James B. Hacking, administrator of the Arizona Public Safety Personnel Retirement System, Phoenix, has been placed on paid administrative leave effective Wednesday, with a negotiated termination to follow.
The board voted on Friday to place Mr. Hacking on leave and “negotiate the terms of his termination by July 21,” said a statement from board Chairman Brian P. Tobin posted on the $7.9 billion pension fund's website.
The notice of leave and eventual termination comes as a result of the board of trustees learning during the week of July 7 that salary rate adjustments in November for five members of the PSPRS investment staff took effect without the required approval of the Arizona Department of Administration, the statement said.
PSPRS “will work with ADOA on a draft interagency service agreement … to ensure that any future salary adjustments are made in full compliance with all applicable state law,” the statement said.
Messrs. Hacking and Tobin could not be immediately reached for comment.