BOARD ELECTION RESULTS

Luke V. Olson

Luke V. Olson

Incumbent active-member representative Marshall Thompson, a teacher in the Osseo school district, has won re-election to the TRA Board of Trustees. Joining him as a new board member will be Luke V. Olson, a math teacher in South St. Paul Public Schools. The board certified the election results at its June 12 meeting. The four-year terms for Thompson and Olson begin July 1.

TRA is managed by a board of eight trustees. The board consists of five elected trustees and three statutory members representing the Minnesota School Boards Association, the Commissioner of Education and the Commissioner of Minnesota Management and Budget. Four of the five elected trustees are active members of TRA and one is a TRA retiree.

Marshall Thompson

Marshall Thompson

There are no term limits for board members. The Board of Trustees meets approximately six times per year to oversee the administration of the pension fund.

The administrative management of TRA is the responsibility of the executive director, who is appointed by the Board of Trustees.

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.

As fiduciaries, trustees are held to a standard called “the prudent person rule,” under which they must exercise 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.

Board meetings are open to the public. To view board meeting agendas and minutes, go to the Board of Trustees page.