ACERS EXECUTIVE DIRECTOR & CHIEF INVESTMENT OFFICER

7 days left

Location
Arlington, Virginia
Salary
Depends on Qualifications
Posted
Dec 29, 2020
Closes
Feb 02, 2021
Ref
9999-21A-RET-LM
Hours
Full Time
Position Information

The Arlington County Retirement Board is seeking an experienced and accomplished investment executive to serve as the Executive Director and Chief Investment Officer for the Arlington County Employee's Retirement System (ACERS). This investment executive will manage and oversee the investment of assets in collaboration with the Retirement Board (Board). This Executive Director reports to the Board and to the Board Chair and administratively serves as a central point of responsibility and accountability for ACERS. This is a highly visible position and the Executive Director must understand and respect the requirements of operating in a public environment.

ACERS was established by the Arlington County Board in 1953 as a defined benefit plan for its employees. Retirement and survivor benefits as well as disability benefits are provided to over 8,300 Arlington County Uniformed and General employees and certain School Board employees. The System is governed by the Retirement Board consisting of seven voting trustees comprising employees, retirees and appointees by the County Manager and the County Board. There are also three substitute trustees. The Executive Director leads a team of three individuals: Assistant Director, Analyst, and Accountant (part-time position).

The Board and the Executive Director's primary responsibility is the investment of ACERS' assets. ACERS essentially operates as an investment committee and the System has no role in determining the size, type, and administration of retirement benefits. Arlington County's Human Resources Department is responsible for benefits administration. For more information on the Retirement Board, ACERS benefits information, or plan performance follow these links: https://careers.arlingtonva.us/retirement-board/ https://careers.arlingtonva.us/retiree-benefits-information/ and https://careers.arlingtonva.us/plan-performance/ .

The System’s net position at June 30, 2020 totaled $2.527 billion, an increase of $114 million from June 30, 2019. The System is financially and actuarially sound with a funded ratio of 101.2% as of June 30, 2020. For the past 20 years, the funded ratio has ranged between 90% and 136%; 14 of these years, the System was over 100% funded.

Key responsibilities for this position include:

  • Ensure operation of the System in accordance with its mission, vision and core values, and state and federal law.
  • Advise and confer with the Board on financial, economic, and political trends and developments affecting the System.
  • Formulate and make recommendations to the Board, in conjunction with outside advisors, on all aspects of fund management including:
    • Governance
    • Investment policy
    • Portfolio asset allocation
    • Asset rebalancing
    • Expected risk and return parameters
    • Investment manager selection and termination
    • Actuarial assumptions
  • Monitor and evaluate investment managers and service providers to ensure compliance with performance expectations, guidelines, and contracts, and resolve issues, as necessary.
  • Ensure that proper controls are in place to safeguard assets.
  • Negotiate and execute contracts with general partners, investment managers and service providers and coordinate legal review with counsel.
  • Develop materials and coordinate trustee education sessions and conferences to support ongoing trustee professional development.
  • Establish and maintain relationships with current and potential investment managers, private equity general partners, service providers, and peers.
  • Manage the annual reporting cycle, including the preparation of the actuarial valuation analysis and the Comprehensive Annual Financial Report.
  • Administer the disability appeals process (~5 cases the past 10 years).
  • Attend ACREA (Arlington County Retired Employees Association) meetings (twice per year) to provide a System update and answer member questions.
  • Represent ACERS as a subject matter expert and interact with members, elected officials, and other stakeholders, as necessary.
This Executive Director will serve as a strategic investment leader with broad asset class knowledge or experience. This individual will be a leader with an in-depth understanding of global economics and capital markets and investment strategies and vehicles. This leader will understand the principles and practices of public fund investing, institutional investment operations, and investment policy development.

Selection Criteria

Minimum: Bachelor’s degree in finance, economics, or other related area and at least five years of institutional investment experience with a positive track record of investment returns in excess of appropriate benchmarks plus experience as an advocate of defined benefit plans, managing a diverse workforce, and effectively coaching/mentoring employees.

Substitution: Additional qualifying full-time directly related experience may be substituted for the degree requirement.

Desirable: Preference may be given to applicants with a master's or higher level degree, certification as a Chartered Financial Analyst (CFA), knowledge of federal and state pension laws, and experience in one or more of the following areas:
  • public plan sponsor investments.
  • working with a variety of private investment partnership structures.
  • collaborating with public, corporate, or private boards.


