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Board reviews clarified share-plan rules for deferred-vested members
Summary
Staff and trustees clarified that deferred-vested members will continue to earn interest but will not receive additional share allocations until they reach retirement, normal or early retirement, or separate service; trustees agreed to table formal approval until all members can review language.
At the Sept. 16 meeting staff summarized edits to the share-plan and drop policies that clarify eligibility and distribution timing for deferred-vested members. Staff said distributions under the share plan will only be payable upon retirement, attainment of normal retirement age, early retirement or separation from service; deferred-vested members continue to earn interest on amounts but do not receive new share allocations until they meet distribution conditions.
Trustees discussed timing and recommended that because a key trustee (David Blair) had provided input, final approval could be delayed to the next meeting to allow additional review. Staff and trustees characterized the changes as clarifying and memorializing existing practice rather than making substantive procedural changes; a trustee suggested tabling the travel-policy vote until the revised documents are circulated with the next packet.
Pedro (staff) emphasized the changes were intended to reflect prior actuarial guidance and to avoid ambiguity about when interest and share allocations occur. Trustees agreed to one additional review cycle before approving the finalized language.
