Board of Trustees
TRA is managed by a board of eight trustees. The Board of Trustees meets approximately eight times per year to oversee the administration of the pension fund.
The board consists of five elected trustees and three statutory members. Four of the five elected trustees are active members of TRA and one is a TRA retiree. The statutory members are the Commissioner of Education, the Commissioner of Minnesota Management and Budget, and a representative of the Minnesota School Boards Association. The trustees annually elect a president and a vice-president.
Some of the major board responsibilities include: establish rules, policies and procedures for administering the plan; approve an annual budget; retain an actuary to assess the financial status of the plan; determine member appeals; and appoint the Executive Director. The TRA Board has no investment responsibility. TRA assets are managed by the State Board of Investment.
Board members are fiduciaries pursuant to Minnesota law and are also subject to state economic interest disclosures. As fiduciaries, board members owe duties to TRA participants and beneficiaries, Minnesota taxpayers, and the State of Minnesota. Therefore, they must act solely in those groups’ best interests in exclusion of all other interests, including personal interests, and must impartially manage the plan for the exclusive purpose of providing authorized benefits and paying plan expenses.
Board members do not receive a salary; however, they may be eligible for travel expense reimbursement according to State guidelines. Trustees are required to file an annual Statement of Economic Interest with the Minnesota Campaign Finance and Public Disclosure Board.
A determination of the TRA executive director regarding eligibility, benefits, or other rights under the plan with which a member does not agree is subject to review and may be appealed by petitioning the TRA Board of Trustees for a review of the decision pursuant to Minnesota Statute 356.96, Pension Plan Appeal Procedures.