Executive Director - Public Employee Retirement System Of Idaho (Persi)

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To Apply:

After careful review of this announcement, please submit a resume and cover letter which details how your individual background and experience makes you qualified for this position. Please send your documents to DHRRecruitment@dhr.idaho.gov.

about the job:

System BACKGROUND/CULTURE

The Public Employee Retirement System of Idaho (“PERSI” or “the System”) is the administrator of seven fiduciary funds (Fund). This includes three defined benefit retirement plans, the Public Employee Retirement Fund Base Plan (PERSI Base Plan) the Firefighters’ Retirement Fund (FRF) and the Judges’ Retirement Plan (JRF); two defined contribution plans, the Public Employee Retirement Fund Choice Plan 401(k) and 414(k) (PERSI Choice Plans); and two Unused Sick Leave Insurance Reserve Trust Funds – one for state employers and one for school district employers. PERSI assets under management total approximately $23 billion (“Trust” or Trust funds or Trust assets).

The Retirement Board (“Board”) consists of five members, each appointed by the Governor to fulfill a five-year term. The Board meets monthly to conduct System business, usually on the third Tuesday of each month at PERSI’s headquarters office in downtown Boise. Since 2019, the Board has added Monday afternoons to the monthly meeting schedule. Due to the five-year terms, the Board has not had significant turnover. This stability has allowed the Board to operate in a collegial manner and consensus decision-making approach.

The majority of the System’s 69 staff members work in the headquarters office located in Boise.

There are two staff members in the Coeur d’Alene office, and two in the Pocatello office. The System investment staff oversees the investment of the trust assets with professional investment managers and funding agents. The Board maintains fiduciary responsibility for investment policy, asset allocation, and the selection of individual investment managers. Under the leadership of the Chief Investment Officer (CIO) and Executive Director (ED), the overall culture is described as collaborative and team oriented.

Purpose of the Position

The Executive Director reports to the Public Employee Retirement System of Idaho (PERSI) Board of Trustees. The Executive Director organizes staff cooperation with the PERSI Board for planning and administering the operations of PERSI. This position includes accountability for adherence to board policies and establishing internal systems to monitor, control, report and implement procedures. The Executive Director serves as principal spokesperson for the System with members and other external stakeholder organizations, such as employers’ professional organizations, retiree groups and the legislature.

The Executive Director oversees pension administration, investments, finance, member benefits, legal, internal audit, and government relations.

KEY RESPONSIBILITIES

• Management: Direct the development, operations, and administration of the PERSI pension program; promote an active internal and external customer service program.
• Personnel: hire and direct staff and evaluate performance; assure proper personnel policies are adopted; assure proper staffing, training and organization of agency personnel; handle any discrimination or harassment complaints according to established policies; encourage a high level of internal and external customer service from staff.

• Technical: maintain a good knowledge of PERSI statutes, rules and policies; assure consistency in application of general policies; keep advised of technical advances in the pension industry as well as IRS and other regulatory changes; consult with Chief Investment Officer in operation and management of the PERSI portfolio; coordinate the preparation of legislation for PERSI plan administration as well as legislation and actuarial cost estimates requested by individual legislators.
  Ensure that contributions are collected based upon contribution rates determined by a qualified actuary using assumptions which are reasonable in relation to long-term plan experience and that are intended to remain relatively level as a percent of payroll over time. Develop sound audit practices that comply with all applicable laws and rules, and in cooperation with the Actuary, be a resource to explain the annual actuarial valuation of assets and liabilities to intended parties. Identify significant differences between actuarial assumptions and experience to determine the impact to PERSI’s funded status and contribution rate and communicate impact to stakeholders.
  Participate in and give general supervision to the development of the annual investment policy plan. Review with the CIO and staff proposed changes, amendments, and modifications of the plan. Monitor management of the investment portfolio, making ultimate decision on critical issues and executing documents necessary for proper portfolio management. Participate in the valuations for private assets. Supervise and approve the annual investment report and the annual report of the System.
• Resources: retain consultants for specialized services such as actuarial, legal, medical, audit and other required services; monitor consultants' activities and performance; prepare and submit to the Board plans for performance and service improvements; manage overall preparation of the agency budget and presentation to the legislature; monitor budget expenditures to assure they are kept within budget; conduct studies to assure sufficient personnel and other resources to carry out PERSI mission efficiently with a high service level;
• Policy: Coordinate the development of policy with the Board and assure consistent and accurate administration of the policy; establish, implement, and administer rules and procedures for administration of established policies; assure proper controls are in place to monitor PERSI operations.

Board Relationship:

• Keep the Board Members informed of all material developments affecting the operations and status of PERSI; respond to Board Members' requests for information in a timely manner; plan Board meetings and agendas in coordination with the Board Chairman, develop board packets of information in an unbiased and factual manner, sufficient for Board decision making; research, develop and present recommendations to the Board on various issues and initiatives; assure minutes of Board meetings are prepared and kept as required; facilitate organization of Board retreats and planning sessions; meet with individual Board members to brief them, in depth, on selected issues and solicit input.

Stakeholder Engagement:

• Engage with key stakeholders including the legislature and governor on pension-related matters. The Executive Director will also engage with cities/counties/state/schools on retirement policy and budget.

Knowledge

• Considerable knowledge of organizational management principles and practices.
• Knowledge of employee benefits plans and administrative practices.
• Knowledge of accounting practices including budget development and monitoring.
• Knowledge of relevant actuarial information to apply to the development of appropriate benefits.
• Knowledge of principles and techniques for development of oral presentations.

demonstrated ability to

• Manage organizational units and professional staff.
• Establish clear, measurable goals and objectives and actively lead toward accomplishment of the organization's mission and major agency-wide programs.
• Read, interpret and apply provisions of law and rules to various situations.
• Develop and apply operational policies and guidelines.
• Review and understand accounting statements. Develop, manage and monitor budgets and budget statements.
• Develop and make technical presentations to groups of various levels of understanding.
• Manage multi-faceted, comprehensive projects.
• Research issues and analyze data to arrive at valid conclusions, recommendations and plans of action.
• Maintain effective working relationships with members, associates, and the general public.

Education, Experience, and other (Preferred)

• Undergraduate degree in business, economics, accounting, or related field.
• Five years of management experience with Retirement System experience desirable.
• Knowledge of Defined Benefit and Defined Contribution benefit plans.
• Knowledge of federal and state laws and regulations pertaining to administration of public Retirement Systems.
• Knowledge of information technology capabilities and applications.

To Apply:

After careful review of this announcement, please submit a resume and cover letter which details how your individual background and experience makes you qualified for this position. Please send your documents to DHRRecruitment@dhr.idaho.gov.