James M. Hacking resigned as executive director of the $13 billion Illinois State Universities Retirement System, Champaign, effective Aug. 24, to become executive director of the $5.3 billion Arizona Public Safety Retirement System, Phoenix. The Illinois SURS board plans to issue an RFP in about two weeks for an executive recruiting firm to conduct a nationwide search for candidates, said J. Fred Giertz, trustee and chairman of the investment committee. Staff was asked today to develop specifications for the RFP, which require board approval.
Trustees hope to fill the position by the time Mr. Hacking leaves, Mr. Giertz said. However, Dan M. Slack, general counsel and deputy executive director and associate executive director, would likely be named interim executive director if the search lasts beyond Mr. Hacking's departure.
Mr. Hacking will join the Arizona system Aug. 29. He will replace James A. Nielsen, the CIO who has served as interim administrator since Jack Cross retired in June 2004. Mr. Nielsen will remain CIO, said Tracey Peterson, assistant administrator. Mr. Nielsen wasn't available for comment.
The system consists of three funds, all internally managed: the $4.5 billion Arizona Public Safety Retirement System, the $780 million Arizona Correction Officers Retirement Plan and the $308 million Arizona Elected Officers Plans.