Plan. Invest. Protect.

Retirement Security

92nd Annual Conference October 11–15, 2014 JW Marriott | Indianapolis, Indiana

NATIONAL COUNCIL ON TEACHER RETIREMENT Supporting Retirement Security for America’s Teachers NCTR PAST PRESIDENTS 1948–2013

Ray L. Lillywhite, Salt Lake City, UT...... 1948–49 Charles W. Beattie, Omaha, NE...... 1981–82 Harvey M. Black, Oklahoma City, OK...... 1949–50 Joseph P. Natale, Denver, CO...... 1982–83 nd C. B. Murray, Albany, NY...... 1950–51 Purvis W. Collins, Columbia, SC...... 1983–84 NCTR 92 Annual Conference George L. Donahoe, Jefferson City, MO.....1951–52 Carleton C. Page, Baton Rouge, LA...... 1984–85 Plan. Invest. Protect. Richard Hyde, Charleston, WV...... 1952–53 Bill Ware, Oklahoma City, OK...... 1985–86 Robert W. Harper, Helena, MT...... 1953–54 Pat N. Miller, Frankfort, KY...... 1986–87 Indianapolis, Indiana | October 2014 Nathan H. Yelton, Raleigh, NC...... 1954–55 Bert D. Hunsaker, Salt Lake City, UT...... 1987–88 L.D. Shuter, Columbus, OH...... 1955–56 David W. Mustoe, Jefferson City, MO...... 1988–89 Aubrey J. Holmes, Springfield, IL...... 1956–57 Glen D. Pond, Richmond, VA...... 1989–90 Raymond J. Heath, Denver, CO...... 1957–58 James C. Baker, Kansas City, MO...... 1990–91 A.J. Christie, Detroit, MI...... 1958–59 Gerald Gilbert, Atlanta, GA...... 1991–92 Evelyn Sholund, Chicago, IL...... 1959–60 Frank Ready, Santa Fe, NM...... 1992–93 Hoyte R. Pyle, Little Rock, AR...... 1960–61 James Perry, Harrisburg, PA...... 1993–94 Theron H. Hodges, Nashville, TN...... 1961–62 William C. Walsh, Montgomery, AL...... 1994–95 Viola Suroweic, Hartford, CT...... 1962–63 Scott Engmann, Bismarck, ND...... 1995–96 Tatum W. Gressette, Columbia, SC...... 1963–64 Steve Curry, Nashville, TN...... 1996–97 Philip Wagner, Baltimore, MD...... 1964–65 Eugene Waschbusch, St. Paul, MN...... 1997–98 Leo J. Reynolds, Sacramento, CA...... 1965–66 Donald S. Miller, New York City...... 1998–99 Frank M. Jackson, Austin, TX...... 1966–67 Tommy C. Beavers, Oklahoma City, OK..1999–2000 Rex T. Wrye, Harrisburg, PA...... 1967–68 Thomas R. Lussier, Boston, MA...... 2000–01 Kermit D. Farris, Tallahassee, FL...... 1968–69 John Jensen, Omaha, NE...... 2001–02 J. Hugh McKinny, Helena, MT...... 1969–70 Dave Mills, Madison, WI...... 2002–03 James L. Sublett, Columbus, OH...... 1970–71 George Philip, Albany, NY...... 2003–04 E. B. Rogel, Olympia, WA...... 1971–72 Karen Kilberg, Minneapolis, MN...... 2004–05 Leonard Prewitt, Austin, TX...... 1972–73 Clare Barnett, Hartford, CT...... 2005–06 Kenneth A. Davis, Santa Fe, NM...... 1973–74 Meredith Williams, Denver, CO...... 2006–07 Harvey W. Schmidt, St. Paul, MN...... 1974–75 Melva Vogler, Harrisburg, PA...... 2007–08 Leonard W. McDonald, Bountiful, UT...... 1975–76 Jeffrey L. Ezell, Atlanta, GA...... 2008–09 T.F. Terrell, Boise, ID...... 1976–77 Gary L. Harbin, Frankfort, KY...... 2009–10 Harold N. Langlitz, Albany, NY...... 1977–78 Ronnie Jung, Austin, TX...... 2010–11 Wesley H. Rucker, Atlanta, GA...... 1978–79 Dave Stella, Madison, WI...... 2011–12 Roy A. Baker, Springfield, IL...... 1979–80 William B. Finelli, Providence, RI...... 2012–13 Fred M. Walker, Jackson, MS...... 1980–81

Honorary Past President: James D. Mosman, Sacramento, CA NCTR 92nd Annual Conference Plan. Invest. Protect. Indianapolis, Indiana | October 2014

Conference Name Badges NCTR conferences are for registered participants only. Your official conference name badge is your ticket to sessions, meals, and receptions. Security personnel may check badges. Please cooperate by keeping your badge visible.

Attire Conference attire is business casual.

Sunday’s Free Networking Brunch All registrants are welcome! A rare opportunity to have brunch at and then explore the Indianapolis Motor Speedway, home of the Indianapolis 500 and NASCAR’s Brickyard 400! Shuttles depart from the hotel lobby at 9:00 a.m. and return to the hotel at 1:30 p.m., leaving you some free time before the 3:00 Pre-Conference Seminar.

Monday’s “Circle City Tour” (Guest option) Guests who registered for this tour ($40)—bring your ticket and meet in the lobby for a 9:00 a.m. departure. This bus tour makes a few stops along the way and returns to the hotel approximately 1:30 p.m. Lunch is included.

Wednesday Night’s Casual Event Join everyone for one last reception and dinner! Meet in the lobby at 6:15 p.m. for a brief walk to the Indiana Historical Society.

General Courtesy Please silence your electronic devices as you enter sessions and events, and leave the room when participating in a call.

PLAN. INVEST. PROTECT. 1 PROGRAM n Saturday, October 11 1:00–5:30 pm Registration (White River Registration Desk) Committee Meetings: Noon–1:00 pm Legislative Committee Meeting (Room 208) 1:00–1:30 pm Resolutions Committee Meeting (Room 106) 1:30–2:30 pm Trustee Education Committee Meeting (Room 105) 2:30–3:30 pm Administrator Education Committee Meeting (Room 106) 6:00–7:00 pm Welcome Reception Dinner on your own n Sunday, October 12 7:30–8:30 am Registration (White River Registration Desk) and 2:30–5:30 pm 9:00 am Shuttle to Brunch (from Event Center Drive) 9:30 am–1:30 pm All-Attendee Networking Brunch at Indianapolis Motor Speedway 3:00–4:30 pm Pre-Conference Seminar: What’s Going On in the States? (White River A & B) Moderator: Tom Lussier, President, Lussier, Gregor, Vienna, & Associates, Inc. »» Steve Russo, Executive Director, Indiana PRS »» Mary Beth Braitman, Partner, Ice Miller »» Luke Martel, Senior Policy Specialist, National Conference of State Legislatures (NCSL) »» Tom Cavanaugh, CEO, Cavanaugh Macdonald Consulting LLC »» Brian Guthrie, Executive Director, Texas TRS »» Dana Dillon, Board Trustee, CalSTRS 5:30–6:30 pm Welcome Reception (White River C & D) Dinner on your own

2 NCTR 92ND ANNUAL CONFERENCE 2014 PROGRAM n Monday, October 13 7:30 am–5:00 pm Registration (White River Registration Desk) 7:30–8:15 am Breakfast (White River F)

FIRST GENERAL SESSION (White River E) Presiding: Tom Lee, NCTR President; and Executive Director/CIO, New York STRS

8:15 am Opening of Conference »» Welcome to the Conference: Tom Lee, NCTR President »» Pledge of Allegiance »» Welcome to Indianapolis: Steve Russo, Executive Director, Indiana PRS 9:00–10:00 am Monday Keynote Speaker: Mara Liasson National Political Correspondent, NPR Introduction: Jim White, Business Development, William Blair & Company, L.L.C. Speaker Sponsorship by William Blair & Company, L.L.C. 10:00–10:30 am Break 10:30–11:30 am Retirement Challenges Moderator: Jack Ehnes, CEO, CalSTRS »» Dean Baker, Co-Director, Center for Economic and Policy Research »» Diane Oakley, Executive Director, NIRS »» Dallas Salisbury, President/CEO, EBRI 11:45 am Break for Group Luncheon 11:45 am–1:15pm Group Luncheon (White River F) Charles L. Evans, President and CEO, Federal Reserve Bank of Chicago Introduction: John A. Gorham, Business Development and Client Relations, Cornerstone Real Estate Advisers LLC

PLAN. INVEST. PROTECT. 3 PROGRAM n Monday, October 13, Continued

FIRST GENERAL SESSION Resumes (White River E)

1:30–2:30 pm Perspectives on Board Governance Moderator: Carole Wright, Board Chair, Colorado PERA »» Michael Hairston, Board Member, ERFC, Fairfax, Virginia »» Beth Kerr, Board Member, Oklahoma TRS »» Jodi Golden, Board Trustee, Indiana PRS »» Amy L. McDuffee, Associate Partner, Hewitt EnnisKnupp 2:30–3:00 pm Break 3:00–4:30 pm Evolution of Investment Management Moderator: Tom Lee, Executive Director/CIO, New York STRS »» Josh B. McGee, PhD; Vice President of Public Accountability, Laura and John Arnold Foundation »» Greg Mennis, Director, Pew Public Sector Retirement Systems Project »» Stephen Cummings, CFA, CEO, Hewitt EnnisKnupp, Inc. »» Drew Guff, Managing Director, Siguler Guff »» Gregory W. Smith, Executive Director, Colorado PERA 4:30 pm End of First General Session 6:00–7:00 pm Reception (White River Foyer) 7:00 pm NCTR Annual Dinner (White River F) A Conversation with Maxie L. (Max) Patterson, Executive Director, TEXPERS, and Meredith Williams, NCTR Executive Director 9:00 pm Dessert Reception (White River E) Sponsored by Bernstein Litowitz Berger & Grossmann LLP

