Our client is the New Hampshire Retirement System (NHRS or the “Retirement System”). NHRS is a public employee retirement system that administers one cost-sharing, multi-employer defined benefit pension plan (the “Pension Plan”) and one separate cost-sharing, multi-employer postemployment medical subsidy healthcare plan (the “OPEB Plan”).

The Pension Plan was established in 1967 and is a contributory defined benefit plan providing service, disability, death and vested retirement benefits to members and their beneficiaries. Substantially all full-time State employees, public school teachers and administrators, permanent firefighters and permanent police officers within the State are eligible and required to participate in the Pension Plan. Full-time employees of political subdivisions, including counties, municipalities and school districts are also eligible to participate as a group if the governing body of the political subdivision has elected participation. As of June 30, 2021, the Pension Plan served just over 107,000 members and beneficiaries from 461 different employers in the State. Members are divided into two groups (depending on occupation and employer) and are required to contribute a percentage of gross earnings to the Pension Plan. The funded ratio of the Pension Plan is 64.2% and the actuarial assumed rate of return is 6.75%. Gabriel, Roeder, Smith, & Company (GRS) serves as the Retirement System’s actuarial consultant.

The OPEB Plan provides a medical insurance subsidy to qualified retired members. The OPEB Plan serves four groups of retirees (depending on occupation and employer) and is closed to new members. As of June 30, 2021, there were just over 13,000 retirees in the OPEB Plan.

The assets of both Plans are commingled for investment purposes into what is referred to as the “Total Fund”, but each Plan’s assets may only be used for the payment of benefits to the members of that plan in accordance with the plan’s individual terms. Total assets under management as of June 30, 2021 were $11.6 billion. NHRS has a diversified asset allocation with targets to specific asset classes as follows:

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Domestic Equity 30.0%

Non-U.S. Equity 20.0%

Fixed Income 25.0%

Real Estate 10.0%

Alternative Investments 15.0%

100.0%

The annualized total fund investment returns for the one-year, three-year, five-year, ten-year, and twenty-year periods ended June 30, 2021, were 29.4%, 11.4%, 11.3%, 9.3%, and 7.2%, respectively. Callan LLC serves as the Retirement System’s general investment consultant.

The administrative office of NHRS, which functions as a self-sustaining governmental entity, operates under a Trust Fund budget which is proposed by management and approved by the Board of Trustees. The non-investment administrative expense components of that budget are submitted under the budget preparation guidelines of the State of New Hampshire, and passed into law by the New Hampshire Legislature. NHRS participates as an employer in the Plans and its employees are members of the Plans.

NHRS is administered by a 13-member Board of Trustees that includes one employee member, one teacher member, one firefighter member, one police officer member, four employer representatives, four independent members and the State Treasurer. Trustees are fiduciaries bound by law to act solely in the interest of participants and beneficiaries of the Pension Plan.

All Trustees – with the exception of the State Treasurer, who serves as an ex-officio member – are nominated by the Governor for three-year terms and must be confirmed by a vote of the Executive Council. Any newly appointed or reappointed Trustee must have familiarity with or experience in finance or business management. The Governor is responsible to designate one of the public Trustees to serve as Chair of the Board.

The Independent Investment Committee (IIC) is responsible for investing in accordance with policies established by the NHRS Board of Trustees (Board); making

recommendations to the Board regarding asset allocation; investment consultants, and

other investment policy matters. In addition, the Committee is responsible for selecting

investment managers, agents, and custodial banks; and reviewing performance. The Committee meets monthly and is comprised of six members: three independent members and an active member of the retirement system. All members are nominated by the Governor and must be confirmed by a vote of the Executive Council; and two members of the Board of Trustees are appointed by the Chair of the Board.

NHRS has adopted the following Mission, Vision and Values statement:

Mission:

To provide secure retirement benefits and superior service

Vision:

NHRS will fulfill our role as fiduciary of the trust and deliver retirement benefits to our members and beneficiaries through a commitment to value, innovation and excellence.

Values:

• Security – Providing promised benefits and guarding the confidentiality of personal information.

