The purposes of the Council are to:
Provide guidance in the development and management of financially sound and equitable retirement plans for qualified career public employees and to promote benefit levels for members and beneficiaries that will assure economic security.
Encourage plan directors, administrators, and trustees to: (a) provide progressive leadership and sound management to assure that plan objectives are attained; (b) identify problems that impact plan administration and devise solutions in those 4.
Provide a national forum for the discussion and resolution of public policy issues affecting public pension funds by: (a) collecting and analyzing data about the funds; (b) presenting the results of such analysis to Congress, relevant federal agencies, and comparable state bodies; and (c) acting as a clearinghouse so that NCTR members can share information about state legislative and state court litigation activity.
Encourage the development of standards of conduct for plan fiduciaries that will assure control and management of plan assets for the exclusive benefit of members and beneficiaries.
Counsel NCTR member systems in the development of procedures to assure disclosure to members (and others where required by law) of all information relating to the plan, including benefits and funding. This activity should include the publication and distribution of annual reports reflecting the financial condition of the plan, as well as the distribution to each participant of an annual statement reflecting the status of his/her account.
Urge NCTR member systems to undergo periodic actuarial evaluations to determine the soundness of funding practices. The valuation should utilize sound actuarial procedures to assure the adequacy of each plan’s funding.
Encourage NCTR member systems to develop a statement of investment objectives and policies designed to protect plan assets and to achieve the best possible investment yields, consistent with the standards of prudence imposed upon funding fiduciaries.