FOR IMMEDIATE RELEASE
December 22, 2020
MARTA GM/CEO APPOINTS TRUSTEES TO PENSION COMMITTEES
ATLANTA – Metropolitan Atlanta Rapid Transit Authority (MARTA) General Manager and CEO Jeffrey Parker has appointed two new trustees to the Authority’s Pension Committees. Gena Major, MARTA Department of Safety and Quality Assurance Assistant General Manager, will serve as trustee on the Defined Contribution Plan Committee. Retired MARTA Senior Director of External Affairs and current Client Account Manager, Vice President at Jacobs Engineering, Rhonda Briggins, will serve as trustee on the Non-Represented Defined Benefit Plan committee. The purpose of these plans is to provide funds at retirement for certain non-represented MARTA employees and their beneficiaries.
“Gena and Rhonda are strong leaders who understand the significance of these roles,” said Parker. They both have the leadership skills and commitment necessary to help these committees ensure our employees are financially prepared for retirement.”
Trustees serve as fiduciaries, providing oversight of plan investments to ensure the plan assets are managed effectively, and that investment options are reasonably priced and appropriate for an employee-sponsored program.
“Given the economic uncertainties and challenges we’ve all faced this year, retirement is an important area of focus. I will be looking to ensure stability within the plan while still monitoring opportunities for growth,” said Major.
Added Briggins, “It’s an honor to serve in this capacity as a former MARTA employee and member of this pension plan. We have a responsibility to ensure these pension plans are maintained and sustained for generations to come.”
The Non-Represented 401(a) Defined Contribution Pension Plan is one where an employer, employee, or both make contributions on a regular basis and benefits are based on the amounts credited to these accounts plus any investment earnings. The MARTA Employee 457(b) Deferred Compensation Plan is where a portion of an employee’s income is paid out at a later date after the income was earned. Examples include pensions, retirement plans, and employee stock options.
The Defined Contribution Plan has 953 members, with plan assets of approximately $53.5 million. The Non-Represented Defined Benefit Plan is a closed plan with 429 members, with plan assets of approximately $431.8 million.
Gena Major and Rhonda Briggins will begin serving their terms on Jan. 1, 2021.