• Excellence – Striving to exceed expectations through innovation, accountability, and teamwork.

• Respect – By recognizing the uniqueness and importance of our stakeholders, our co-workers, and ourselves, we foster collaboration and cooperation.

• Value – Committing to be a trusted and effective fiduciary by always acting in the best interest of our membership.

• Integrity – Acting in an ethical, honest, and professional manner in all our interactions.

• Communication- Providing responsive, accurate, and timely information to our stakeholders.

• Empathy – Being aware of the feelings of others and how our actions affect them enables us to be responsive to the need of all we encounter.

The Retirement System employs a staff of approximately 70 at offices in Concord. The total operating budget for NHRS is approximately $47 million.

For more information regarding NHRS, please refer to the Retirement System’s website: www.nhrs.org.

ABOUT CONCORD

Concord is the state capital of New Hampshire and has a population of approximately 45,000. The city straddles the Merrimack River and is located 16 miles north of Manchester, the State’s largest city, and 66 miles north of Boston. With a rich and colorful history dating back to pre-Revolutionary War times, Concord is the final resting place of Franklin Pierce, the 14th President of the United States.

Cultural attractions include the SNOB (Somewhat North of Boston) Film Festival, started in the fall of 2002, brings independent films and filmmakers to Concord and has provided an outlet for local filmmakers to display their films. The SNOB Film Festival was a catalyst for the building of Red River Theatres, a locally owned, nonprofit, independent cinema in 2007. The SNOB Film Festival is one of the many arts organizations in the city.

Other sites of interest include the Capitol Center for the Arts, the New Hampshire Historical Society, which has two facilities in Concord, and the McAuliffe-Shepard Discovery Center, a science museum named after Christa McAuliffe, the Concord teacher who died during the Space Shuttle Challenger disaster in 1986, and Alan Shepard, the Derry-born astronaut who was the second person and first American in space as well as the fifth and oldest person to walk on the moon.

For more information about Concord, please refer to:

City of Concord Website www.concordnh.gov

Concord Monitor Newspaper www.concordmonitor.com

Concord Chamber of Commerce www.concordnhchamber.com

New Hampshire Visitors Bureau www.visitnh.gov

RESPONSIBILITIES

The Director of Investments (the “Director”) is a member of the NHRS Executive Team and reports to the Executive Director. This is a high-level executive position responsible for providing expert investment counsel to both the Board of Trustees and the Independent Investment Committee (IIC), and directing all aspects of a managed investment fund program. These responsibilities involve developing and implementing the Fund’s overall investment planning and strategy; research; risk management; overseeing portfolio management, conducted by either staff or external managers; investment consultant(s) and service provider relations; and asset allocation. The Director will oversee a staff of three comprised of a Senior Investment Officer, an Investment Officer, and a Junior Investment Officer.

Other Accountabilities include:

• Recommends to the IIC short- and long-term strategies and approaches for internally and externally managed investment programs and implements necessary revisions to the investment policy statement.

• Recommends investment policy to the IIC for approval by the Board of Trustees.

• Researches and initiates asset allocation work, as needed. Rebalances the portfolio, as necessary, and consistent with the Board’s policies. Identifies gaps in the System’s investment program, policies, and procedures and takes (or recommends) corrective action, as necessary.

• Oversees the external investment management program, and initiates searches for external investment managers, pursuant to the IIC’s direction. Reviews and provides direction for the re-negotiation of external investment manager contracts.

• Develops, recommends, and implements a Board-approved corporate governance strategy and program. Identifies and promotes strong governance policies and reforms at companies in which the Fund invests; maintains proxy voting procedures; and ensures compliance with governance policies, programs and procedures.

• Actively participates as a member of the agency’s executive management team in all related managerial responsibilities including, but not limited to, direct involvement in various planning initiatives, collaborative problem-solving, strategic development, agency-wide policy development; collective bargaining input and strategy; development and implementation of labor relations strategy and policy; and, peer feedback and support.

