December 19, 2006 > AC Transit seeks retirement board members
AC Transit seeks retirement board members
by Clarence Johnson
Applications are being accepted from individuals interested in volunteer service on the AC Transit District Retirement Board. There are three vacancies, two of which will be filled by members of the public. The third seat is for a non-union employee. All three terms will expire on March 31, 2007. Members may then run for election to a full term.
The retirement board oversees a non-contributory, defined benefit, pension plan with assets of approximately $250 million. About 1,100 retirees or beneficiaries currently receive benefits from the plan. Among other things, the retirement board interprets plan benefits on behalf of current and future beneficiaries; selects legal counsel to provide guidance; and retains and monitors the various fund managers investing plan assets.
There is no compensation for meeting attendance or for other time spent on board issues. However, related expenses for conferences or education may be reimbursed upon approval of the retirement board.
A complete list of responsibilities, qualifications and details about the selection process is available online at www.actranist.org
Applications will be accepted until noon, Tuesday, January 16. Appointments will be made by the board of directors.