4 NCTR 92ND ANNUAL CONFERENCE 2014 PROGRAM n Tuesday, October 14 7:30 am–Noon Registration (White River Registration Desk) 8:00–8:45 am Breakfast (White River F)

SECOND GENERAL SESSION (White River E) Presiding: Jim Sando, NCTR President-Elect; and Trustee, Pennsylvania PSERS

9:00–10:00 am Tuesday Keynote Speaker: Ian Morrison, PhD Author, Consultant, Futurist Introduction: Bill Pacula, Partner, Director of Marketing, Baillie Gifford International LLC Speaker Sponsorship by Baillie Gifford International LLC 10:00–10:30 am Break 10:30–11:30 am Legislative Session with Leigh Snell, NCTR Director of Federal Relations »» Dean Kenderdine, NCTR Legislative Committee Chair; and Executive Director, Maryland SRPS »» Jill Bachus, NCTR Executive Committee Liaison and Director of Tennessee Consolidated Retirement System 11:45 am Break for Group Luncheon 11:45 am–1:15 pm Group Luncheon (White River A–D)

SECOND GENERAL SESSION Resumes (White River E)

1:30–2:30 pm Private Equity Moderator: Richard W. Ingram, Executive Director, Illinois TRS »» James Gereghty, Managing Director, Siguler Guff »» Kelly Meldrum, CFA; Partner, Adams Street Partners »» Tim Moore, Director of Alternative Investments, Colorado PERA

PLAN. INVEST. PROTECT. 5 PROGRAM n Tuesday, October 14, Continued 2:30–3:00 pm Break 3:00–4:00 pm Legal Officers Panel Moderator: Richard Lorant, Director of Marketing & Client Relations, Berman DeValerio »» Kimberly Gardner, Senior Staff Attorney, Colorado PERA »» Laura Gilson, General Counsel, Arkansas TRS »» Jim Salvie, General Counsel, Massachusetts TRS 4:00 pm End of Second General Session 4:00–5:00 pm Open Forum for Associate Commercial Members Moderator: Jack Gastler, Senior Vice President, Acadian Asset Management LLC »» NCTR’s Associate Commercial Members are invited to meet with NCTR’s Executive Director Meredith Williams and Assistant Executive Director Robyn Gonzales for a candid, unstructured conversation. 6:00–7:00 pm Reception (White River Foyer) 7:00–9:00 pm National Teacher of the Year Dinner, followed by address (White River E) Sparking Hope: Teaching as a Catalyst to Launching Great Learning Sean McComb High School English Teacher, Baltimore, Maryland

6 NCTR 92ND ANNUAL CONFERENCE 2014 PROGRAM n Wednesday, October 15 7:30–8:15 am Breakfast (White River B–D)

THIRD GENERAL SESSION (White River E) Presiding: Jay Stoffel, NCTR Secretary/Treasurer; and Deputy Exec. Dir., Minnesota TRA

8:30–9:30 am Wednesday Keynote Speaker: Becky Pringle Vice President, National Education Association (NEA) Introduction: Jim Sando, NCTR President-Elect; and Trustee, Pennsylvania PSERS 9:30–10:30 am GASB: Communications Challenges Moderator: Cathie Eitelberg, Senior Vice President, National Director, Public Sector, Segal Group »» Barrie Tabin Berger, Assistant Director–Federal Liaison Center, Government Finance Officers Association (GFOA) »» Don Drum, Executive Director, PERS of Idaho »» Ryan Falls, Senior Consultant, Gabriel, Roeder, Smith & Company »» Lisa Morris, Executive Director, Ohio SERS »» Dearld Snider, Deputy Director, Missouri PSRS/PEERS 10:30–11:00 am Break 11:00 am Plans as Investors: A CIO Conversation Moderator: Deirdre Guice Minor, Executive Director, UBS Global Asset Management (Americas) Inc. »» Britt Harris, CIO, Texas TRS »» Mansco Perry III, Executive Director, Minnesota State Board of Investment »» Ash Williams, Executive Director & CIO, Florida State Board of Administration 12:30 pm End of Third General Session

PLAN. INVEST. PROTECT. 7 PROGRAM n Wednesday, October 15, Continued 1:00 pm System Trustee Luncheon (Spouses welcome) (White River C–D) »» Dan Pedrotty, Director of Pensions and Capital Strategies, American Federation of Teachers (AFT) 1:00 pm System Director Luncheon (Spouses welcome) (White River B) 1:00 pm All others on own for lunch

NCTR ANNUAL BUSINESS MEETING (White River E) Presiding: Tom Lee, NCTR President; and Executive Director/CIO, New York STRS

2:30 pm Welcome »» Committee Reports »» Election of Officers »» Update on NCTR by Executive Director Meredith Williams 6:15 pm Meet in lobby for brief walk to casual, offsite Reception and Dinner 6:30–9:00 pm Reception and Dinner at Indiana Historical Society

NCTR Welcomes 2014 Media Sponsor

www.governing.com

8 NCTR 92ND ANNUAL CONFERENCE 2014 Congratulations!

2014 National Teacher of the Year Sean McComb Patapsco High School & Center for the Arts, Baltimore, Maryland

Sean McComb is a 9th- through 12th-grade English teacher at Patapsco High School & Center for the Arts in Baltimore, Maryland. He is currently completing his eighth year as an educator and has been at Patapsco since beginning his teaching career. “A strong teacher-student relationship facilitates the opportunity for deeper learning and more critical thinking,” says McComb. He firmly believes that public education is the foundation for opportunity and success for any child. In addition to his role as an English instructor, McComb helped develop, and continues to spearhead, Patapsco’s Advancement Via Individual Determination (AVID) program, which boasted a 98% college acceptance rate for its last two graduating classes. He was recognized by Baltimore County for his outstanding leadership of the AVID program. McComb’s devotion to the teaching profession extends beyond the classroom as well. He also coaches the Patapsco Cross Country Team, supervises cultural exchange programs, and has led several university training sessions and presentations for future teachers. McComb says that he has found his purpose in teaching, stating, “I have worked to engage my students and push them to achieve the excellence within them. Every child deserves nothing less, and my calling is to champion that effort.” McComb is a member of several professional education associations and has received numerous awards and recognitions, including the Capital One Community Champion Award (awarded by the WNBA’s Washington Mystics in 2013). He holds a B.A. in English Literature and a Master of Education in English Literature from the University of Pittsburgh. He also holds a Certificate in School Improvement Leadership from Goucher College.

Please join us Tuesday night at the reception and dinner in Mr. McComb’s honor. H

The National Teacher of the Year (NTOY) Program began in 1952 and is the oldest, most prestigious national honors program that focuses public attention on excellence in teaching. During the official year of recognition, the NTOY is released from classroom duties to travel nationally and internationally as a spokesperson and advocate for the teaching profession. The NTOY may be called upon to represent American educators to audiences in other nations. NTOYs are frequently requested to sit on national and state commissions and policy advising bodies. The NTOY Program is run by the Council of Chief State School Officers.

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JILL BACHUS is the Director of the Award as one of the outstanding academic Tennessee books of the year. He appears frequently on Consolidated TV and radio programs, including CNN, CBS Retirement System News, PBS NewsHour, and National Public (TCRS). The system Radio. His blog, Beat the Press, features serves 215,000 commentary on economic reporting. He active members, received his B.A. from Swarthmore College and 130,000 retired his PhD. in economics from the University of members, and has Michigan. over $42 billion in assets. Ms. Bachus has been employed BARRIE TABIN BERGER has been with the Tennessee Treasury Department for representing the nearly 33 years in various capacities including interests of states Director of Accounting and Director of the and localities for Baccalaureate Education System Trust (BEST). nearly 20 years. Ms. Bachus currently serves on the Executive Currently, she is the Committee of the National Council on Teacher Assistant Director Retirement. of the Government Ms. Bachus is a Certified Public Finance Officers Accountant, a Certified Government Financial Association’s Manager, and received her B.B.A. and M.B.A. Federal Liaison Center, where she advocates from Middle Tennessee State University. She is before Congress on behalf of the GFOA on a 2001 graduate of the Tennessee Government issues related to public pensions, taxation, Executive Institute. and health care. In her role as staff to the association’s Committee on Retirement and DEAN BAKER is the author of The End of Benefits Administration, Barrie assists the Loser Liberalism: committee in the developing best practices Making Markets and public policies related to pension plan Progressive, Taking design and funding, fee disclosure, participant Economics Seriously, education, governance, investments, and health False Profits: care related issues. Recovering from the Prior to her position with the GFOA, Bubble Economy, Barrie was Senior Legislative Counsel Plunder and with the National League of Cities. In this Blunder: The Rise capacity, she engaged in federal and state and Fall of the Bubble Economy, The United advocacy for the organization, as well as States Since 1980, The Conservative Nanny developed policy in such areas as taxation and State: How the Wealthy Use the Government telecommunications. She also acted as the to Stay Rich and Get Richer, Social Security: association’s general counsel. The Phony Crisis (with Mark Weisbrot), and Barrie holds a J.D. from the University of The Benefits of Full Employment (with Jared Buffalo School of Law in Buffalo, New York. Bernstein). He was the editor of Getting Prices Right: The Debate Over the Consumer Price Index, which was a winner of a Choice Book