• Supervises professional, paraprofessional, and support staff assigned to the investment area, including but not limited to the assignment of work, establishing performance goals, conducting regular performance reviews, monitoring of workflow and product quality, and all hiring, disciplinary and discharge actions.

• Serves as chief staff investment-related subject matter expert and represents NHRS as necessary to various stakeholder groups, the legislature, and other entities.

• Oversees the development of orientation and ongoing training curriculum for new and current-serving NHRS trustees. Conducts periodic educational sessions on investment fundamentals, specifics of the NHRS investment program, and current topics of interest.

• On behalf of the Board and IIC, provides direction to and critically evaluates the work of investment consultants. Reviews and re-negotiates, with assistance as needed from legal counsel, scope of services of investment consultants and other investment-related services providers on a periodic basis.

• Carries out supervisory responsibilities in accordance with the organization’s policies and applicable laws. Responsibilities include interviewing, hiring, and training employees; planning, assigning and directing work; appraisal performance; rewarding and disciplining employees; addressing complaints and resolving problems.

• Other related and appropriate duties as may be assigned by the Executive Director and the IIC.

EDUCATION AND EXPERIENCE

• Bachelor’s degree from an accredited college or university. An advanced degree is highly preferred

• CFA or comparable professional accreditation is highly preferred

• Significant (ideally 10 or more years), demonstrable capital markets related professional experience which includes progression to senior level management experience in a complex organization or financial institution (e.g. pension fund, insurance company, investment management firm, banking institution, or governmental financial agency, foundation or endowment) is required

• Broad familiarity with all asset classes, both public and private market

• Strong understanding of investment operations, principles and techniques of investment performance analysis, trading approaches and techniques, and factors affecting price trends; and economic, statistical, accounting and business practices

• Strong portfolio management skills and in-depth familiarity with modern portfolio theory

• Experience managing and mentoring investment staff

• Public sector pension fund administration and/or public-sector managerial experience will distinguish the most attractive candidates

• Experience working for and with a board and/or investment committee

PERSONAL CHARACTERISTICS

• Demonstrated ability to lead, motivate, mentor and promote professionalism among staff members.

• Excellent interpersonal skills; ability to develop credibility and deal effectively with diverse parties and stakeholders, as well as the ability to engender teamwork among staff

• Gravitas to effectively represent NHRS to a diverse array of external stakeholders

• Keen insight into politics and the ability to interact with elected officials and membership groups with integrity and in a way that engenders trust and confidence

• Outstanding communication skills, including the ability to translate complex information into understandable terms

• The highest level of honesty, ethics and integrity

• Ability to solve problems and make timely decisions effectively and, as needed, independently

• Strong negotiation skills and the ability to bring diverse interests together

• Ability to balance an external focus with internal management responsibilities

• Commitment to operating in the open environment required in the public sector

• Focused on results; welcomes and internalizes constructive input; committed to creating and maintaining a culture of excellence focused on continuous process improvement

• Ability to work under time demands and pressure

• Commitment to mission, vision and values of NHRS

COMPENSATION

NHRS will offer the successful candidate a competitive base salary dependent on experience and qualifications. NHRS offers a comprehensive benefits package including: health, dental, and life insurance; flexible spending accounts; a generous paid-time-off policy; employee discount program; educational assistance; and, other benefits available to State employees. All full-time NHRS employees contribute 7% of gross pay towards the defined benefit retirement plan and can elect to participate in a voluntary deferred compensation plan. Relocation expenses will be negotiated on an individual basis.

APPLICATION PROCESS

EFL Associates, an executive search firm, is honored to be assisting NHRS with this important search. All calls and inquiries should be made through the search firm representatives listed below. Referrals and applications will be held in confidence. Review of applications will begin immediately and will continue until the position is filled.

NON-DISCRIMINATION

Our client and EFL Associates firmly support the principle and philosophy of equal opportunity for all individuals, regardless of age, race, gender, creed, national origin, disability, veteran status or any other protected category pursuant to applicable federal, state or local law.

Please contact Tamara at [email protected] to submit your resume or for more information.