Principles
Advocated by the National Council on Teacher Retirement
(NCTR)
As a member of NCTR, this retirement system is committed to
the NCTR Principles and WE PLEDGE:
1. Courteous Service
To give members prompt and courteous service
and provide complete and accurate information.
2. Member Statements
To provide each active member with an annual statement that includes
the member's accrued service credit, employee contributions,
and other related information.
3. Information
To provide new participants in the system a summary plan description
that clearly and simply summarizes the benefit provisions
of the plan. The system will make available information on
changes made
in benefits.
4. Annual Reports
Full disclosure of financial, actuarial and investment information
in a detailed annual report that will be available for
members, elected officers and the public.
5. Financial Audits
To prepare or cause to be prepared an annual financial
statement in accordance with generally accepted accounting
principles
and have an annual audit of the system's financial
statement in accordance
with generally accepted auditing standards.
6. Actuarial Studies
To have an annual or biennial actuarial valuation performed
by an enrolled actuary in accordance with actuarial
standards and
an actuarial
experience study at least every 5 years.
7. Adequate Funding
To work to obtain adequate funding of all promised
benefits and to ensure the financial integrity
of this system.
8. Independence of Retirement Systems
To work for a retirement
system which functions as an independent retirement trust,
separate from
state and
local government.
Such independence to include the power of trustees
to set actuarial assumptions, appoint professionals
such
as actuaries
and attorneys
on whom they
must rely to carry out their responsibilities,
and to establish a budget for the system which ensures
the delivery
of high
quality,
cost-effective service to their members.
9. Exclusive Benefit
To act for the exclusive benefit of our members
as fiduciaries entrusted with the management
and payment
of retirement
benefits.
10. Prudent Investments
To adopt comprehensive objectives, methods
for evaluation of performance, and policies
which
will ensure both
the prudent investment of plan
assets and the attainment of the highest
possible investment return.
11. Ethical Conduct
To adhere to the highest standards of
conduct set out in the terms of
the trust, state
statute or
other law.
12. State and Local Government
Authority
To support the continuation of state
and local pension plan oversight
by the respective
state
or local government
to
ensure that decisions
are made at the appropriate level
of government.
|
