WHO’S IN CHARGE?
Each pension system has a board of trustees. These boards are responsible for safeguarding and managing the assets held in trust to provide retirement income for system members.
Based on explanations provided by the systems, each trustee serves as a fiduciary, meaning someone who holds assets in trust for a beneficiary. A fiduciary is required to act with scrupulous good faith and with the best interests of the beneficiary always in mind.
The boards are also required to adhere to the “prudent-man rule,” which requires each fiduciary to act with discretion and intelligence, seek reasonable returns and preserve capital. Most members must also complete continuing education or professional development training each year in investments, actuarial science, law and ethics.
For more information on each systems’ board, explore the following links: