Recruitment for Retirement Board
News Articles
08/07/2003
Are you interested in volunteering to serve on the AC Transit District Retirement Board? There is an immediate vacancy for a representative of the public. Applications will be accepted until 12:00 noon, Friday, September 12, 2003. The appointment will be made by the District’s Board of Directors.
Applications:
Background Information
The AC Transit Retirement Board oversees a non-contributory defined benefit plan with assets of approximately $250 million. There are approximately 1,100 retirees or beneficiaries currently receiving benefits from the Plan.
There is no compensation for attendance at meetings or for time engaged in Retirement Board issues. Related expenses for conferences or education may be reimbursed upon approval of the Retirement Board.
The AC Transit Retirement Board consists of five members. Two are selected by the District’s largest union. One additional employee member and two public members are appointed by the District’s publicly-elected Board of Directors.
Responsibilities
The AC Transit Retirement Board is responsible for:
- Interpreting the retirement plan on behalf of current and future beneficiaries
- Selecting legal counsel to provide guidance to the Retirement Board and staff and to handle legal matters
- Retaining and monitoring investment consultant(s) and advisors, as well as fund managers to manage the plan’s assets
- Retaining an actuary to help determine how much money needs to be annually contributed by the District to the plan
- Setting investment strategies, determine appropriate risk levels, and establish asset allocation policies for plan assets
- Authorizing payments of approved expenses
- Overseeing the audit of plan funds
- Contracting with a custodial bank(s) to hold the assets
- Selecting and evaluating staff to administer the plan on a day-to-day basis
- Terminating contracts when appropriate
- Determining if applicants are qualified to receive benefits, including granting or denying applications for disability retirements
- Reviewing ongoing qualifications for retirees on disability status
- Advising the AC Transit District Board of Directors on issues relating to the plan
Essential Qualifications
We need an individual to have the following qualifactions:
- No conflict of interest in any investments or issues facing the Retirement Board
NOTE: the successful candidate will be required to file a FPPC Form 700 Asset Disclosure Form, regarding potential conflicts of interest, within 30 days after assuming duties as a member of the Retirement Board, and annually thereafter.
- Understanding of fiduciary responsibilities of the Retirement Board
- Ability to maintain strict confidentiality regarding certain matters brought before the Retirement Board, including medical and/or personnel records
- Ability to commit to attendance at a minimum of one Retirement Board meeting per month (generally 9:00 a.m. to 1:00 p.m. on the second Monday of each month), and occasional special meetings as necessary
Other Desirable Qualifications
Experience or knowledge in some or all of the following areas:
- Investment, accounting, finance or actuarial study, preferably related to public retirement systems
- Public employee benefits administration
- Disability benefits, administration, evaluation of qualifications
- Comprehending and interpreting retirement plan documents
- Understanding of the California Open Meeting Law
- Residing within the boundaries of the District
- Ability to attend occasional conferences or other meetings, paid for by the Retirement Plan, to obtain/maintain training and education on retirement or fiduciary issues
Selection Process and Term of Office
Selection of members shall be made by the District’s Board of Directors as soon as possible after Friday, September 12, 2003. The appointee is expected to assume office prior to the October 13, 2003 regular meeting of the Retirement Board. Once designated and appointed by Resolution of the District Board of Directors, the appointee shall serve the remainder of the vacant two-year period which expires on March 31, 2005. Reappointment, if desired, can be considered before that time.
Applications:
Your completed and signed application, including a resume, must be received no later than:
12:00 noon, Friday, September 12, 2003