US - The Teacher Retirement System of Texas (TRS) has announced that its executive director, Ronnie Jung, is to stand down.
The pension fund's board of trustees said Jung will vacate the post next July after 14 years at the Texas TRS.
Board chairman R. David Kelly praised Jung's achievements during his tenure as executive director, with the fund's assets under management almost doubling from less than US$50bn to $98bn under his watch.
In addition Kelly also highlighted the "successful implementation of a new statewide health care program for active public school employees".
"I have really enjoyed and appreciated the opportunity to serve nearly 1.3 million Texas public educators," said Jung.
"Maintaining a solvent retirement system is critical to the financial security of our public educators. I am confident that the board and the TRS staff are well positioned to meet the future needs of our members."
Almost 1.3 million public education and higher education employees and retirees participate in the system.
This week's top stories include ITS' management buyout from Mercer, and The Pensions Regulator launching a probe into single-employer defined contribution schemes' default funds.
People retiring in the UK will on average outlive their pension savings by 10 years, according to research by the World Economic Forum (WEF).
Steps to improve auto-enrolment are uncontroversial and obvious, but the government is dawdling on introducing the necessary changes, argues Jack Jones.
Professional trustees will be expected to apply for accreditation as part of a framework intended to be launched on 1 July by the Professional Trustee Standards Working Group (PTSWG).