Board of Trustees
TRA is managed by a board of eight trustees. The Board of Trustees meets approximately six 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.
Although the State Board of Investment manages all retirement investments, the trustees are required to become knowledgeable in both pension administration and investments under state law. The trustees annually elect a president and a vice-president. (Read the TRA Funding Policy.) As fiduciaries, 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.
Trustees are also obligated to consider the benefit needs of all pension fund participants regardless of any individual constituency that may have been instrumental in their election. 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.