MPS is also calling for the replacement of ﬁve members of the board of trustees to be replaced by “experts”. Governance on multi-employer pension plans is a huge topic, and we feel the entire structure is ﬂawed. Merely replacing trustees is not going to ﬁx governance problems with our fund or any other. While we have been critical of speciﬁc actions taken by both current and past trustees, we do not agree that they are so egregious as to require replacement.
MPS also wants more “expertise” at the fund. We tend to the opinion that there is already a surfeit of expertise at the fund. We would be happier with less “expertise” and better judgment. As MPS has demonstrated with their “Action Plan”, ﬁnding expertise is easy, good judgment is much more diﬃcult.