Russo to lead Indiana's largest public pension systems
Named Executive Director by combined TRF/PERF Board of Trustees
INDIANAPOLIS (May 10, 2010) - Steve Russo has been selected to lead Indiana's two largest public pension systems with combined assets of more than $22 billion and membership of more than 380,000.
Russo was named Executive Director at the May 10 joint meeting of the boards of trustees of both the Indiana Public Employees' Retirement Fund (PERF) and the Indiana State Teachers' Retirement Fund (TRF). Formerly executive director of TRF, Russo was hired to lead both funds as a result of House Enrolled Act 1205 (2010) that requires the boards of trustees to appoint a common director.
A graduate of Purdue University, Russo previously held numerous leadership positions during a 19-year tenure at technology company Thomson in Indiana and South America. Prior to joining TRF, Russo was the organization's general manager of operations for North and South America, having responsibility for 2,000 employees and a half-billion dollar operating budget. Russo also worked for seven years in various engineering and finance positions for the U.S. Department of Defense at the Naval Avionics Center in Indianapolis. Russo has been executive director of TRF since February 2008.
Also at the May 10 meeting, Kendall W. Cochran was elected president of the TRF board. He currently serves as chairman of the PERF board and will now lead both boards. Cochran noted the boards found the task of selecting an executive director challenging. "We had two outstanding and accomplished candidates from which to select a single executive director," said Cochran. "While it was a difficult decision, we're confident Steve will do an excellent job for our members."
After being selected, Russo stated, "PERF and TRF have both established outstanding member service, and I look forward to building upon this. The funds will remain two distinct entities, no major policy changes are anticipated, and we will continue to look for opportunities to increase the efficiency and investment returns of both funds."
About the funds
The Indiana Public Employees' Retirement Fund (PERF) serves the needs of more than 220,000 public employees and retirees representing more than 1,200 employers including public universities, school corporations, municipalities and state agencies. The Indiana State Teachers' Retirement Fund manages and administers the retirement benefits for approximately 160,000 members with careers in public education.
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CONTACT:
Jodi O'Neill - (317) 234-5337 - joneill@perf.in.gov