10 NCTR 92ND ANNUAL CONFERENCE 2014 SPEAKER BIOGRAPHIES

MARY BETH BRAITMAN, Partner with Ice Board. He currently serves as a member of the Miller LLP, works Post-Employment Benefits Task Force of the with governmental Governmental Accounting Standards Board. retirement and In addition, he is a member of the faculty health systems on for the International Foundation’s Certificate compliance with of Achievement in Public Plan Policy. Mr. federal law, fiduciary Cavanaugh has written a number of articles issues, and plan on public sector issues and is a frequent design innovations. speaker at meetings of national associations Recent projects representing public employee retirement include financing/designing health benefits; systems. fiduciary audits on governance and investment practices; pick-up programs; qualified excess STEPHEN CUMMINGS, CFA, Is the benefit arrangements; correction projects; President of Hewitt and design of comprehensive compliance EnnisKnupp, strategies. Inc., one of the In the last several years, a number of largest providers complex “change” questions have arisen, often of investment in connection with sustainability and design consulting services projects. Mary Beth advises with respect to to institutional potential federal law and fiduciary issues in investors in the these projects. We strive to be creative and U.S. He leads over constructive in these projects. 300 investment consulting professionals with over 480 clients. Steve serves as the primary THOMAS J. CAVANAUGH, FSA, FCA, EA, consultant for select retainer and project MAAA, is the Chief clients. Steve is ultimately responsible for Executive Officer the success of the U.S. investment consulting of Cavanaugh practice. Macdonald Steve’s client work has included the Consulting, LLC. coordination and implementation of multiple He is a graduate of defined benefit and defined contribution the United States plans into a consolidated structure for a Naval Academy multi-billion dollar corporate client and the and received an oversight of complex alternatives programs for M.B.A. degree at the University of Hartford. several large public funds. He also served as Mr. Cavanaugh is a Fellow of the Society the team leader for Hewitt EnnisKnupp’s work of Actuaries, a Fellow of the Conference with the U.S. Treasury Department during its of Consulting Actuaries, a member of the TARP initiative and served as advisor to the American Academy of Actuaries, and an State Treasurer and interim CIO of a multi- Enrolled Actuary. Mr. Cavanaugh has served billion dollar state retirement system during a on both the Pension Committee and the transition period between CIOs. Pension Accounting Committee of the Steve serves on the AonHewitt Global American Academy of Actuaries, as well as the Practice Committee, the group responsible International Foundation’s Public Employees for setting the strategic direction of the

PLAN. INVEST. PROTECT. 11 SPEAKER BIOGRAPHIES global investment consulting practice and well as serving on several Board Committees. coordinating consulting efforts around the Ms. Dillon has been active in the California world. Steve also has ultimate responsibility Teachers Association for more than 30 years, for Hewitt EnnisKnupp’s U.S. Investment serving as state council representative, Committee, tasked with developing and vetting and currently serving on the CTA Board of the firm’s investment beliefs before they are Directors. Ms. Dillon also served as a director rendered as advice to our clients. Steve is on the National Education Association Board responsible for thought leadership within of Directors. She holds a Bachelor’s degree in the firm and serves in an advisory capacity liberal studies from California State University, on research efforts such as those related to Chico, where she earned her multiple-subject derivatives, private equity, and emerging and library media teaching credentials. investment opportunities. He is a sought-after industry expert and frequently speaks before In October 2008, DON DRUM became industry groups on a broad range of topics the Executive including soft dollars, public fund oversight, Director of the portfolio construction, and the evolution of the Public Employee consulting industry. Retirement System Steve joined EnnisKnupp (the predecessor of Idaho (PERSI), firm to Hewitt EnnisKnupp) in 1989 as a currently A $15 consultant and later rejoined in 2000 as the billion fund with president and Chief Executive Officer. Prior to nearly 135,000 rejoining EnnisKnupp, Steve was the president active, inactive, of Marquette Associates from 1997–2000. He and retired members. PERSI is a statewide holds a B.S. degree from the University of Texas retirement system providing benefits and and an M.B.A. degree from the University of services to the public workforce associated Chicago. He is a CFA charterholder and is a with cities and counties, schools districts, member of the CFA Institute and Investment police/firefighters, and state employees. Analyst Society of Chicago (IASC). He is also Mr. Drum has worked to upgrade member a member of the Board of Trustees of Kohl’s communications, improve customer service, Children’s Museum of Greater Chicago. and is now in the midst of overseeing the implementation a $13 million upgrade to the DANA DILLON is a trustee on the CalSTRS pension administration system that supports Teachers’ Retirement all PERSI activities. For the past several years, Board. A strong Mr. Drum has focused on meeting directly advocate for with state lawmakers, employers, members, members, Dana and constituency groups to discuss local and Dillon has been an national pension issues. intermediate grade Prior to his appointment as director, Mr. school teacher for Drum served as PERSI’s deputy director thirty-one years for 2½ years. Before joining PERSI, he held in the Weed Union various management positions with the Idaho Elementary School District. She has served on Department of Corrections. He was also the the CalSTRS board since her election in 2003, owner of a small accounting firm. Mr. Drum including stints as chair and vice chair, as graduated from Boise State University with

12 NCTR 92ND ANNUAL CONFERENCE 2014 SPEAKER BIOGRAPHIES a Bachelor’s Degree in Accounting. He is Teacher Retirement, Ceres (national network actively involved with the National Institute of investors and environmental organizations on Retirement Security (NIRS), the National working to address sustainability challenges), Association of State Retirement Administrators the Sustainability Accounting Standards Board, (NASRA), and the National Council of Teachers the International Foundation of Employee Retirement (NCTR). Benefit Plans, the Northern California NACD chapter; and also is a member of the World JACK EHNES is the Chief Executive Officer Economic Forum’s Global Council on Long- of the California Ter m Invest ing. State Teachers’ Retirement System CATHIE G. EITELBERG is a Senior Vice (CalSTRS). Mr. President and Ehnes provides National Director leadership for the of the Public Sector largest educator- Market in Segal’s only pension fund in Washington, DC the world. CalSTRS office. She has over administers a hybrid retirement system, 35 years of public consisting of a traditional defined benefit, policy experience cash balance, and defined contribution plans, with a focus on as well as disability and survivor benefits. employee benefits and public finance. Ms. CalSTRS serves more than 868,000 members Eitelberg is the firm’s National Director of the and benefit recipients. The asset value of the Public Sector market and a member of its investment portfolio was $186.6 billion as of Senior Management Team. July 31, 2014. CalSTRS administers retirement Ms. Eitelberg’s specialized expertise benefits for California’s public school educators includes public pension policy, design in grades kindergarten through community and governance; public finance and plan college. administration; and total rewards strategies. Mr. Ehnes came to CalSTRS in 2002 from Her past and current clients include Nevada Great-West Life & Annuity Insurance Company PERS, North Dakota PERS, Maryland SRP, (Denver, Colorado). Among several duties as Ohio PERS, Duluth TRF, Indiana PERF, and vice president for corporate affairs, Mr. Ehnes Indiana TRF, the AFT, New Jersey Education served as the trustee/plan administrator for Association, and the Nebraska PERS. Great-West’s employees’ defined benefit and Ms. Eitelberg serves on the advisory defined contribution plans. Prior to Great- committee to the NASRA Board, the Industry West, Mr. Ehnes served as the Colorado and Legislative Committee of NAGDCA, and Insurance Commissioner, deputy insurance as an advisor to the Committee on Pension commissioner, and board trustee for the and Benefits Administration of the GFOA. She Colorado Public Employees’ Retirement has also served on several committees of the Association, which included six years as chair IFEBP and is a founding member of the Arthur and vice-chair of the board. N. Caple Foundation managed by NAGDCA. Mr. Ehnes is currently Chairman of the Ms. Eitelberg received the 1995 Private FTSE Environmental Markets Committee and Sector Financial Excellence Award from the serves on the boards of the National Council on Association of Government Accountants.

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Prior to joining Segal, Ms. Eitelberg was CHARLES L. EVANS is the ninth president the GFOA’s first Director and Founder of its and chief executive Pension and Benefits Center. In this position, officer of the Federal she led benefits advocacy activities and Reserve Bank of oversaw the GFOA’s Pension & Benefits Update Chicago. In that and Public Pension Fund Survey. During capacity, he serves Ms. Eitelberg’s 14-year tenure at GFOA, she on the Federal Open represented public officials and employee Market Committee retirement systems before Congress and the (FOMC), the Federal administration on issues related to municipal Reserve System’s debt, taxes, and employee benefits. In addition, monetary policymaking body. she managed research and developed tax and The Federal Reserve Bank of Chicago employee benefits policy. Earlier in her career, is one of 12 regional Reserve Banks across Ms. Eitelberg served as a Staff Member of the the country. These 12 banks—along with National Conference of State Legislatures. the Board of Governors in Washington, Ms. Eitelberg graduated summa cum laude DC—make up our nation’s central bank. As from the University of Maryland with a B.S. head of the Chicago Fed, Evans oversees the in Business Management, and has completed work of roughly 1,400 employees in Chicago coursework in the Executive Education and Detroit who conduct economic research, program at Harvard’s Business School. supervise financial institutions, and provide Ms. Eitelberg lectures and writes on public payment services to commercial banks and the retirement and health topics. She is frequently U.S. government. quoted in the press and is an accomplished Before becoming president in September of speaker. Her recent articles include “Moody’s 2007, Evans served as director of research and Revised New Approach to Adjusting Reported senior vice president, supervising the Bank’s State and Local Government Pension Data” research on monetary policy, banking, financial (Segal Bulletin, April 2013); and co-authored markets, and regional economic conditions. articles, such as “Competing for Talent as the Prior to that, Evans was a vice president and Economy Improves,” (IPMA HR News, March senior economist with responsibility for the 2013); “Gearing Up to Comply with GASB’s macroeconomics research group. New Accounting Standards for Public Sector His personal research has focused on Pension Plans and Sponsoring Employers,” measuring the effects of monetary policy (Segal Public Sector Letter, November 2012); on U.S. economic activity, inflation, and and “Are You Prepared for Major Changes in financial market prices. It has been published Pension Accounting Standards?,” (IPMA HR in the Journal of Political Economy, American News, December 2011). Economic Review, Journal of Monetary Economics, Quarterly Journal of Economics, and the Handbook of Macroeconomics. Evans is active in the civic community. He is a trustee at Rush University Medical Center and a new member of the Nominations and Governance Committee, a director of the Chicago Council on Global Affairs, and a member of The Economic Club of Chicago, as

