An orientation program is in place for new board members to assist them in executing their governance duties. Board members attend special seminars on specific technical issues, such as the actuarial valuation of liabilities and the use of derivative contracts. Education is provided by outside experts as well as by staff specialists.

The fact that each board member is appointed for a term of two years, and can serve only four consecutive terms, ensures that the plan sponsors consider the qualifications and effectiveness of individual board members on a continuing basis.

Each year the Governance Committee reviews the size and composition of each board committee and each committee reviews its terms of reference every two years. The terms of reference of each committee includes a position description for the chair of the committee. There is also a position description for the board chair.

Every second year the Governance Committee conducts a self-evaluation survey on the effectiveness of the board and its committees. Each board member completes a written questionnaire comprised of questions and opportunities for comments and suggestions focused on the board members as a group, including the competencies and skills they should possess.

To guide the board members in the orderly discharge of their responsibilities, there is an annual calendar that shows the items to be put on the meeting agendas of the board and each of its committees during the year. The board members and the Investment Committee hold 10 scheduled meetings and several special meetings each year. The board members meet without management present for a part of each regularly scheduled board meeting. The Audit and Actuarial Committee meets six times a year, the Human Resources and Compensation Committee three times, and the Governance Committee twice. The Benefits Adjudication Committee hears appeals by members as necessary.