TO: AC Transit Board of Directors
FROM: Linda A. Nemeroff, Board Administrative Officer/District Secretary
SUBJECT: Retirement Board Appointment
ACTION ITEM
AGENDA PLANNING REQUEST: ?
RECOMMENDED ACTION(S):
Title
Consider adoption of Resolution No. 25-018 appointing R. Bradford Huss as the public member on the AC Transit Retirement Board to fill the term expiring on March 31, 2027, and repeal Resolution No. 25-013.
Staff Contact:
Linda A. Nemeroff, Board Administrative Officer/District Secretary
Body
STRATEGIC IMPORTANCE:
There is no strategic importance associated with this report.
BUDGETARY/FISCAL IMPACT:
There is no budgetary/fiscal impact associated with this report.
BACKGROUND/RATIONALE:
On March 26, 2025, the Board of Directors conducted interviews to fill a vacancy of one of the two public member positions on the AC Transit Retirement Board. Of the two candidates interviewed, the Board decided to appoint Fabian John to fill the remainder of a term expiring on March 31, 2025, as well as a two-year term expiring on March 31, 2027.
On March 28, 2025, two days after the Board appointed Mr. John to the Retirement Board, the District's General Counsel received a call from counsel for the Retirement Board raising questions about the appointment of Mr. John. Government Code section 7513.95 states:
"A member or employee of the board shall not, directly or indirectly, by himself or herself, or as an agent, partner, or employee of a person or entity other than the board, sell or provide any investment product that would be considered an asset of the fund to any public retirement system in California."
The District's General Counsel has met with the Retirement Board's counsel and outside counsel and have concluded that Government Code section 7513.95 precludes Mr. John from serving on the Retirement Board since his employer, Morgan Stanley, provides investment products to retirement systems in California.
On April 10, 2025, the Distr...
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