Public Pension 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:
- Courteous Service: To give members prompt and courteous service and provide complete and accurate information.
- Member Statements: To provide each active member with an annual statement that includes the member's accrued service, employee contributions, and other related information.
- 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.
- 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.
- 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.
- 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 five years.
- Adequate Funding: To work to obtain adequate funding of all promised benefits and to ensure the financial integrity of this system.
- 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.
- Exclusive Benefit: To act for the exclusive benefit of our members as fiduciaries entrusted with the management and payment of retirement benefits.
- Prudent Investments: To adopt comprehensive objectives, methods for evaluation of performance, and policies which ensure both the prudent investment of plan assets and the attainment of the highest possible investment return.
- Ethical Conduct: To adhere to the highest standards of conduct set out in the terms of the trust, state statute or other law.
- 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.