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However, the state treasurer does not direct the investment of pension funds. Public pensions in California are instead invested by the respective boards of trustees of the California Public Employees' Retirement System and the California State Teachers' Retirement System. Nevertheless, the state treasurer is an ex officio member of these boards.
Trustees [2] have certain duties (some of which are fiduciary). These include the duty to: Carry out the expressed terms of the trust instrument. [3] Trustees are bound to act in accordance with the terms of the trusts upon which the trustee holds trust property, and commit a breach of trust by departing from the terms of the trust. [4]
Although the UTC limited the reporting requirements to trustees accepting duties after the Code's enactment, [73] a number of states have changed the standard UTC language, often in response to concerns from corporate trustees of the unwieldiness of such requirements and the danger that future trust beneficiaries may interfere and create ...
Trustees are paid $2,000 per month and oversee a community college district that serves nearly 194,000 students, according to the most recent data from the 2023-2024 academic year.
California Municipal Treasurers Association (CMTA) is the professional society of active public treasurers of California counties, cities, and special districts. It sets ethical standards for the treasury profession in state and local government in California. The treasurer of a public agency is elected [1] by the voting public or are appointed ...
Experience: California community college graduate; worked for over 15 years as a counselor in various areas; president of my faculty union, AFT 1388, and have served as a delegate to the L.A ...
Trustees may be held to a high standard of care in their dealings to enforce their behavior. To ensure beneficiaries receive their due, trustees are subject to ancillary duties in support of the primary duties, including openness, transparency, recordkeeping, accounting, and disclosure. A trustee has a duty to know, understand, and abide by the ...
The duty of loyalty is often called the cardinal principle of fiduciary relationships, but is particularly strict in the law of trusts. [1] In that context, the term refers to a trustee's duty to administer the trust solely in the interest of the beneficiaries, and following the terms of the trust.