Board of Trustees
Responsibility for the operation of the Maine Public Employees Retirement System rests with the System’s Board of Trustees, which is comprised of eight members. State law specifies the Board’s composition. With the exception of the State Treasurer, each trustee is subject to the legislative confirmation process.
Two trustees are System members, one of whom is proposed and elected by the Maine Education Association and one of whom is proposed and elected by the Maine State Employees Association.
One trustee is a PLD member or retiree appointed by the governing body of the Maine Municipal Association.
Four other trustees are appointed by the Governor. Of these, one must be selected by the Governor from a list of nominees submitted by the Maine Retired Teachers Association and one must be a MainePERS retiree selected from a list of nominees submitted by State and/or PLD retirees.
The remaining two appointees are direct gubernatorial appointments, both of whom must be qualified through training or experience in investments, accounting, banking, insurance or as actuaries. All appointed trustees are required to have “a working knowledge of retirement policy and legal issues and a general knowledge and understanding of banking, finance, and investment practices.”
The eighth trustee is the State Treasurer, who serves ex-officio. All trustee terms are three years, except for the two-year term of the State Treasurer.
The Board annually elects its chair and vice chair from among its members.