Edward Lilly will retire in May as executive director of the $15.9 billion New York State Deferred Compensation Plan, Albany.
Mr. Lilly has served as executive director of the deferred compensation plan since 2007. He joined the plan in 2001 as deputy director.
Mr. Lilly said in an interview that he didn't have immediate plans. He told the deferred compensation plan's board of his intentions in mid-December, and said the board members haven't selected a successor or announced a formal search. He said he expects the board will decide soon on how to choose a new executive director.
Mr. Lilly cited the restructuring of the plan's investment lineup and its fee-disclosure improvements as among the most notable accomplishments during his leadership. The investment lineup design was turned into a three-tier system in 2009 — target-date funds, core funds and self-directed brokerage window — to better address the interests and investment skills of participants, Mr. Lilly said.
The plan's fee-disclosure effort, he added, was more comprehensive and more transparent. The plan won a first place Eddy Award, sponsored by Pension & Investments, in 2012 in the category of fee disclosure and education.