Carlos Resendez has a grand vision for the National Conference on Public Employees' Retirement Systems.
Mr. Resendez, who served as pointman for nationwide group for the past several years, has accepted a job as the first full-time executive director of the organization.
He left the $13 billion Texas Permanent School Fund in July, where he served the past three years as executive secretary. Mr. Resendez is also former executive director of the San Antonio Firemen's & Policemen's Pension Funds.
He has been asked to present a proposal to the organization's board later this year that would expand the scope of the non-profit organization into for-profit financial and consulting services for the nearly 12 million participants, dependents and staff of public pension funds in the United States.
He said he will present detailed plans by the end of the year to form a family of mutual funds, insurance plans, institutional services such as consulting and even a credit card operation. If approved the expansion plans would be phased in over a period of up to five years, he said.
"Our goal is to enhance the activities and programs we currently have. We want to expand services for our members and to open for-profit entities .*.*. to help generate funding for some of our non-profit activities," said Mr. Resendez.
One of the first priorities, he said, would be to develop a family of mutual funds for public sector benefit plans.
He said some of the mutual funds probably will be managed internally, and he will manage at least one by himself.