Louis Kosiba, executive director of the $34.7 billion Illinois Municipal Retirement Fund, Oak Brook, is retiring, effective Dec. 31, 2017, Mr. Kosiba said Thursday.
The fund's board will discuss its search for Mr. Kosiba's replacement at its Friday board meeting.
The fund's board will approve members of a search committee to seek Mr. Kosiba's replacement at its Friday board meeting. The committee will enlist an executive search firm to assist, Mr. Kosiba said. Internal and external candidates will be considered.
A new executive director is expected to be selected in the late third quarter or early fourth quarter of 2017, Mr. Kosiba said. The new executive director will begin in January 2018, "with no overlap expected," he said.
"The board knows what it wants in an executive director," Mr. Kosiba said. "It will be a good transition. Many things are going right here. IMRF will be in good hands when I leave."
Mr. Kosiba has been executive director at IMRF since July 2001. He has been with the pension fund since 1988, serving as general counsel to the fund from 1990 to 2001.
Mr. Kosiba plans to move to Florida after retiring, and looks forward to volunteering in roles such as tutoring to elementary school children and mentoring students in high school and college. "I think helping people become mainstreamed into society would be a good thing for me to do," he said.