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Seeking Retirement Board members
By Clarence Johnson
Three vacancies on the AC Transit District Retirement Board
-- AC Transit is accepting applications from individuals 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, 2013. Applications must be submitted by noon, Friday, February 1, 2013. The Districtís Board of Directors will make the appointment.
The AC Transit Retirement Board oversees a non-contributory defined benefit plan with assets of approximately $450M. There are approximately 1,700 retirees or beneficiaries 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 Districtís largest union. One additional employee member and two public members are appointed by the Districtís 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 at www.actranist.org