Louisiana Municipal Police Employees' Retirement System terminated its first CIO because of a law that limits employees working as consultants, confirmed Henry Dean, chairman of the pension board.
Charles Hall, who served as actuary to the $1.5 billion system as well as CIO, was terminated Jan. 17. He remains the fund's actuary.
State law bars former employees from serving as consultants to the fund for at least two years, Mr. Hall said. "I was a consultant becoming an employee and while that did not violate the law, it violated the spirit of the law," said Mr. Hall, who was named CIO in October
Mr. Dean said the pension board did not want to have even "an appearance of impropriety and jeopardize Charles' position as an actuary for us."
The fund plans to officially announce the search for a new CIO in March, Mr. Dean said. Summit Strategies, the fund's consultant, will assist.