14 NCTR 92ND ANNUAL CONFERENCE 2014 SPEAKER BIOGRAPHIES well as the Civic Committee of the Commercial and he is currently working with multiple cost- Club of Chicago. sharing plans on an employer communication Evans has taught at the University of program for Statement 68. Chicago, the University of Michigan, and the Ryan is a Fellow of the Society of Actuaries University of South Carolina. He received (FSA) and a Member of the American a Bachelor’s degree in economics from the Academy of Actuaries (MAAA). He graduated University of Virginia and a Doctorate in from Texas A&M University with a B.S. in economics from Carnegie-Mellon University in Applied Mathematical Sciences. Pittsburgh. KIMBERLY GARDNER joined the Public RYAN FALLS is a Senior Consultant and Employees’ Actuary in Gabriel Retirement Roeder Smith Association of and Company’s Colorado (Colorado Dallas, Texas, office PERA) as a staff (GRS). He has attorney in April more than 15 years 2008 and became a of actuarial and senior staff attorney benefits consulting in 2013. Ms. Gardner experience with was involved in drafting and implementing major public employee retirement systems and legislation in 2010 that was designed to return private sector employers. Colorado PERA to long-term sustainability. As an actuary and consultant, Ryan Ms. Gardner represents Colorado PERA in routinely performs actuarial valuations, administrative hearings and supervises experience studies, and actuarial audits for outside litigation counsel. Ms. Gardner works statewide teacher, general employee, and public closely with the PERA benefits division to safety pension plans. His background includes resolve a variety of benefit related issues, many large plan design studies, including the and is also part of an internal work-group at design and implementation of cash balance Colorado PERA related to implementation of and other hybrid plan designs, that focus on the new GASB standards. the risks inherent in different plan designs as well as the level of risk transfer present within JACK W. GASTLER is Senior Vice President different plan designs. of Acadian Asset Since the GASB issued Statements 67 and Management. 68 in 2012, Ryan has emerged as a leader Joining Acadian in within the actuarial community regarding the January 2005, Jack new accounting procedures for public pension is a senior officer on plans. He has met with state treasurers, state the Marketing and auditors, retirement boards, and independent Client Service Team auditors across the country to help educate focusing primarily practitioners on the new standards and on Public and Taft prepare them for implementation. He has Hartley Pension Plans. He is a highly regarded assisted a large statewide cost-sharing plan member of the institutional marketing in their early implementation of Statement 67 community, with 36 years of experience in

PLAN. INVEST. PROTECT. 15 SPEAKER BIOGRAPHIES financial services. Jack is an ardent supporter was a senior member of the distressed of Public/Taft Hartley Fund Defined Benefit debt research staffs at both Morgan Stanley plans as a member of numerous national, and Bear Stearns. Throughout his career, state, and local fund organizations, including Mr. Gereghty was actively involved in the serving on the advisory committees of NCTR, restructuring activities of various bankruptcy NCPERS, and NASRA. Over his career, he has workouts including Enron, Adelphia, Delta, worked in business development, client service, Northwest, and Delphi. Mr. Gereghty began his and management roles at Nicholas Applegate, career at Morgan Stanley working on the MBS/ Morgan Grenfell, Deutsche Asset Management, ABS trading desk in 1993. Cigna, Kidder Peabody, and Merrill Lynch. Jack Mr. Gereghty holds a B.A. in Economics holds a B.A. in Economics and Political Science and Political Science from the University from Columbia University. of Connecticut and an M.B.A. with concentrations in Finance, Accounting, and JAMES GEREGHTY is a Managing Director Decision Sciences from the Fuqua School of at Siguler Guff Business at Duke University. He has been a CFA and a co-portfolio charterholder since 2002. manager for the Firm’s Distressed LAURA M. GILSON is General Counsel Opportunities for the Arkansas Funds. In this Teacher Retirement capacity, Mr. System. Before Gereghty is entering into public responsible pension practice, for investment strategy development and Ms. Gilson worked implementation, investment sourcing for the Governor and selection, terms and conditions of Arkansas and negotiations, and portfolio monitoring and the Arkansas risk management. He is a member of the General Assembly, and served as an in-house Investment Committees for the Distressed counsel for private industry. In 1997, she Opportunities Funds and Distressed Real was appointed as Arkansas’s Commissioner Estate Opportunities Funds, represents on the Central Interstate Compact on Low- Siguler Guff on a number of underlying fund Level Radioactive Waste. Ms. Gilson served advisory boards, and is a member of the Board as adjunct professor of Business Law at of Directors of FrontMarine, a Distressed the University of Arkansas at Little Rock, Opportunities Funds portfolio company. Mr. University of Central Arkansas, and Webster Gereghty has over 20 years of capital markets University’s Little Rock Metro campus. She experience, 16 of which he has spent focusing received her law degree from the Bowen School on distressed debt and private equity. of Law, University of Arkansas at Little Rock, Prior to joining Siguler Guff, Mr. Gereghty in 1984. was a founding member of the Distressed Debt Group at Wachovia Capital Markets. Previously, he served as Head of Distressed Analytics at UBS. Prior to working at UBS, Mr. Gereghty

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JODI GOLDEN has served as the Executive PaineWebber for 11 years in a range of both Director of the principal and advisory capacities. Indiana Education In 1994, Mr. Guff was instrumental in Savings Authority the formation of Russia Partners Company, (IESA) since L.P., the first major private equity fund 2007. As Director, to invest in Russia. Before establishing she manages the Russia Partners, he was a Principal within administration PaineWebber’s Merchant Banking Group, and marketing and where he was engaged in structuring and promotion of the managing investments using the firm’s capital. Indiana CollegeChoice Direct 529 Savings Plan, PaineWebber’s Merchant Banking Group CollegeChoice Advisor 529 Savings Plan and owned controlling stakes in businesses across the CollegeChoice CD 529 Savings Plan, all a broad range of manufacturing and service tax-advantaged post-secondary education and industries, including broadcasting, retail, training savings programs. media, industrial services, and consumer During her time with CollegeChoice, the goods. He also served for four years as number of Hoosier accounts actively saving Assistant to the President of PaineWebber. has seen an increase of over 1200%, with assets Mr. Guff sits on the board of directors under management of over $2.8 Billion. of a number of Russia Partners’ portfolio Golden has served as a trustee for the companies, including EPAM Systems, Inc. Indiana Public Retirement System since (NYSE: EPAM). He is a board member of the 2011. She also sits on the Indianapolis U.S.–Russia Business Council and is a member Downtown Inc. Marketing Board, as well as of the Council on Foreign Relations. He is also Co-Chair of the College Savings Plan Network’s a trustee of the Phillips Academy Institute for Communications Committee. the Recruitment of Teachers. Jodi holds a Bachelor of Science in Mr. Guff holds an A.B. in Economics from Speech Communications with an emphasis Harvard College. in Public Relations, and a Master of Public Administration, both from Southern Illinois BRIAN K. GUTHRIE serves as executive University Carbondale. director of the Teacher Retirement DREW J. GUFF is a Managing Director and System of Texas Founding Partner (TRS), the sixth of Siguler Guff. Mr. largest public Guff is responsible pension fund in the for Siguler United States. Guff’s emerging With a staff markets and of approximately direct investment 550 employees, TRS delivers retirement and activities, and sits health benefits as authorized by the Texas on the Investment Legislature and manages an approximately Committees for all of the Firm’s funds. $130 billion trust fund established to finance Prior to founding Siguler Guff, he was with member benefits. More than 1.3 million public

PLAN. INVEST. PROTECT. 17 SPEAKER BIOGRAPHIES education and higher education employees and MICHAEL HAIRSTON is the Director of retirees participate in the system. Bands at Luther Under Brian’s leadership, TRS conducted Jackson Middle a legislatively mandated study of TRS’ active School in Fairfax member and retiree health care programs. The County and study resulted in legislative changes that Board Chair of secured the long-term sustainability of the Educational the pension trust fund and provided many Employees annuitants with their first cost-of-living Retirement System adjustment in over a decade. In addition, of Fairfax County the agency launched the multi-year TRS Public Schools. He received his Bachelor of Enterprise Application Modernization Science Degree from North Carolina A&T State (TEAM) program, which is now under way. University and a Master’s Degree in Music TEAM will replace aging legacy systems and Education from The Ohio State University. improve internal processes to help ensure TRS Prior to his appointment at Luther Jackson continues to provide excellent service to its Middle School, Hairston served as President growing membership. of the Fairfax Education Association, a local Brian has an extensive background in state affiliate of the Virginia Education Association government, legislative relations, budgeting, and the National Education Association. and finance. Before becoming executive He also served on the Virginia Education director, he served for three years as deputy Association Board of Directors, Executive and director of TRS. Prior to that, he worked in the Retirement Committees. In the fall of 2013, Texas Governor’s Office of Budget, Planning the Luther Jackson Wind Ensemble under Mr. and Policy for eight years; served as a budget Hairston’s direction had the distinct honor of advisor to two lieutenant governors; and began performing at the NCTR Annual Conference his career at the Legislative Budget Board. In in Washington DC. His teaching career in addition to his familiarity with state budget Fairfax County Public Schools has spanned policy, Brian has also worked on higher over 20 years. He served as Director of Bands education, criminal justice, public retirement and Music Department Chair at Mark Twain systems, and state health insurance issues. Middle School for more than 17 years. In 1998, Brian has a Master’s degree in public affairs the Mark Twain Concert band premiered its from the LBJ School of Public Affairs, UT– commissioned work, “Freedom’s Promise,” Austin, and Bachelor’s degrees in economics which was a tribute to the Virginia Bill of and history, magna cum laude, from Franklin Rights. While serving as a teacher at Mark and Marshall College, Lancaster, Pennsylvania. Twain, Mr. Hairston was nominated for the Brian recently celebrated his 23rd year as a FCPS Teacher of the Year Award. non-native Texan and lives in Austin with his Mr. Hairston has performed with Clark wife and three children. Terry, Freddie Cole, Mick Fleetwood, The Four Tops, Aretha Franklin, and Stevie Wonder, and was featured as a guest soloist with the North Carolina A&T State University Jazz Ensemble. He can often be heard in the Washington, DC, area performing with his trio and as a freelance musician. Additionally, Mr. Hairston

