AC Transit Seeking Retirement Board Members
Applications are being accepted from individuals interested in serving on the AC Transit District Retirement Board. There are three vacancies: two for members of the public and one for a non-Amalgamated-Transit-Union employee of the District. Applications will be accepted until 12:00 noon, Friday, February 1, 2013. The appointment term is April 1, 2013, through March 31, 2015, and selection of the new members will be made by the AC Transit Board of Directors.
The retirement board oversees a non-contributory defined-benefit plan with assets of approximately $450 million. There are approximately 1,700 retirees or beneficiaries currently receiving benefits from the plan.
The board consists of five members. Two are selected by the District’s largest union, Amalgamated Transit Union Local 192. One additional employee member and two public members are appointed by the District’s 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 board and staff, and to handle legal matters; and retain and monitor fund managers to manage the plan assets.
Members of the retirement board receive no compensation for attendance at meetings or for time engaged in board issues. Related expenses for conferences or education may be reimbursed upon approval of the retirement board.