US- Jon Bauman has resigned as executive director of the Teachers' Retirement System of the State of Illinois one week after state pension reforms called for him to leave the fund in July.
Chief investment officer Stan Rupnik will serve as interim executive director until a replacement is found.
Bauman's upcoming termination was part of sweeping ethics reforms passed last week that removes the board members of all retirement systems in the state that were appointed by former governor Rod Blagojevich. (Global Pensions, 3 April 2009)
Blagojevich was indicted on 2 April on several charges including using his position to sway investments at TRS.
Bob Lyons, a TRS trustee appointed by retirees said at the time: "(Bauman) is being removed from office, his career terminated without ever being accused of anything, let alone indicted, tried or found guilty."
TRS' board is no stranger to controversy.
In 2006, Stuart Levine, a former Blagojevich-appointed trustee, pleaded guilty to corruption. Levin is named in Blagojevich's 19-count indictment for helping to secure his place on the TRS board by using money managers that funnelled political contributions to Blagojevich.
The TRS board has issued a request for proposals for an executive search firm to conduct a nationwide search for Bauman's replacement.
A "substantial" parliamentary bill acting as a "roadmap" for the long-term future of private pensions will lead to a "significant period of calm", Guy Opperman has promised.
The Department for Work and Pensions (DWP) has completed its appointment process for the Single Financial Guidance Body's (SFGB) board, naming three non-executive directors.
Pensions and financial inclusion minister Guy Opperman has launched a simplified two-page annual statement in a bid to provide a best practice template for the industry.
Some 70% of defined contribution (DC) members want to know their scheme is personalised and tailored to their needs, an Invesco language study reveals.