Board leadership
The TRA Board of Trustees is responsible for overseeing TRA operations and management. The board’s responsibilities include:
- Approving the annual operating budget
- Determining legislative priorities
- Appointing the TRA executive director to administer the rules, policies, and procedures that guide TRA operations
- Retaining an actuary to assess the financial status of the plan
The board does not determine contribution rates or benefit amounts, which are set by the Minnesota Legislature.
Board meetings
Unless otherwise noted, all board meetings are held in the Retirement Systems of Minnesota Building. Board meetings typically begin at 9:30 a.m. and are open to the public, but seating may be limited.
Attend online
The public also may attend TRA board meetings virtually. Advance registration with an email address is required to access meetings electronically. The link to preregister for each regular board meeting is posted on this site approximately five days before the event. After registering, individuals receive an email confirmation with instructions for accessing the meeting.
Schedule and resources
| 2026 fiscal year | 2025 fiscal year |
|---|---|
| August 20, 2025 Meeting minutes Recording | April 4, 2025 Meeting minutes |
| September 17, 2025 Meeting minutes Recording | April 9, 2025 Meeting minutes |
| November 19, 2025 Meeting minutes Recording | May 14, 2025 Meeting minutes |
| January 7, 2026 Meeting minutes Recording | May 16, 2025 Meeting minutes |
| March 11, 2026 Agenda and materials Recording | June 11, 2025 Meeting minutes |
| March 25, 2026 Agenda and materials Recording | |
| May 13, 2026 Agenda See event details | |
| June 10, 2026 See event details |
Board meeting recordings and minutes
Meeting recordings will be posted on the TRA website after review for subtitle accuracy and accessibility, which may take several business days. Meeting recordings consist of audio and board materials only. No images or video of participants or attendees will be recorded. By attending or signing in to TRA board meetings, individuals consent to being recorded.
Meeting minutes documents are posted online once the minutes are approved at the subsequent board meeting and the files meet web accessibility criteria. Meeting minutes files remain on the website for approximately one calendar year.
FAQs – TRA Board of Trustees
The Teachers Retirement Association Board of Trustees consists of three statutory members and five elected trustees. View the list of current trustees.
Trustees meet approximately eight times each year to oversee the administration of the TRA pension fund. A few times per year, the meetings are extended to provide training and education for trustees.
TRA assets are managed by the Minnesota State Board of Investment, and the TRA board closely monitors the fund’s financial health.
Key tasks of the board are to:
- Approve the annual operating budget
- Determine legislative priorities
- Appoint the TRA executive director to administer the rules, policies, and procedures that guide TRA operations
- Hear member appeals (see details in the TRA Member Handbook)
- Retain an actuary to assess the financial status of the plan
Trustees do not receive a salary; however, they may be eligible for travel expense reimbursement and per diem according to state guidelines.
While no special expertise is required to serve on the board, trustees must:
- Make reasonable efforts to obtain knowledge and skills that position them to perform their fiduciary responsibilities, and
- Develop and periodically revise a continuing education program for fiduciaries to obtain pertinent knowledge and skills.
Put simply, a fiduciary is a person (or entity) acting on behalf of another party and putting that party’s interests ahead of their own.
As fiduciaries, TRA trustees are held to a standard called “the prudent person rule,” under which they must exercise their decisions in the same careful manner that they would use in making their own retirement decisions. TRA trustees act as fiduciaries in accordance with Minnesota law and are subject to state economic interest disclosures. Trustees must impartially manage the plan solely in the interest of participants and beneficiaries and for the exclusive purpose of providing benefits and paying plan expenses.
Each fiduciary has a general responsibility to:
- Oversee the fiduciary activities of all other fiduciaries, and
- Correct or alleviate a fiduciary breach the co-fiduciary had or should have had knowledge of.
- A co-fiduciary who fails to satisfy these responsibilities is liable for a breach committed by another fiduciary.
A breach of a fiduciary duty means a trustee could be held personally liable at the discretion of the governing board. A trustee may be indemnified from liability for a fiduciary breach.
