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.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.