18 NCTR 92ND ANNUAL CONFERENCE 2014 SPEAKER BIOGRAPHIES is frequently called upon to serve as a clinician University. He has also guest lectured on and guest conductor. investments and public policy at Harvard, Princeton, Yale, and The University of Texas at BRITT HARRIS has more than 30 years Austin. In addition, he is a frequent speaker on of investment various spiritual matters associated with our experience leading world today and serves on a variety of public several of the and private boards. largest, most Mr. Harris has been married for more than successful, and 30 years to his high school sweetheart. He and most innovative his wife Julia have four children and live in investment Austin, Texas. organizations in America. In RICHARD W. INGRAM is the Executive addition, Mr. Harris is currently a member of Director of the the President’s Working Group for Financial Teachers’ Retirement Markets, an advisor to the New York Federal System of the Reserve, and serves at the New York Stock State of Illinois. Exchange on a sub-committee on investing. He Dick has delivered is one of only a few people who have worked more than 30 years extensively in both the public and private of accomplished sectors. executive leadership Mr. Harris is currently the Chief in corporate, Investment Officer for the Teacher Retirement government, and non-profit organizations. He System of Texas (TRS), which is among the 25 assumed his current duties with the Teachers’ largest investment funds in the world. Prior Retirement System of Illinois in January, 2011. to his arrival at TRS in December 2006, he As executive director, he heads a bellwether was the CEO for Bridgewater Associates, a public pension fund, with more than $43 privately owned global investment manager, billion in assets and 400,000 members. and was also the CIO and President for Verizon Prior to joining Illinois TRS, Ingram Investment Management Corp., a $50 billion successfully led several non-profit and public corporate pension system. Previously, Mr. service organizations in New England; most Harris was a managing director for Asea recently the New Hampshire Retirement Brown Boveri in Europe. Mr. Harris got his System. Ingram’s corporate work focused start in his home state of Texas, working primarily in the investment and financial for TXU Energy. He has three times been services sector where he was responsible for named one of America’s leading pension plan delivering administration and marketing investment chiefs. In both 2012 and 2013, Mr. services to a nationwide clientele. His early Harris was named one of the top five asset career was in the Boston office of Arthur investors in the world, and in 2013 he was Andersen & Co., where his clients included honored with a lifetime achievement from investment firms, banks, and financial service Asset International. companies. Mr. Harris also serves as an executive Mr. Ingram has served on numerous professor teaching a course titled, “Titans boards overseeing a variety of organizations of Investing” at his alma mater Texas A&M dedicated to improving the quality of life in the

PLAN. INVEST. PROTECT. 19 SPEAKER BIOGRAPHIES communities where he has lived, and has also the University of Maryland and a Bachelor’s served on several elected and appointed local degree from Arizona State University. government boards in New Hampshire and as an adjunct instructor at the University of ELIZABETH HIXON KERR (BETH) New Hampshire’s Paul College of Business and graduated with Economics. a Bachelor of A native of Pittsburgh, Pennsylvania, Arts degree from Mr. Ingram holds a Bachelor’s degree in Southern Methodist business administration from the University University and of Rhode Island, and a Master’s degree in later earned her business administration from the University of Juris Doctor from Pittsburgh. Oklahoma City University. While R. DEAN KENDERDINE was named attending law school, Ms. Kerr worked as an Executive Director intern in the office of the Honorable Yvonne of the Maryland Kauger, Justice of the Oklahoma Supreme State Retirement Court. and Pension System Upon graduation, Ms. Kerr took the effective January position of an Assistant Municipal Counselor 17, 2007. Mr. for the City of Oklahoma City, practicing in Kenderdine is chief both the civil and prosecution divisions. She executive officer was then appointed as General Counsel of the of a system that Oklahoma City County Health Department, administers retirement, death, and disability a position she held until entering the private benefits on behalf of more than 382,300 active, practice of law. She has also held the position vested, and retired State employees, teachers, of adjunct professor at the Oklahoma City State police, correctional officers, other law University School of Business. enforcement officers, judges, and legislators. Ms. Kerr was appointed as Associate Mr. Kenderdine has dedicated his career Municipal Judge for the City of Edmond from to public service. Prior to this appointment, 2001 through 2008. She is the first woman to Mr. Kenderdine served as Chief of Staff for the serve on the bench for the City of Edmond. Comptroller of Maryland, Assistant Secretary Ms. Kerr is currently the Legal Counsel of Tourism, Film and the Arts for the Maryland for the University of Central Oklahoma. She Department of Business and Economic was appointed by Governor Mary Fallin to Development, District Director and State the Oklahoma Teachers Retirement Board Director for US Senator Barbara A. Mikulski, of Trustees in 2012 and currently serves as and program director for the Maryland secretary for the board. Department of Human Resources. Ms. Kerr has been involved in numerous Mr. Kenderdine has served as a member civic and charitable activities both in of the Board of Directors for a number of Oklahoma City and Edmond, including non-profit organizations, and presently serves Serving on the OU Medical Center Board; the on the Board of Goodwill Industries of the Community Council of OU Medical Center, Chesapeake. Edmond; Leadership Oklahoma; Leadership Mr. Kenderdine holds a Master’s degree from Edmond; Edmond Chamber of Commerce;

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President of the Edmond Historical Museum State Retirement and Pension System. Board; The Oklahoma Academy; Board of Big Mr. Lee serves on the Executive Committee Brothers, Big Sisters; Board of Lyric Theatre; of the National Council on Teacher Retirement Sustaining advisor, Junior League of Oklahoma (NCTR); the Public Employees Board of the City; Edmond Women’s Club, of which she was International Foundation of Employee Benefit president in 1998. Plans (IFEBP); and the Investment Committee Honors: Journal Record’s one of 50 Women of the Institute of Electrical and Electronics of the Year in 2011, 2013, and 2014; Byliner Engineers (IEEE). Award for Law in 2011; Named one of the most Mr. Lee received his Master of Business influential women in the history of Edmond, Administration from George Washington OK, in 2007; Leadership Award from Miss University, his Master’s degree in political Oklahoma USA, in 2004. science from Temple University, and his Ms. Kerr lives in Edmond with her husband, Bachelor’s degree in political science and Steve. They have two boys, James, 25, who lives sociology from Dickinson College. in Los Angeles, and Wilson, 23, who lives in Oklahoma City. They share their home with MARA LIASSON is the national political three chocolate labs, Scout, Belle, and Rumble. correspondent for NPR. Her reports THOMAS K. LEE is chief executive can be heard officer and chief regularly on NPR’s investment officer award-winning of the more than newsmagazines All 430,000 member Things Considered New York State and Morning Teachers’ Retirement Edition. Liasson System (NYSTRS). provides extensive coverage of politics and With assets policy from Washington, DC—focusing on the exceeding $100 White House and Congress—and also reports billion, NYSTRS is one of the largest public on political trends beyond the Beltway. pension funds in the nation. Each election year, Liasson provides key The mission of NYSTRS is to provide coverage of the candidates and issues in both members with a secure pension. NYSTRS presidential and congressional races. During administers the fund from which the state’s her tenure, she has covered six presidential public school teachers and administrators, elections in 1992, 1996, 2000, 2004, 2008, and excluding those in New York City, receive 2012. Prior to her current assignment, Liasson retirement and ancillary benefits under a was NPR’s White House correspondent for all defined benefit plan. NYSTRS serves more eight years of the Clinton administration. She than 800 employers, including public school has won the White House Correspondents districts, charter schools and institutions of Association’s Merriman Smith Award for daily higher education. news coverage in 1994, 1995, and again in Mr. Lee oversees all aspects of the System, 1997. From 1989 to 1992, Liasson was NPR’s including member services and investment congressional correspondent. programs. Prior to joining NYSTRS in 2006, Mr. Mara Liasson joined NPR in 1985 as a Lee served as executive director of the Maryland general assignment reporter and newscaster.

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From September 1988 to June 1989, she took a THOMAS R. LUSSIER is President of leave of absence from NPR to attend Columbia Lussier, Gregor, University in New York as a recipient of a Vienna & Associates, Knight-Bagehot Fellowship in Economics and Inc. (LGV&A), a Business Journalism. governmental affairs Prior to joining NPR, Liasson was a consulting firm freelance radio and television reporter in based in Alexandria, San Francisco. She was also managing editor Virginia. Prior to and anchor of California Edition, a California forming LGV&A, he Public Radio nightly news program, and a served as Executive print journalist for The Vineyard Gazette in Director and CEO of the Massachusetts Martha’s Vineyard, Massachusetts. Teachers’ Retirement System (MTRS). For Mara Liasson is a graduate of Brown nearly 19 years, he was responsible for the University where she earned a Bachelor’s administration of retirement benefits for degree in American history. approximately 110,000 active and retired teachers and school administrators of the RICHARD E. LORANT is Director of Commonwealth of Massachusetts. Marketing and Mr. Lussier has served as President of Client Relations at the National Council on Teacher Retirement Berman DeValerio, (NCTR); Chairman of the Coalition to Preserve where he has spent Retirement Security (CPRS); and President 14 years working of the National Preretirement Education with the firm’s Association (NPEA). He has been an instructor lawyers to develop with the International Foundation of Employee new business Benefit Plans’ Certificate of Achievement in opportunities Public Plan Policy (CAPPP™) in Employee and deliver outstanding client service in the Pensions and is a former member of the area of asset recovery. A former journalist Foundation’s Public Employee Committee. and public relations professional, Mr. Lorant Prior to the MTRS, he served as the First oversees the firm’s award-winning website, Deputy Commissioner of the Massachusetts edits its client newsletter, and acts as a point Division of Public Employee Retirement of contact on non-litigation issues for some Administration and was elected to four terms of its approximately 100 institutional investor in the Massachusetts House of Representatives. clients. Mr. Lorant is a founding member of He has the distinction of being the youngest the International Financial Litigation Network person elected to the Massachusetts House of and represents the firm in organizations Representatives; he was first elected in 1977 devoted to education and advocacy on behalf at the age of nineteen. In 1976, Mr. Lussier of public pension funds. He earned a B.A. was elected to the City Council in Pittsfield, in Communications Studies from Oberlin Massachusetts. College in 1982 and, after that, spent 15 years Mr. Lussier is a former member of the as a reporter and editor, including more than Massachusetts Retirement Law Commission, a decade with The Associated Press in Boston, and a former Trustee of the Methuen San Francisco, and Madrid, Spain. Contributory Retirement System in Methuen, Massachusetts.

