How is MIT governed?
Wednesday, October 09, 2019
MIT is led by a 5-member physician board of trustees. The board serves as the plan administrator of the Plan and the trustees of the Trust. In these roles, the board owes fiduciary duties under the Employee Retirement Income Security Act of 1974 (ERISA), including an obligation to protect and preserve the Trust’s assets under ERISA, and is subject to regulatory oversight by the Department of Labor. SCMA serves as the “Plan Sponsor” which means that the Plan exists to provide benefits to employees of employer-members of the SCMA.