Three pension fund organizations created the National Institute on Retirement Security, a not-for-profit research and education organization. The Council of Institutional Investors, National Association of State Retirement Administrators and National Council on Teacher Retirement filed Monday to incorporate NIRS as a 501(c)(4) not-for-profit organization, based in Washington.
The new entity, whose working name under development was Pension Security Institute, is "dedicated to conducting research and education programs to foster a deep understanding of the traditional pension system in the U.S.," the statement said.
The council agreed to provide $600,000 and NASRA and NCTR $100,000 each for first-year funding of the new institute, said Jack Ehnes, CII chairman and CEO of the $157.8 billion California State Teachers' Retirement System, Sacramento.
The new group will not be involved in political lobbying or campaigns, Mr. Ehnes said.
The institute's seven-member board will consist of the two members each from the CII, NASRA and NCTR, including the executive directors of each of the three organizations: Mr. Ehnes; Steve Yoakum, president of NASRA and executive director of the $26.2 billion Public School Retirement System of Missouri, Jefferson City; and Meredith Williams, president of NCTR and executive director of the $37.9 billion Colorado Public Employees' Retirement Association, Denver. A seventh director will be selected by the six board members in about a week.
Later this month, a search will begin for an executive director, said Mr. Ehnes. He doesn't know if an executive recruiting firm will assist but hopes an executive director will be hired in three or four months.