Statement on state pension fund leadership

(Polito out in front to make sure transparency is the order of the day in the PRIM Executive Directors search. – promoted by Rob “EaBo Clipper” Eno)

Hello RMGers,

I want to share with you a statement I released today urging the governor and treasurer to hold off on appointing a permanent executive director at the state pension fund. I’d love to hear your thoughts.

Here’s my statement:

“The selection of a new executive director at the state pension fund should not be made in a hasty manner in the last few months of the retiring Treasurer’s term. The next Treasurer, as chairman of the Pension Reserves Investment Management Board, should have the opportunity to put together his or her own team, in consultation with fellow board members, which includes the Governor’s designees.

There are critical issues at the pension fund that need to be addressed relating to investment performance, asset allocation and adequate compensation levels for administrative staff. Having the right personnel to carry out a thorough evaluation is imperative. The next executive director of the state pension fund must have the full confidence and support of the state’s next Treasurer.

The public interest will not be served if the executive director’s job is filled on a permanent basis ahead of the next election. Instead of conducting a full-fledged search and entering into a long-term employment contract, the Treasurer, the Governor and the entire PRIM Board should allow the current interim executive director to continue serving on a temporary basis until the new Treasurer arrives and can lead the search for a replacement.”

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