US - The US$43bn Virginia Retirement System (VRS) board of trustees has appointed Robert P. Schultze as its new director, effective May 2.
Schultze succeeds W. Forrest Matthews, who retired last week.
Schultze serves currently as executive commissioner with the Virginia Department of Taxation where he oversees operations, including audit and delinquent collections, customer service and return processing.
As director, he will oversee the administration functions of the retirement system, which covers 798 employers, 119,000 retirees and 321,000 active members.
“We welcome the wealth of experience Bob brings to VRS,” said Paul W. Timmreck, board chair. “His leadership style and energy will assist the agency in its efforts to move forward to meet the growing needs of the members and retirees it serves.”
Schultze’s experience includes service with the executive and legislative branches of Virginia government, including as staff director to the House Appropriations committee.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.