Retirement Board Vacancy

News Articles
12/14/2004

NOTICE THAT APPLICATIONS ARE BEING ACCEPTED
TO FILL VACANCIES ON THE AC TRANSIT DISTRICT
RETIREMENT BOARD

Applications are being accepted from individuals who are interested in volunteering to serve on the AC Transit District Retirement Board. There is one immediate vacancy for a representative of the public and two scheduled vacancies: one representing a member of the public and one non-ATU employee, whose terms will expire on March 31, 2005. Applications will be accepted until 12:00 noon, Friday, January 14, 2005. The appointment will be made by the District’s Board of Directors.

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.

The AC Transit Retirement Board is responsible to:

Interpret the Retirement Plan on behalf of current and future beneficiaries
Select legal counsel to provide guidance to the Retirement Board and staff and to handle legal matters
Retain and monitor investment consultant(s) and advisors. Retain and monitor fund managers to manage the Plan assets.
Retain an actuary to help determine how much money needs to be contributed by the District annually to the Plan
Set investment strategies, determine appropriate risk levels, and establish asset allocation policies for Plan assets
Authorize payments of approved expenses
Oversee auditing of the Plan funds
Contract with a custodial bank(s) to hold the assets
Select and evaluate staff to administer the Plan on a “day-to-day” basis
Terminate contracts when appropriate
Determine if applicants are qualified to receive benefits, including granting or denying applications for disability retirements
Reviewing ongoing qualifications for retirees on disability status
Advise the AC Transit District Board of Directors on issues relating to the Plan

Essential Qualifications for applicants include:

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 for applicants include:

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
Reside 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, January 14, 2005. The appointee for the current vacancy is expected to assume office prior to the February 14, 2005 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. The appointees would commence their term on April 1, 2005.

Applications may be obtained from:

AC Transit District
District Secretary’s Office
1600 Franklin Street, 10th Floor
Oakland, CA 94612
(510) 891-4851
TDD (800) 448-9790

or from the District’s website at actransit.org

COMPLETED AND SIGNED APPLICATIONS, INCLUDING A RESUME,
MUST BE RECEIVED NO LATER THAN

12:00 noon, Friday, January 14, 2005