurance and other non-pension post-employment benefits (OPEB) to retirees are required by governmental accounting standards to quantify and report the future costs of benefits in their financial statements. In order to avoid reporting potentially large and increasing liabilities, and to demonstrate strong financial management, well-run political subdivisions in Virginia generally choose to fund their OPEB liabilities as they accrue. For those that fund OPEB, the VACo/VML Pooled OPEB Trust is, hands down, Virginia’s most popular investment vehicle.

The requirement to report OPEB liabilities within government financial statements began with Governmental Accounting Standards Board (GASB) Statement 45. This Statement, which was phased-in during fiscal years 2008-2010, provided for the gradual recognition of existing OPEB liabilities over an extended period of up to 30 years. More recently, however, GASB 75 was issued, replacing the gradual recognition of liabilities with a requirement that the entire unfunded liability must be reported beginning in fiscal year 2018. Moreover, the net OPEB liability must be reported on the face of the financial statements. The new rule has potentially significant ramifications for the calculation of a government’s “Net Position.”

Since ignoring OPEB liabilities can be an indication of financial weakness, the vast majority of highly-rated governments in Virginia opt to fund their liabilities as they accrue. Governments also benefit because invested funds generate earnings that can help reduce the long-term cost of OPEB by as much as 40% or more.

The VACo/VML Trust offers a streamlined and cost-effective investment vehicle specifically designed for OPEB. As the only pooled OPEB trust fund in Virginia, the VACo/VML Trust offers participants professional investment management on par with the services provided by major pension funds. The VACo/VML Pooled OPEB Trust is also the simplest and lowest cost option available — and you avoid the expense and complexity of forming a separately-managed trust fund.

With invested assets of more than $1 billion, the VACo/VML Pooled Trust is among the largest of its kind in the nation. Investment decisions are made by a Board of Trustees composed of local officials elected at an Annual Meeting of participants. The investment consultant is Asset Consulting Group based in St. Louis, Missouri.

The VACo/VML Pooled OPEB Trust offers:

  • Access to some of the best performing investment funds in the nation, including those traditionally available only to major institutions;
  • The choice of two investment portfolios suited to your government’s desired rate of return and risk tolerance;
  • Leading professional investment advisor and managers who provide sophisticated expertise and research capabilities;
  • Low administrative costs – the result of cost sharing and economies of scale;
  • Directed and controlled by local government officials – participants elect the Board of Trustees.

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Actuarial Services

Under Governmental Accounting Standards Board Statement 75, all governmental bodies are required to report their OPEB liabilities on their financial statements.  Local governments accrue OPEB liabilities whether they cover the cost of non-pension benefits for retirees (typically health insurance) or merely allow retirees to participate in benefit plans for active employees.

For most local governments, the first step in quantifying your OPEB liability is to procure an actuarial study. An actuary calculates your OPEB liability using benefit plan, demographic, and other statistical data. As the program administrator for the VACo/VML Pooled OPEB Trust – the leading OPEB investment vehicle in Virginia – we can help your locality obtain high quality and affordable actuarial services. Our partner is Milliman Inc., a global firm of 1,000 consultants and actuaries serving a wide range of clients, such as local governments and school divisions.

VML/VACo Finance has established a discounted fee schedule and will provide a no-obligation fee quote to local governments upon request.

For local governments with fewer than 100 plan members, we also offer GASB help, a self-service online tool provided by Milliman specifically for small local governments.

VML/VACo OPEB Actuarial Services offer:

  • Discounted fees on your OPEB actuarial study;
  • No RFP required;
  • A no-obligation advance fee quote from VML/VACo Finance;
  • Expert analysis from one of the nation’s leading actuarial firms;
  • Answers to questions and assistance from VML/VACo Finance staff year-round;
  • Available for any size local government, school division, or authority.

