PSERS, headquartered in Harrisburg, is searching for an Executive Director to lead this $77 billion public pension fund. This is an exciting opportunity to lead one of the largest public plan retirement systems in the country dedicated to serving the Commonwealth of Pennsylvania’s public school employees for over 100 years. The position is available due to the upcoming retirement of the Executive Director.

System Overview
PSERS is a governmental, cost-sharing, multiple-employer pension plan to which public school employers, the Commonwealth, and school employees (members) contribute. The System, a quasi-independent agency of the Commonwealth, is governed by a 15-member Board of Trustees. The Board, an independent administrative board of the Commonwealth, comprises four ex officio members, five appointed members, and six elected members from constituent groups.

PSERS continues the positive trend of improving the System’s funded status. As of the most recent actuarial valuation at June 30, 2024, the System’s funded ratio stood at 64.8%, continuing a steady upward trend from 2014. Assuming continued employer contributions and favorable future investment returns, the actuarial funded ratio is projected to exceed 80% by 2032.

PSERS is a long-term investor Plan assets are managed both internally by PSERS investment staff and externally by institutional investment managers. For FY 2024, the time-weighted net rate of return was 8.14% exceeding the Total Fund Policy Index return of 7.07% by 1.07%. The 10-year return was 6.82%, which is above the benchmark of 6.39% but below the System’s long-term investment rate of return assumption, 7.00%.

Executive Director Responsibilities
This position serves as the Executive Director and Chief Executive Officer and as Secretary of the Board. Reporting to the Board and directly to the Chairperson, the Executive Director is responsible for administrative budgets of $106.3 million and nearly 400 staff. The Chief Investment Officer and Chief Counsel report to the Board and administratively report to the Executive Director. The Chief Audit Officer has a dual role and reports to the Audit, Compliance and Risk Committee and the Executive Director.

Qualifications and Experience
The Board is seeking a visionary and transformational chief executive who will continue to implement the changes necessary to maintain public trust and the System’s reputation as an industry leader amongst public pension funds. Other requirements and preferences include:

Requirements

• Bachelor’s degree in business, finance or public administration or a related field.
• Relevant operational and administrative leadership experience in a large complex organization.

Preferences

• Advanced degree (e.g., MBA, JD).
• General knowledge of investments.
• General knowledge of actuarial principles.
• Experience with defined benefit and defined contribution plans.
• Experience leading major change management initiatives.
• Proven track record of working cooperatively with Boards and a history of effectuating Board directed initiatives.

Leadership Competencies and Characteristics
The Executive Director must be a smart, confident, and inspiring leader committed to advancing PSERS’ mission. The Board is seeking a chief executive with a track record of accomplishing goals who leads with a participative and collaborative style while setting clear goals supported by accountabilities.

To achieve success, the Executive Director must be a proactive problem solver, have courage to make tough decisions, be willing to have candid conversations, and have the emotional intelligence to affect positive change.

The ideal candidate is a leader who values strong governance and has the social and interpersonal skills to build positive working relationships with trustees and to effectively lead and advise the Board.

Compensation
The Executive Director is an exempt position and an “at will” employee. The Executive Director must maintain permanent Pennsylvania residency. The compensation package is designed to attract the best-qualified executive and includes an attractive benefits package. PSERS employees are members of the Pennsylvania State Employees’ Retirement System. PSERS employees also participate in Social Security and are eligible for benefits.

For the full position specification or to apply, please contact Hudepohl & Associates at [email protected] or (614) 854-7300.