Best Practice Policies for Trustees and Pension Systems - AFSCME

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AFSCME’s 1.6 million members provide the vital services thatmake America happen and advocate for prosperity andopportunity for all working families.We are nurses, corrections officers, child care providers, EMTsand sanitation workers. For us, public service is not just a job,it’s a calling. At times we are right out front, and at other timeswe are behind the scenes. Wherever we are, we’re proud to takeon the responsibility of helping to keep this country strong.AFSCME is a union made up of a diverse group of people whoshare a common commitment to public service. We see the bigpicture and gladly accept the responsibility of guarding andnurturing it — not because we expect to be recognized for oursacrifice, but because we know the job needs to be done. That’swhy we’re in the public service — to keep our families safe andmake our communities strong.While we work for justice in the workplace, we advocate forprosperity and opportunity for all of America’s working families.We not only stand for fairness at the bargaining table — we fightfor fairness at the ballot box and in the halls of government.
ContentsExecutive Summary ................................................................. 3Section I: Overview and Discussion of Best Practice Policies ............................... 51. Board Member Responsibilities and Core Competencies .................................52. Board Member Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63. Ethical And Fiduciary Conduct ......................................................7A. Fiduciary Duties ...............................................................7B. Statement of Ethical Conduct. ....................................................8C. Prohibition on Insider Trading ....................................................8D. State and/or Local Conflict of Interest Laws .........................................8E. Avoidance of Appearance of Nepotism .............................................9F. Limitation on Receipt of Gifts .....................................................9G. No-Contact Policy. ............................................................10H. Disclosure of Communications ..................................................10I. Prohibition on Campaign Contributions (pay-to-play)..................................11J. Disclosure of Third-Party Relationships and Payments; Permanent Ban on Current orFormer Board Members or Employees from Providing Placement Agent Services inConnection with the System .................................................... 13Section II: Recommended Policy Language . ............................................ 171. Board Member Responsibilities and Core Competencies ................................ 172. Board Member Education . ........................................................ 183. Ethical And Fiduciary Conduct ..................................................... 21A. Fiduciary Duties .............................................................. 21B. Statement of Ethical Conduct. ...................................................22C. Policy Prohibiting Insider Trading ................................................23D. State and/or Local Conflict of Interest Laws .......................................25E. Avoidance of Appearance of Nepotism ............................................25F. Limitation on Receipt of Gifts . ...................................................26G. No-Contact Policy. ............................................................26H. Disclosure of Communications ..................................................27I. Prohibition on Campaign Contributions ............................................29J. Disclosure of Third-Party Relationships and Payments; Permanent Ban on Current orFormer Board Members or Employees from Providing Placement Agent Services inConnection with the System .................................................... 31Attachment I: Board Member Knowledge Self-Assessment ...................................35Attachment II: Insider Trading Policy Certification. ..........................................39Enhancing Public Retiree Pension Plan Security: Best Practice Policies for Trustees and Pension Systems1
Page 1: Enhancing Public Retiree Pension Pl
Page 5 and 6: Executive SummaryAFSCME represents
Page 7 and 8: Section IOverview and Discussion of
Page 9 and 10: the Marin County Employees’ Retir
Page 11 and 12: a governmental decision involving a
Page 13 and 14: oard members on unequal footing wit
Page 15 and 16: an elected official or candidate fo
Page 17 and 18: AFSCME does support robust disclosu
Page 19 and 20: Section IIRecommended Policy Langua
Page 21 and 22: their own educational needs and whi
Page 23 and 24: Retirement Industry PeriodicalsBoar
Page 25 and 26: 8. As a board member, having an ex
Page 27 and 28: to the general counsel. The general
Page 29 and 30: Any applicant or bidder who willful
Page 31 and 32: member with either a system employe
Page 33 and 34: contribution if the appointing powe
Page 35 and 36: is registered with the Securities a
Page 37 and 38: ATTACHMENT IBOARD MEMBER KNOWLEDGES
Page 39 and 40: DisabilityI am confident I understa
Page 41 and 42: ATTACHMENT IIInsider Trading Policy
Page 43 and 44: About the AuthorChris Waddell joine

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