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LUKE E. MARTEL is a Senior Policy public retirement systems, state investment Specialist in the boards, and state treasuries. Fiscal Affairs Her unique perspective on issues faced by Program at the large institutional investment organizations National Conference comes from her experience in both the public of State Legislatures and private sectors. Prior to joining Hewitt (NCSL) in Denver, EnnisKnupp, Amy held a senior position with Colorado. He has Russell Investments where she was responsible been with NCSL for oversight and improvement of the firm’s since 2007, and his global product development and management present work focuses on state pensions and process. Before that, she was an executive for retirement system policy. He staffs NCSL’s the Colorado Fire & Police Pension Association. Pension Funding Task Force. At NCSL, he has Amy also served as Managing Director at also worked on several other fiscal issues, Great-West Life & Annuity Insurance Company including state budget policy, state tax policy, where she was responsible for building a new and state economic development initiatives. subsidiary company to provide investment In his work at NCSL, he provides information advisory, education, and management services to legislators, legislative staff, and members to defined contribution retirement plan of the media, and testifies before legislative sponsors and participants. committees. Prior to joining NCSL, Luke Amy’s career began at Mercer Investment served as a legislative aide in the Texas House Consulting where she was a key member of of Representatives. Luke holds a B.A. degree the national Governance and Policy Practice. from Southwestern University in Georgetown, She was responsible for research, analyses, and Texas, and a J.D. degree from Texas Wesleyan policy development for a wide array of clients. University School of Law in Fort Worth, Texas. Amy is a graduate of the University He is licensed to practice law in Colorado. of Wisconsin and holds the Certified Employee Benefit Specialist designation AMY L. McDUFFEE is an Associate from the Wharton School of the University of Partner with the Pennsylvania and the International Foundation Chicago firm of of Employee Benefit Plans. She also earned Hewitt EnnisKnupp a Certificate of Achievement in Public Plan where she is a Policy. Amy is the former President of the lead consultant Colorado Chapter of Certified Employee in the Fiduciary Benefit Specialists. Services practice. She specializes in board governance, policy development, fiduciary education, program assessments, organizational design, benchmarking, strategic planning, fiduciary audits, organizational reviews, and related matters. Throughout her career, she has had experience with over 20 public funds including

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JOSH McGEE is Vice President of Public Menlo Park office in 2006. Kelly is currently Accountability at responsible for many of Adams Street’s General the Laura and John Partners, including Accel, August, Benchmark, Arnold Foundation, Berkshire, and TA Associates. a private Kelly has 29 years of investment/ foundation focused operational experience. Before joining on producing Adams Street Partners in 2005, she was the substantial, Director of Private Equity for the William widespread, and and Flora Hewlett Foundation. She focused lasting reforms on the development and implementation of a that will maximize opportunities and high quality private equity fund investment minimize injustice in our society. McGee program. Prior to that, she worked as a senior also serves as an adjunct faculty member at investment analyst with the Hewlett-Packard Rice University, where he has taught in the Corporation, where she managed a portfolio of Rice Education Entrepreneurship Program venture capital partnership interests and was at the Jones Graduate School of Business. He responsible for the research and investment has produced high-quality, policy-relevant management of public equities in the high research spanning a number of important technology and energy sectors. Additional areas, including public pension structure, investment experience includes working with cost and labor market effects, K–12 education the venture capital group of Morgan Stanley & policy, and economic development. During Company, Inc. his tenure with the Foundation, McGee has Kelly is a member of the CFA Institute worked to address problems with the nation’s and the Security Analysts of San Francisco; retirement systems, build the evidence base and holds a B.S. from Bentley College. She is for social interventions, incorporate evidence a Trustee of the Oregon Shakespeare Festival. into decision-making, and improve the She sits on advisory boards for ten private transparency of the public sector. In addition, equity firms within the Adams Street Partners he and Jay P. Greene produce an annual Global portfolio. Report Card index that compares school district performance in the U.S. with that of GREG MENNIS directs The Pew Charitable our international economic competitors. Trusts’ work on public sector KELLY MELDRUM, CFA, is a Partner and retirement systems, head of Adams which provides Street Partners’ cutting-edge Primary team. She research on pension is focused on the and retiree health Global primary promises, and helps portfolio. She has states and cities been a member undertake evidence-based pension and retiree of the Primary health care reforms. Investment Mennis oversees Pew’s analysis of state Committee since 2008 and opened the and local retirement systems and manages

24 NCTR 92ND ANNUAL CONFERENCE 2014 SPEAKER BIOGRAPHIES technical assistance designed to help city of UBS corporate and investment messaging and state policymakers develop options to to consultants. In addition, she works closely design and adopt retirement systems that with the U.S. business to cover field (client) are fair, affordable, and fiscally sustainable. consultants. Prior to joining Pew, Mennis served as Deirdre is also a member of the firm’s assistant secretary for fiscal policy in the institutional client relationship team. In this Massachusetts Executive Office for Finance role, she helps to strategically develop the firm’s and Administration, where he was responsible business, working closely with public pension for retirement benefits policy, long-term plans and a wide spectrum of institutional fiscal planning, and the state’s Pay for Success investors to create investment offerings financing program. In that role, Mennis led appropriate for their aggregate portfolios. the development of Massachusetts’ successful Deirdre acts as a key advisor to the firm’s pension reform legislation and created the clients, managing and expanding relationships state’s first long-term fiscal policy framework. across all asset classes. Greg has also fifteen years of experience in Previously, Deirdre was a managing corporate finance and strategy, having served director at Rothschild Asset Management with in a variety of corporate finance and strategy responsibility for consultant relations, business roles at Citigroup, JP Morgan, and as the CFO development, and client service. She also had and EVP of Corporate Development for a similar roles at Oppenheimer Capital in New market leading provider of retirement services York, Gartmore Investment Management in technology. London, and at Dreyfus Investment Advisors in Mennis holds the Chartered Financial New York. Deirdre started her career with the Analyst (CFA) designation, a Bachelor’s degree Division of Investment Policy with the Illinois in finance and public communications from State Treasurer’s Office in Chicago. Syracuse University, and a Master’s degree Deirdre holds a B.S. from Florida A&M in public administration from the Kennedy University. School of Government at Harvard University. TIM MOORE is the Director of Alternative DEIRDRE GUICE MINOR, Relationship Investments at Manager and the Colorado Executive Director Public Employees’ at UBS, has 20 Retirement years of investment Association, the industry experience. 21st largest public She is responsible pension plan for managing the in the U.S. with interaction and approximately $45 relationships with billion in assets. He is responsible for the U.S. investment consultants, primarily located allocation to private equity, venture capital, on the east coast, who research local and global and distressed debt. The pension currently capabilities. She is responsible for the ratings has $3.4 billion of assets in the Alternative of UBS capabilities that are researched out of Investments Division diversified across 80 the U.S., as well as ensuring the timely delivery general partners and 180 partnerships. Mr. Moore joined COPERA in 1996

PLAN. INVEST. PROTECT. 25 SPEAKER BIOGRAPHIES and became a member of the Alternative in animal welfare and community service. Investments team in 1999. Prior to joining She has chaired non-profit boards, served on COPERA, he worked at Janus Funds and public commissions and her community’s Kidder, Peabody and Co. Prior to his architectural review commission, and worked experience in the investment world, he played on the first board of her local community’s professional baseball for the Chicago White Sox sustainability and healthy city initiative. Organization. SERS is a statewide public pension fund Mr. Moore received a B.A. in Economics that provides pension, survivor, and disability from Stanford University and an M.B.A. from benefits, and post-retirement access to health the University of Colorado. care benefits to non-teaching public school employees. Assets of the fund as of June 30, LISA J. MORRIS is the Executive Director 2014, were $12.7 billion. for the School Employees IAN MORRISON is an internationally Retirement System known author, of Ohio (SERS). consultant, and Under the direction futurist specializing of the nine- in long-term member Board forecasting and of Trustees, she planning with administers a $31.8 particular emphasis million operating budget; direction of all on health care external, legislative, and public outreach; and and the changing administration of pension benefits and health business environment. He combines research care programs for 70,000 benefit recipients. and consulting skills with an incisive Scottish Additionally, SERS has 121,000 active wit to help public and private organizations contributing members. plan their longer-term future. Ms. Morris joined SERS as Deputy Mr. Morrison has written, lectured, and Executive Director in 2004 and was consulted on a wide variety of forecasting, instrumental in managing a major culture strategy, and health care topics for government, and business process change management industry, and a variety of nonprofit initiative that garnered national recognition for organizations in North America, Europe, and sustained new best practices. Asia. He has spoken to a range of audiences Ms. Morris has more than 25 years in from the boards of Fortune 100 companies public sector management and leadership to the Chinese Academy of Social Sciences following several years in the private practice in Beijing. He has worked with more than of law. She earned her undergraduate degree 100 Fortune 500 companies in health care, from the College of Wooster and her Juris manufacturing, information technology, and Doctor from Case Western Reserve University financial services. Recent client sponsors School of Law. She has had a career as the include Microsoft, Pfizer, and Kaiser chief mining regulator in Ohio for several Permanente. He is a frequent commentator on years, and then the state’s clean water director the future for television, radio, and the print before joining the pension system. Throughout media. most of her career, she also has been active Ian Morrison is the author of Leading

