James Hacking, administrator of the Arizona Public Safety Personnel Retirement System, Phoenix, reversed his decision to step down and now will stay on at the $6.3 billion system at least through August 2013.
The system's board also reserves the option to retain Mr. Hacking for two additional one-year periods through August 2015, according to a system news release.
Mr. Hacking had announced last November that he would step down in August. In a telephone interview, he said that with all the investment changes the system has made in recent years, along with new board members and a new administrator there was concern that the system's investments could be jeopardized.
“(The board) wanted some continuity,” Mr. Hacking said.
Brian Tobin, interim chairman of the board of trustees, said in the news release that the board persuaded Mr. Hacking to stay because of significant changes that have and will continue to take place on the board.
Of the current five board members, two are relatively recent appointees,” Mr. Tobin said in the release. “Two more appointees are expected to be named soon by the governor (Jan Brewer) to fill two new board positions that were authorized by legislation that became law last month. With so much change on the board, the existing members felt that every effort should be made to continue to retain the services of Mr. Hacking, who has been instrumental in the system restructuring that has been going on for the last four years.”
Mr. Hacking said in November that he had no immediate plans to retire, but noted then that he would move to St. Paul, Minn., where his wife, Laurie Hacking, serves as executive director of the $15 billion Minnesota Teachers Retirement Association.