Per the Trust Agreement, Article III, Section 1, as amended effective August 25, 2003, election for the At-Large Trustee term (scheduled to begin July 1, 2008) will be May 30, 2008.
In order to be eligible to serve as a Trustee, an individual must be a member of ASEA/AFSCME Local 52 and, in this case, her/his duty station as defined by the State must be covered by the GGU. Also, he/she must never have engaged in transactions on behalf of parties whose interests are or were adverse to the Plan; must have never been involuntarily removed from any State Board, Committee, Union Office or Trustee position for any reason; and must be willing to assume the responsibilities outlined below.
Trustee responsibilities include, but are not limited to:
- the general fiduciary duties of receipt of employer contributions and other income and creation and administration of the Plan of benefits;
- administration of the Trust Fund assets solely in the interest of the participants and their beneficiaries;
- compliance with Internal Revenue Code and other applicable laws;
payment of current benefits and reasonable and prudent expenses necessary to manage the Trust; and
- investment of contributions and other income not required for the payment of benefits or expenses.
The Board of Trustees owes a fiduciary duty to the participants and beneficiaries of this Trust. By law, all investment decisions must comply with the Internal Revenue Code and the prudent investor rule.
Enclosed is a packet containing the Trustee Election Notice/Nomination Instructions, Nomination Petition, Candidate Certification and Qualifications Statement. If you are eligible and are interested in serving as a Trustee, follow the instructions and submit the forms as directed.
NOTE: If there is only one Candidate at the close of Nominations on April 25, 2008, the Trustees will not proceed with a balloting process, rather, the nominee will be seated when the term begins on July 1, 2008. If the balloting process is conducted, the Trustees will retain a certified public accounting firm to accept the returned ballots, count them and certify the election results.