26 NCTR 92ND ANNUAL CONFERENCE 2014 SPEAKER BIOGRAPHIES

Change in Health Care: Building a Viable Hospital Association; a past director of the System for Today and Tomorrow (AHA Press/ Center for Health Design; and a director and Health Forum, 2011), and Healthcare in the chair of the California Health Care Foundation. New Millennium: Vision, Values and Leadership He also serves as a member of the Stakeholders (Jossey-Bass, 2002). His previous book: The Advisory Committee of the Programs for Second Curve—Managing the Velocity of Health Systems Improvement at Harvard Change (Ballantine, 1996) was a New York University. Times Business Bestseller and BusinessWeek Ian Morrison is a proud member of Bestseller. He has co-authored several books GlobalScot, a network of Scottish expatriates and chapters, including Future Tense: The convened by the new Scottish Executive to help Business Realities of the Next Ten Years promote Scotland’s economic development (William Morrow, 1994) and Looking Ahead at interests internationally. True to his Scottish American Health Care (McGraw-Hill, 1988). He roots, he is an avid, though average, golfer. also has co-authored numerous journal articles for publications such as Chief Executive, In January 2011, DIANE OAKLEY was Encyclopedia Britannica, Across the Board, The named executive British Medical Journal, New England Journal of director of the Medicine, and Health Affairs. National Institute Mr. Morrison is a founding partner on Retirement in Strategic Health Perspectives (SHP), (a Security. With the forecasting service for clients in the health care Board of Directors, industry), along with joint venture partners Oakley leads the Harris Interactive and the Harvard School of organization’s Public Health’s Department of Health Policy strategic planning, and Management. He is President Emeritus of research, and education initiatives. Before the Institute for the Future (IFTF). From 1996– joining NIRS, Ms. Oakley served as senior 99, he was retained by Accenture as Chairman policy advisor to Congressman Earl Pomeroy, of the Health Futures Forum, in that capacity who represented the state of North Dakota. he chaired a number of Health Futures Forums Oakley played a key staff role in formulating in Asia, Australasia, and North America. legislative strategy on a range of tax, Before coming to IFTF in 1985, Ian pension, Social Security, financial services, Morrison spent seven years in British and workforce issues. Prior to her service Columbia, Canada, in a variety of research, on Capitol Hill, Ms. Oakley held leadership teaching, and consulting positions. He holds an positions with TIAA-CREF, a leading interdisciplinary Ph.D. in urban studies from financial services provider. She holds a B.S. the University of British Columbia; an M.A. in in Mathematics from Fairfield University, geography from the University of Edinburgh, where she graduated cum laude. She earned an Scotland, and a graduate degree in urban M.B.A. in Finance from Fordham University. planning from the University of Newcastle- upon-Tyne, England. He is a member of the Board of Directors of SFN Group (an NYSE company); a past director of the Health Research and Education Trust (HRET), the research and education arm of the American

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BILL PACULA graduated with a B.A. in Mr. Patterson holds a B.A. and a M.P.A. Philosophy from from Michigan State University. Washington College Mr. Patterson has been active in numerous in 1972 and has 35 organizations, most notably the Government years’ experience Finance Officers Association where he served working with on the Executive Board. Mr. Patterson served pension and other as the Governor’s appointee to the Texas tax-exempt fund Emergency Services Retirement Board for over sponsors in North 8 years. America. He joined Mr. Patterson is a former high school and the Clients Department of Baillie Gifford in college football official. He is very active in the 2001 as Director of Marketing and is part of Episcopal Church, President of the Galleria the firm’s business development team based in Area Rotary Club and volunteers for the New York. Bill became a Partner in 2011. American Red Cross. He is a Life Member of the Reserve Officers Association and a Vietnam MAXIE L. PATTERSON (MAX) is the Veteran. Executive Director of the Texas DAN PEDROTTY is Co-Director of the Association of Center for Workers’ Public Employees Benefits and Retirement Systems Capital Strategies (TEXPERS). at the 1.6 million TEXPERS is member American a statewide Federation of association Teachers (AFT). organized in 1989 to provide educational The AFT program programs for over 80 separate Texas retirement organizes workers’ systems. These systems represent over 400,000 capital (pension funds and savings plans) active and retired members with over $45 into a voice for corporate accountability and billion in assets. retirement security. Dan also represents AFT Prior to this position, he was the Executive with lawmakers and agencies on the issues Director of the Houston Firefighters’ Relief of capital markets and corporate governance. and Retirement Fund. He has also served He graduated from Dickinson College with as a Deputy Director in the Finance & a B.A. in Political Science in 1999 and from Administration Department for the City of Wake Forest University Law School with a J.D. Houston and as the appointed City Treasurer in 2002. and a fiduciary on the City’s three pension funds. Before coming to Houston, he was an Assistant City Manager in Beaumont, Texas. He has also served as the Chief of Police in the Town of Windsor, Connecticut and Albion, Michigan.

28 NCTR 92ND ANNUAL CONFERENCE 2014 SPEAKER BIOGRAPHIES

MANSCO PERRY III, CFA, CAIA, was Mansco was born in Newark, New Jersey. named Executive He is married to Nancy, and is the proud Director and Chief father of his two young daughters, Katherine Investment Officer Mei Xiaobing and Anna Hua. Mansco is an of the Minnesota avid baseball fan and collector of baseball State Board of memorabilia. His other hobbies and interests Investment (MSBI), include golf and numismatics. effective October 21, 2013. The MSBI is BECKY PRINGLE, a science teacher from responsible for the Harrisburg, PA, is management of pension and other state assets, vice president of the totaling $75 billion. National Education Prior to his appointment at the MSBI, Association (NEA). Mansco served as the Chief Investment Officer She has also been of Macalester College, Chief Investment integral to the Officer of the Maryland State Retirement and success of NEA’s Pension System, Assistant Executive Director work to transform and Deputy Chief Investment Officer of the the education Minnesota State Board of Investment. He has professions and to improve student learning. held various financial management positions Pringle led the workgroup that produced at Cargill, Inc., Dayton Hudson Corporation, the Association’s groundbreaking Policy Target Stores, the Federal Reserve Bank of Statement on Teacher Evaluation and Minneapolis and the Minnesota Department Accountability. As the NEA’s first broad of Revenue. endorsement of the need for evaluation and Mansco has a B.A. from Carleton College, accountability reform, the Policy Statement an M.B.A. from the University of Chicago and outlines a system that positions teachers a J.D. from the William Mitchell School of to take the lead in improving professional Law. He was awarded the Chartered Financial practice to meet the diverse needs of all Analyst, the Chartered Alternative Investment students, and offers sweeping changes to Analyst, and the Certificate in Investment elevate the profession of teaching. Performance Measurement designations. A middle school teacher with 31 years Mansco was admitted to practice law in the of classroom experience, Pringle has held State and Federal District courts of Minnesota. Association positions at the national, state, and He serves on the Board of Trustees of William local levels, including serving on the Board of Mitchell College of Law. Previously, he Directors for NEA and the Pennsylvania State served on the Board of Directors Minnesota Education Association (PSEA). She also served Philanthropy Partners and Catholic Charities two terms as a member of NEA’s Executive of St. Paul and Minneapolis. He has also served Committee where she distinguished herself as as a member of the Investment Advisory a thoughtful and passionate advocate for the Council of the New York State Teachers nation’s public school educators and students. Retirement System and on the Investment Pringle’s long history of leadership Committees of the Sisters of Saint Joseph of includes a focus on diversity issues, student the Carondelet and the University of Baltimore achievement, and developing leaders within Foundation. the Association. During her terms on the

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NEA Board and Executive Committee, she of savings to Indiana taxpayers. During his chaired the NEA Reading Task Force and NEA leadership, INPRS has established a risk ESEA Advisory Committee, which helped management culture, including a risk-based prepare the organization for the law’s pending asset allocation. Russo also led a five-year reauthorization. comprehensive system and business process Pringle served as the finance chair of the modernization program, including a new National Board for Professional Teaching financial management system, a new defined Standards, overseeing the organization’s contribution record-keeper, a new employer revenues and expenses, investment portfolio, reporting system, and a new defined benefit and budget; on the Blue Ribbon Panel on administration system. Teacher Preparation for the National Council Prior to public service, Russo held for Accreditation of Teacher Education; and on numerous private sector leadership positions the Institute for Educational Leadership Task during a 19-year tenure at technology Force. company Technicolor (formerly RCA and A Philadelphia native, Pringle received Thomson) in Indiana and Latin America. With her Bachelor of Science degree in elementary responsibility for 2,000+ employees and a education from the University of Pittsburgh half-billion dollar operating budget as general and a Master’s degree in education from manager of manufacturing operations for the Pennsylvania State University. She and her Americas, Russo also led several new product husband, Nathan, have two children—Nathan introduction and global merger/acquisition III manages web production, and Lauren is a projects. Early in his career, Russo also worked producer. for seven years in various engineering and finance positions for the U.S. Department STEVE RUSSO leads Indiana’s largest public of Defense. Russo is a graduate of Purdue pension system University. with combined assets of more than DALLAS SALISBURY, President and CEO $30 billion held in of the Employee trust for more than Benefit Research 450,000 members. Institute (EBRI), Russo was joined EBRI at appointed Executive its founding in Director by the Washington, DC in newly created Indiana Public Retirement 1978. As a member System (INPRS) Board of Trustees in 2010. of a number of Prior to the merging of Indiana’s largest public commissions, retirement funds, Russo had been Executive Mr. Salisbury assists study panels as well as Director of the Indiana Teachers’ Retirement editorial advisory boards. He is a Fellow of the Fund since 2008. National Academy of Human Resources. He Russo successfully led the integration currently serves as an appointee of President of Indiana’s Public Employees’ Retirement Obama on the PBGC Advisory Committee Fund (PERF) and Teachers’ Retirement Fund (having served in the late 80’s as an appointee (TRF) into a consolidated retirement system of President H. W. Bush) an appointee of the that has generated more than $340 million Comptroller General of the United States to his

