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NASRA Releases Brief on Public Retirement System Governance Stakeholder Roles
In May 2020, the National Association of State Retirement Administrators (NASRA) released its publication, Public Retirement System Governance Stakeholder Roles. The paper is part of a series on public pension plan governance and discusses the roles that various stakeholders play in public pension plan governance, including: 1) the legislature; 2) the chief executive (i.e., the governor for state retirement systems); 3) retirement system board of trustees; and 4) retirement system staff.
Key findings include:
- Generally, public retirement system governance is spread among various stakeholders with each having authority and responsibility over specific functions.
- Within their unique responsibilities, each stakeholder also has restrictions and limitations on certain activities.
- Typically, the legislature is responsible for delegating authority for governance functions which have a significant impact on the plan’s funding level and cost.
The brief is available here.