CHICAGO TEACHERS’ PENSION FUND
DEPUTY EXECUTIVE DIRECTOR
Our client, the Chicago Teachers’ Pension Fund (“CTPF or “the Fund”) was established by the Illinois state legislature in 1895 as The Public School Teachers' Pension and Retirement Fund of Chicago. CTPF is the administrator of a defined benefit public employee retirement fund providing retirement, survivor, and disability benefits for certain certified teachers and employees of the Chicago Public Schools. CTPF is administered in accordance with Illinois Compiled Statutes (ILCS) Chapter 40, Articles 1, 17, & 20. The Fund is governed by a 12-member Board of Trustees; six are elected by the teacher contributors, three are elected by the annuitants, one is elected by the principal contributors, and two are appointed by the employer, the Board of Education.
As of June 30, 2014, investments at fair value plus cash totaled $10.8 billion up 11% from $9.7B a year earlier. The Fund’s net investment performance for the one-year and ten-year periods ended June 30, 2014, was 18.35% and 9.02% respectively. The Fund assumes an actuarial rate of return of 7.75%. The actuarial funding ratio as of June 30, 2013 was 49.3%. CTPF serves just fewer than 63,000 members.
The Board of Trustees, along with their professional staff, consultants, and multiple investment managers, maintain an asset allocation program designed to obtain the highest expected return on investments consistent with a level of risk appropriate for a large public employee retirement fund. The Trustees continue to monitor and adjust their strategic asset allocation among investment types and manager styles. Opportunities to improve the financial strength of the Fund will continue to be explored in accordance with high standards long in effect.
As of June 30, 2014, the Board’s policy targets are domestic equity at 29%, international equity at 29%, fixed income and cash at 23%, real estate at 7%, REITs at 2%, private equity at 3%, infrastructure at 3%, commodities at 2%, and absolute return at 2%.
CTPF employs 74 fulltime and 13 part-time staff and is headquartered in downtown Chicago. For more information about the Fund, please visit the website at
The Deputy Executive Director is a newly created position that will support the Executive Director in providing leadership of functional departments that support Fund operations. The Deputy ED will be actively involved in strategic planning activities and special projects, as directed. Reporting directly to the Executive Director, the Deputy ED will advise the Executive Director, Trustees, and other management personnel regarding operational and planning matters. Currently, the Executive Director supervises the following six direct reports: Chief Financial Officer, Human Resources/Office Services Director, Information Technology Manager, Chief Legal Officer, Chief Benefits Officer and the Chief Investment Officer. It is expected that some of these individuals will report to the Deputy ED, once hired.
The essential duties and responsibilities of the position include the following:
• Responsible for assuring confidentiality, integrity and availability of information and information systems throughout CTPF
• Along with the CFO, ensures fiscal integrity and proper reporting, including the CAFR and budget preparation
• Provides operational overviews and periodic updates to the Board of Trustees; performs studies and responds to issues identified by Trustees
• Plans and coordinates departmental goals and objectives; hires, trains, motivates, and evaluates senior staff; develops staff and conducts periodic performance evaluations; analyzes workload and recommends staffing assignments and adjustments
• Provides leadership and direction in the development of short and long range plans; gathers, interprets, and prepares data for studies, reports and recommendations; monitors industry trends and identifies potential changes
• Monitors Fund operations for compliance with regulations, internal controls and industry best practices
• Serves as liaison between Executive Director and administrative staff
• Oversees IT projects and participates in IT project prioritization activities
• Teams with the Executive Director to define a meaningful long-term direction of the organization by defining strategic direction, goals and objectives; provides leadership and direction in the development of departmental short and long range plans
• Utilizes business and financial acumen to drive operational excellence by combining progressive and innovative ideas with operations and planning best practices to support achievement
• Fosters a positive culture in support of CTPF values and individual accountability
• Participates in the Senior Managers Group to provide input from an operational and planning perspective
• Attends monthly Board meetings and Board Committee meetings, as appropriate; presents material to Trustees and provides input as requested
• Participates in meetings, visits, hearings, conferences and presentations with various external stakeholder groups, as appropriate
• Coordinates the monthly Work Status Meetings and other related meetings to facilitate communication regarding operational issues between all departments
• Performs Executive Director duties in his/her absence, as needed
• Other special projects, as assigned
EDUCATION AND EXPERIENCE
• An undergraduate degree in business, public administration, accounting, finance or related discipline is required. An advanced degree is strongly preferred
• Significant leadership experience in a similar institution, financial services organization, insurance company or other customer service-oriented organization; experience within a public pension system is highly desirable
• Demonstrated ability to hire, train, lead, supervise and motivate staff; ideally five of more years of previous staff management experience
• Solid fiscal management, budgeting and planning skills; must understand accounting principles and information requirements to effectively manage a complex organization; a strategic thinker that can translate a short and long-term vision into specific tactical steps
• Strong project management skills, specifically related to IT initiatives
• Experience managing external relationships, including serving as legislative liaison and spokesperson with constituents and other stakeholders
• Working knowledge of institutional investment concepts, various asset classes and risk considerations associated with each asset class
• An understanding of actuarial concepts and the ability to work with an external actuarial consultant
• Adept at using technology, including but not limited to Microsoft Office applications
• Familiarity with legislative processes
• Subscribes to the highest standards of ethics and business/personal integrity
• Excellent verbal, written and listening communication skills; an active listener who is able to read the audience and tailor comments appropriately to both internal and external audiences
• A proactive leader; intellectually curious; regularly investigates and brings new ideas to the organization, especially with regard to operational best practices and staff leadership
• Ability to empower staff but sufficiently informed to stay on top of potential issues before they escalate
• Sound management skills; a participatory leader
• Flexible and adaptable to change
• Strong interpersonal skills; ability to deal with a wide variety of constituents and personality styles
• Good emotional intelligence; able to accept 360° feedback in a constructive manner, learn from it, and adapt behavior accordingly
• A well-rounded personality
CTPF will offer the successful candidate competitive compensation, which will consist of a base salary and the Fund’s normal benefits package, including participation in the CTPF retirement plan. Relocation assistance will be negotiated on an individual basis.
Send cover letter and resume to firstname.lastname@example.org .