Seeking Retirement Board Members
Press Releases
12/06/2010
Applications are being accepted from individuals who are interested in volunteering to serve on the AC Transit District Retirement Board. There are three vacancies: two representing members of the public and one non-ATU employee, whose terms will expire on March 31, 2011. Applications will be accepted until 12:00 noon, Friday, January 21, 2011. The appointments 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.
Among other things, it is the responsibility of the AC Transit Retirement Board 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; and retain and monitor fund managers to manage the Plan assets. A complete list of responsibilities, qualifications and details about the selection process is available online at http://www.actransit.org/.
Retirement Board Vacancy Notice