PERAC Memo #12 - 2014: New Board Member Informational CD

New Board Member Informational CD

Summary

This memo announces a new PERAC informational CD/resource packet designed to orient newly elected or appointed retirement board members, covering topics such as actuarial valuations, trustee responsibilities, disability retirement processes, and the competitive bid process. Boards are asked to help distribute this CD to new members promptly upon their appointment or election, rather than waiting for PERAC to send it directly, though no other formal action is required.

Full Text

MEMORANDUM #12, 2014 Robert B. McCarthy M E M O R A N D U M TO: All Retirement Boards FROM: Joseph E. Connarton, Executive Director RE: New Board Member Informational CD DATE: March 18, 2014 Enclosed please find a CD containing a number of documents that PERAC has published. The purpose of this project is to provide newly elected or appointed retirement board member some background information. These documents relate to a number of issues that come before retirement boards on a regular basis or provide a general review regarding subjects such as Actuarial Valuations with which a new board member, in all likelihood, will be unfamiliar. The following documents are included: PERAC Regulations Manual Pension Legal Issues Retirement Guides (linked to web) Competitive Bid Process Understanding an Actuarial ValuationTrustee Responsibility & Oversights Actuarial Valuation BasicsWorkers’ Compensation Offset Most Current Annual ReportAccidental & Ordinary Disability Process Although the Commission hopes to disseminate this CD to new retirement board members directly, it might be more timely for the CD to be given to these individuals by the retirement board upon the member’s appointment or election. documents are also available. Please contact the Commission with any questions or comments. Enclosure