Kelly Weller was named executive director of the $863 million Chicago Firemen's Annuity & Benefit Fund.
He is to begin July 1, a news release on the website said, and replace Steve Swanson, who left in February to become the executive director of the $314 million Chicago Park Employees' Annuity & Benefit Fund.
Mr. Weller has previously worked in investment management and has developed an expertise in "portfolio management, business development, marketing, and compliance," according to the news release.
The release did not provide further information on Mr. Weller's previous position or experience. Sarah Boeckman, interim executive director, confirmed Mr. Weller is currently working at money manager Great Lakes Advisors. Currently managing director, client sales and service, Mr. Weller will be leaving the firm June 30, said Joe Wright, managing director and head of consultant relations at Great Lakes Advisors. Mr. Weller’s responsibilities will be absorbed by other team members, Mr. Wright said.
In the pension fund's most recent actuarial valuation report with data as of Dec. 31, 2019, its actuary Segal Group found that the pension fund is at risk of becoming insolvent and "even under the statutory funding schedule, the funded ratio is projected to remain below 50% through 2044."
The pension fund's funding ratio as of Dec. 31 was 18.4%.
