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The executive director, chief investment officer and general counsel for the
Secretary of State
“We were all having some heartburn about how the process has gone,” she said in a recent interview.
Toulouse Oliver also said despite the relaunched search, there’s a sense of urgency to hire a new director for the agency.
“We don’t want to unnecessarily prolong things,” she said.
However, eight months have already passed since the resignation of former PERA executive director
While temporary replacements have been named for all three positions, the situation has caught the attention of some state lawmakers.
“They need to hire a director – this is a critical time when the markets are in good shape,” said Sen.
“Why that has taken almost a year is amazing to me.”
Muñoz also said some potential applicants might have been scared off due to what he described as “turmoil” on the PERA board, which has seen frequent infighting in recent years.
“It’s no secret that our board is a disaster,” said Melia, who plans to step down after six years on the board when his term expires in December.
He also said the PERA board has not elected a new board chairperson due to internal divisions. The board’s vice chairman
Trujillo said it’s likely the chief investment officer and general counsel posts, which are both appointed positions, would be filled quickly once a new executive director is hired.
An update on the executive director search is expected to be given during a board meeting scheduled for next week, but some board members say a resolution can’t come quickly enough. “I’m much more concerned that we don’t have the three positions filled than I am about finding the absolute perfect director,” Melia told the Journal.
There have also been legislative proposals in recent years to overhaul the 12-member PERA board, though such bills have ultimately fallen short of approval.
With the start of a new 30-day session set for January, Muñoz said he’ll push for legislation to consolidate investment oversight of the
“I think it needs to happen sooner and not later,” he said.
Meanwhile, the teacher pension fund has also been operating without a permanent leader since former ERB executive director
But, like most pension funds nationwide, both the PERA and ERB posted strong investment gains during the 2021 fiscal year, with the teacher fund’s 28.8% return being especially high compared to other similar-sized funds.
Combined, the two retirement systems saw their fund values increase by nearly
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