Head of trou­bled teach­ers’ pen­sion sys­tem quits after be­ing put on ad­min­is­tra­tive leave

Chicago Sun-Times - - TOP NEWS - BY PETER HANCOCK

SPRING­FIELD — Just days after he was put on ad­min­is­tra­tive leave over un­spec­i­fied “per­for­mance is­sues,” the ex­ec­u­tive di­rec­tor of the Illi­nois Teach­ers’ Re­tire­ment Sys­tem re­signed from his $283,250-a-year po­si­tion.

The TRS Board of Trustees voted unan­i­mously last Fri­day to place Richard In­gram on ad­min­is­tra­tive leave

“due to per­for­mance is­sues cov­ered by his em­ploy­ment con­tract,” ac­cord­ing to a brief state­ment the board is­sued Thurs­day.

On Mon­day, In­gram re­signed “ef­fec­tive im­me­di­ately,” ac­cord­ing to the state­ment.

Stan Rup­nik, chief in­vest­ment of­fi­cer at TRS, has been named in­terim di­rec­tor. The board said it will “con­duct a thought­ful, thor­ough and vig­or­ous na­tional search” for a per­ma­nent di­rec­tor.

The pen­sion sys­tem did not im­me­di­ately pro­vide a copy of In­gram’s con­tract, which Capi­tol News Illi­nois re­quested un­der the state’s Free­dom of In­for­ma­tion Act. Ac­cord­ing to the state comptrolle­r’s of­fice, In­gram had been re­ceiv­ing an an­nual salary of $283,250.

In­gram be­gan his ca­reer at TRS in Jan­uary 2011. Be­fore that, ac­cord­ing to his LinkedIn page, he was ex­ec­u­tive di­rec­tor of the New Hamp­shire Re­tire­ment Sys­tem.

TRS man­ages re­tire­ment, dis­abil­ity and sur­vivor ben­e­fits for more than 434,000 mem­bers, in­clud­ing teach­ers, ad­min­is­tra­tors and other pub­lic school em­ploy­ees in Illi­nois out­side of Chicago Pub­lic Schools.

With $51.2 bil­lion of as­sets un­der man­age­ment, it ranks as the 37th largest pen­sion sys­tem in the United States.

As of De­cem­ber 2019, how­ever, TRS re­ported it was only 40% funded and it car­ried an “un­funded ac­tu­ar­ial li­a­bil­ity” of roughly $78 bil­lion. That’s the cur­rent deficit be­tween the sys­tem’s as­sets and ex­pected fu­ture earn­ings against the pen­sion obli­ga­tions it has al­ready ac­crued.

Richard In­gram

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