US - The $23bn Illinois Teachers Retirement System (TRS) has appointed Jon Bauman as its new executive director.
Bauman, 45, replaces Keith Bozarth who left the TRS in February to become chief executive of the California-based $5bn Orange County Employees Retirement System. Prior to his appointment as TRS executive director, Bauman was the fund's chief operating officer, a position he has held since joining the fund in 1993.
Founded in 1939 by the Illinois General Assembly, the TRS provides its members with retirement, disability, and survivor benefits. Excluding those employed in the city of Chicago, the TRS’ membership includes all full-time, part-time, and substitute Illinois public school personnel.
As of March 31, 2001 the Illinois TRS’ asset allocation mix was US equities, 26.7%; US fixed income, 31.9%; international equities, 18.9%; international fixed income, 7.6%; real estate, 10.6% of the fund; private equity, 3.2%; and short term investments, 1.1%.
By Geoffrey Ho
This week's edition of Professional Pensions is out now
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