Special Requirements

A pre-hire background check will be made on all candidates who are selected for employment. It may include checks of the following: criminal record, driving record, education, professional licensure, and credit history. You may be required to sign a release authorizing the County to obtain your background information.

To apply, please submit your cover letter and resume to Hudepohl & Associates at info@hudepohl.com .

For additional information about this position, follow this link https://arlingtonva.s3.amazonaws.com/wp-content/uploads/sites/7/2020/11/ACERS-Executive-Director-CIO-Final.pdf

Contact Hudepohl & Associates by email at info@hudepohl.com or directly at (614) 854-7300.

Completion of the Commonwealth of Virginia Statement of Economic Interest form will be required of the successful candidate upon hire and annually thereafter.

Additional Information

Work hours are Monday through Friday, 8 am - 5 pm with teleworking available.

The Executive Director is an exempt position and an “at will” employee.

Arlington County offers a competitive salary and a great benefits package including a Defined Benefit (pension) plan. For more information on Arlington’s family friendly benefits, click here . The compensation package is designed to attract the best-qualified executive and includes an attractive benefits package. Relocation assistance may be negotiated. All County employees are participants in the ACERS plan.

The Retirement Board and the Executive Director’s primary responsibility is the investment of ACERS’ assets. ACERS essentially operates as an investment committee and the System has no role in determining the size, type, and administration of retirement benefits. Arlington County’s Human Resources Department is responsible for benefits administration.

Arlington County Government employee benefits depend on whether a position is permanent, the number of hours worked, and the number of months the position is scheduled.

Specific information on benefits and conditions of employment can be found on the Arlington County Human Resources Department website: www.arlingtonva.us/pers.

Permanent, Full-Time Appointments
All jobs are permanent, full-time appointments unless otherwise stated in the announcement. The following benefits are available:

Paid Leave : Vacation leave is earned at the rate of four hours biweekly. Leave accrual increases every three years until eight hours of leave are earned biweekly for twelve or more years of service. Sick leave is earned at the rate of four hours biweekly. There are eleven paid holidays each year.

Health and Dental Insurance : Three group health insurance plans are offered - a network open access plan, a point-of-service plan, and a health maintenance organization. A group dental insurance plan is also offered. The County pays a significant portion of the premium for these plans for employees and their dependents. A discount vision plan is provided for eye care needs.

Life Insurance : A group term policy of basic life insurance is provided at no cost to employees. The benefit is one times annual salary. Additional life insurance is available with rates based on the employee's age and smoker/non-smoker status.

Retirement : The County offers three vehicles to help you prepare for retirement: a defined benefit plan, a defined contribution plan (401(a)), and a deferred compensation plan (457). The defined benefit plan provides a monthly retirement benefit based on your final average salary and years of service with the County. You contribute a portion of your salary on a pre-tax basis to this plan. General employees contribute 4% of pay; uniformed public safety employees contribute 7.5% of pay. Employees become vested in the plan at five years of service. The County also contributes to this plan.

For general employees, the County also contributes 4.2% of pay to a defined contribution plan (401(a)) . The County also matches your 457 contribution, up to $20 per pay period, in this plan. The 457 deferred compensation plan allows you to set aside money on either a pre-tax (457b) or post-tax (457 Roth) basis up to the IRS annual limit. New employees are automatically enrolled with a pre-tax contribution equal to 2% of your base pay.

Other Benefits: The County also offers health, dependent care, and parking flexible spending accounts; long-term care insurance; tuition assistance; transit and walk/bike to work subsidies; a college savings plan; wellness programs; training opportunities; and a variety of other employee benefits.

Permanent, Part-Time Appointments:
Part time employees who work ten or more hours per week receive paid leave and benefits in proportion to the number of hours worked per week.

Limited Term Appointments:
Benefits are the same as permanent appointments except that the employees do not achieve permanent status.

Temporary Regular Appointments:
Temporary regular employees who work 30 hours or more per week are eligible for health, dental, and basic life insurance as described above. They are also eligible for vacation, sick leave, and paid holidays.

Temporary Seasonal and Occasional Appointments:
Temporary employees who work on a seasonal basis or variable hours receive sick leave, but do not normally receive other paid leave or benefits. Exceptions are noted in individual announcements.

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