VACo/VML Pooled OPEB Trust Board of Trustees

By resolutions unanimously adopted in 2008 by the Boards of Directors of VML and VACo, the two organizations called for the creation of a pooled trust fund to assist Virginia local governments in funding their Other Post Employment Benefits (OPEB) pursuant to GASB Statement 45. Subsequently, the VACo/VML Pooled OPEB Trust was created under the joint exercise of powers of two founding localities: Fairfax County and Henrico County. The Pooled OPEB Trust is open to local governments, school divisions, authorities, and other governmental entities that adopt Ordinances or Resolutions to become members.

The Trust is governed by a Board of Trustees composed of nine (9) members. Trustees are elected by participants in the Pooled Trust, whose votes are weighted according to each participant’s share of total Trust Fund assets. The Board of Trustees is responsible for managing Trust Fund assets through the appointment and oversight of investment managers and with the guidance of an investment advisor.

Upcoming Calendar Year 2023 Meetings

Friday, September 22, 2023 – Virginia Crossings Hotel & Conference Center

Friday, December 8, 2023 – TBD

Previous Meetings

Friday, June 30, 2023 –The Board of Trustees of the VACo/VML Pooled OPEB Trust held a meeting at the Virginia War Memorial. Please contact George Moore ( to attain access to the minutes.

Friday, March 17, 2023 –The Board of Trustees of the VACo/VML Pooled OPEB Trust held a meeting at the Virginia War Memorial. Please contact George Moore ( to attain access to the minutes.

Friday, December 9, 2022 –The Board of Trustees of the VACo/VML Pooled OPEB Trust held a meeting at the Virginia War Memorial. Please contact George Moore ( to attain access to the minutes.

Friday, September 23, 2022 – Annual Meeting – The Board of Trustees of the VACo/VML Pooled OPEB Trust held a meeting at the Richmond Marriott Short Pump. Please contact George Moore ( to attain access to the minutes.

VACo/VML Pooled OPEB Trust

Board of Trustees – 2022-2023

Jeffrey Weiler, Chairman

Fairfax County

Marty Smith, Vice Chairman

Fairfax County Public Schools

Laura Carini

City of Roanoke

Matt Harris

Chesterfield County

Sheila Minor

Henrico County

Jon Munch

Stafford County

John Sandy

Loudoun County

Letitia Shelton

City of Virginia Beach

Matthew Tingstrom

Washington Metropolitan Area Transit Authority

VACo/VML Pooled OPEB Trust Fund Participants

Accomack County

Alexandria City Public Schools

Alexandria Renew Enterprises

Chesapeake Public Schools

Chesterfield County

Chesterfield County Line of Duty

Chesterfield County Public Schools

City of Fredericksburg

City of Lexington & Public Schools

City of Poquoson

City of Portsmouth

City of Richmond

City of Roanoke

City of Roanoke Line of Duty

City of Salem

City of Staunton & Public Schools

City of Suffolk

City of Virginia Beach

Fairfax County

Fairfax County Public Schools

Fauquier County & Public Schools

Fluvanna County

Health Care Commission of Chesterfield County

Henrico County

Henry County

Henry County Public Schools

Henry County Public Service Authority

Henry County/Martinsville Social Services

Loudoun County & Public Schools

Loudoun Water

Mecklenburg County

Newport News Public Schools

Newport News Redevelopment & Housing Authority

Portsmouth Public Schools

Rappahannock Area Community Services Board

Rappahannock Juvenile Center

Richmond Metropolitan Transportation Authority

Roanoke County

Roanoke County Public Schools

Salem City Schools

Southeastern Cooperative Educational Programs

Spotsylvania County Public Schools

Stafford County

Stafford County Public Schools

Suffolk City Public Schools

Town of Ashland

Town of Blacksburg

Upper Occoquan Service Authority

Virginia Beach City Public Schools

Washington Metropolitan Area Transit Authority

York County

York County School Division

Presentations & Other

Audit Request for Qualifications

Responses due January 27, 2023


ACG Annual Portfolio Review

September 2022

OPEB Annual Report:
September 2022

Audited Financial Reports of the Pooled OPEB Trust

FY 2018

FY 2019

FY 2020

FY 2021

FY 2022

Please contact VML/VACo Finance at for more information.