30 NCTR 92ND ANNUAL CONFERENCE 2014 SPEAKER BIOGRAPHIES

Board of Advisors, a member of the Financial holds a B.A. from the University of Washington Security Commission, and Commissioner of and an M.A. from the Maxwell School of the Bipartisan Policy Center’s Commission on Citizenship and Public Affairs. Personal Savings. He is a past member of the Board of the NAHR, the NAHR Foundation, the JAMES H. SALVIE is the General Counsel of Securities and Exchange Commission Investor the Massachusetts Advisory Committee, the Board of Directors Teachers’ Retirement for FINRA Investor Education Foundation, System. Mr. Salvie on the Secretary of Labor’s ERISA Advisory previously served Council, Board of Directors of the Society for the retirement Human Resources Management, U.S. Advisory system as Associate Panel on Medicare Education, and the Board General Counsel of Directors of the National Academy of Social and Deputy Insurance. General Counsel. Mr. Salisbury has been honored with the Before joining the MTRS in 1997, he was Award for Professional Excellence from the counsel to several municipal and county Society for Human Resource Management, retirement systems in Massachusetts and also the Plan Sponsor Lifetime Achievement Award specialized in civil litigation. He was President and the Keystone Award of WorldatWork, of the National Association of Public Pension and in 2012 the Public Service Award of the Attorneys from 2010–11, and previously International Foundation of Employee Benefit served as Lead Chair of NAPPA’s Tax Section. Plans. Mr. Salisbury was a delegate to the An attorney since 1986, he is a cum laude 1998, 2002, and 2006 National Summit’s on graduate of Cornell University and received his Retirement Savings, and the 2005 White House law degree magna cum laude from The George Conference on Aging. Mr. Salisbury accepted a Washington University. He and his wife, Kathy, 2007 National Emmy Award for SavingsmanTM live in Stow, MA, where he serves as a member and the Choose to Save® public education of the Board of Selectmen. program. Mr. Salisbury has written and lectured JIM SANDO serves on the Executive Board extensively on economic security topics. His of the National most recent books are: Retirement Security Council on Teacher in the United States: Current Sources, Future Retirement, where Prospects, and Likely Outcomes of Current he is President- Trends, The Future of Retirement Income Elect. He also serves in America, The Future of Social Insurance: as Board Vice- Incremental Action or Fundamental Reform?, Chair of both the IRA and 401(k) Investing and Managing Pennsylvania Public Money in Retirement. School Employees Prior to joining EBRI, Mr. Salisbury held Retirement System (PSERS) and the Bucks full-time positions with the Washington State & Montgomery Labor Management Health Legislature, the U.S. Department of Justice, the Care Consortium. In addition, he serves on the Employee Benefits Security Administration of North Wales Borough Council, the Board of the U.S. Department of Labor, and the Pension Directors of the Pennsylvania State Education Benefit Guaranty Corporation (PBGC). He Association, and the Executive Committee of

PLAN. INVEST. PROTECT. 31 SPEAKER BIOGRAPHIES the Trustee Leadership Forum of the Initiative GREGORY W. SMITH is the Executive for Responsible Investment at Harvard. Jim Director of Colorado is also a member of the National Education PERA. Colorado Association’s Trustee Caucus. PERA has over $43 Jim has been a public school teacher for billion in defined 36 years. He worked for Indiana University benefit assets and of Pennsylvania and the Pennsylvania over $3 billion in Department of Education and currently defined contribution works for the Wissahickon School District in assets. Established suburban Philadelphia. He holds a Master’s by the Colorado degree and is enrolled in the Certified General Assembly in 1931, Colorado PERA Public Pension Trustee program through the administers a defined benefit pension plan as Pennsylvania Association of Public Employee well as disability and survivor benefits and Retirement Systems. other voluntary programs including defined Jim has been a frequent guest on the contribution plans, health care, and life University of Pennsylvania’s public radio insurance to more than 500,000 current and program, KidsCorner, as its resident “teacher.” retired Colorado public employees. For 14 years, Jim has participated in a variety Mr. Smith joined Colorado PERA in of NASA education programs. Beginning with February 2002 as General Counsel and in July a stint at the Langley Aerospace Research 2009, was promoted to the additional role Center in the summer of 2000, he and his of Chief Operating Officer. In April 2012, the students have worked with NASA astronauts, PERA Board of Trustees named Mr. Smith scientists, and engineers on several projects, Interim Executive Director, and in November most recently with Dr. Scott Smith, head of the 2012, he became Executive Director. Johnson Space Center’s Biochemical Nutrition Mr. Smith currently serves as chair on Lab. Through his work with KidsCorner the National Institute on Retirement Security and NASA, Jim has interviewed astronauts, (NIRS) Board and he is on the Board of including former Senator John Glenn, Sally Directors for the Council of Institutional Ride, and many others. Investors (CII). Married for 35 years to Neree Aron-Sando, As a recognized leader in the pension Jim has two children, Sarah and Alexander, and arena, Mr. Smith has presented and moderated a two-year-old grandson. on matters related to pension funds for the Fiduciary College at Stanford Law School, National Council on Teacher Retirement, Government Finance Officers Association, and the United States Treasury Department. Prior to joining Colorado PERA, Mr. Smith was a litigation partner at Hamilton & Faatz, P.C. and held first chair responsibilities in many trials in both the state and federal courts. Mr. Smith holds a Bachelor’s degree in Business Administration from the University of Colorado and a Juris Doctorate from the University of Denver.

32 NCTR 92ND ANNUAL CONFERENCE 2014 SPEAKER BIOGRAPHIES

LEIGH SNELL is the Federal Relations DEARLD SNIDER is the Assistant Director for the Executive Director, National Council on Operations, at the Teacher Retirement Public School & (NCTR). NCTR Education Employee represents 68 state, Retirement Systems territorial, and local of Missouri (PSRS/ pension systems PEERS). He has serving more than been with PSRS/ 19 million active PEERS since and retired teachers, non-teaching personnel, January 2006 and served as Director of and other public employees. Member Services prior to being named to While Mr. Snell has represented public his current position. As Assistant Executive and private sector clients before the US Director, Operations, Snider’s primary Congress, as well as the Executive branch and responsibilities include day-to-day system a number of regulatory agencies since 1980, operations and acting in an advisory capacity his focus has been primarily on public pension to the PSRS/PEERS Executive Director and plans and their issues. His areas of expertise Board of Trustees. include retirement policy, taxation, and Snider graduated with a B.A. in Political securities regulation. He is also the co-author Science from the University of Missouri– of Public Pensions & You: Going UP to the Columbia in 1995. He later received his Master Trustee Level, a handbook for public pension of Business Administration from William trustees, administrators, and staff, written Woods University, in 1998. His career began for the National Council on Public Employee with Missouri Consolidated Health Care Retirement Systems (NCPERS). Plan where he served for over three years. In Mr. Snell came to Washington, DC, in 1999, he joined the Missouri State Employees’ 1972. He joined the staff of the Federal Trade Retirement System (MOSERS) and became Commission (FTC) and served as a special an active member in the National Pension assistant to then-Commissioner Elizabeth Education Association (NPEA). Snider served Hanford, who subsequently married former US on the NPEA Board from 2007 to 2013, Senator Robert Dole (R–KS) and was herself a in addition to serving as a trustee for the US Senator from North Carolina from 2003 to Firefighter’s Retirement Board in the City of 2009. In 1975, Mr. Snell left the FTC to become Columbia from 2009 to 2013. a member of the legislative staff of former US Senator Sam Nunn (D–GA), where he served for five years, eventually becoming the Senator’s Legislative Director. A native Floridian, Mr. Snell received a B.A. in history from Duke University and a J.D. from the Georgetown University Law Center.

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J. (JAY) MICHAEL STOFFEL is the deputy JAMES J. WHITE, JR., is responsible for executive director consultant relations for the Minnesota and business Teachers Retirement development FOR Association (TRA). William Blair & The TRA operates Company in the a defined benefit Midwest and pension plan with Southeast regions total assets of of the U.S. He joined $20 billion. In his the firm in 2010 position, Jay works with the eight-member with 24 years of experience in the institutional Board of Trustees on policy development, asset management industry. Prior to joining legislative initiatives, benefit design, and William Blair & Company, Jim was the U.S. organizational goals and objectives. He head of consultant relationship management is also responsible at TRA for strategic at UBS Global Asset Management, where planning, project management, and office he was responsible for servicing consulting administration. He has been in his position organizations concentrating on global asset since January 2014. allocation, global equities, global bonds, Prior to his current position, Jay served alternative assets, and specific asset class for 22 years as executive director of the mandates. He is the head of the Southern Duluth Teachers’ Retirement Fund Association Methodist University Fundraising Campaign (DTRFA). At the DTRFA, he was responsible for the Chicago area, a member of the SMU for all aspects of the defined benefit pension Parent Leadership Committee, a member of plan, with total assets of $250,000,000 and the National Council on Teacher Retirement a tax shelter 403(b) plan with total assets of Corporate Advisory Committee, and was a $40,000,000. board member of the American Youth Soccer Earlier in his career, Jay was Manager of Organization for 15 years. Education: B.F.A., Finance at the Minnesota Public Employees Advertising/Public Relations in Journalism; Retirement Association for four years, and B.A., Political Science, Southern Methodist worked as an auditor for the Minnesota University; M.B.A., Concentration in Finance, Office if the Legislative Auditor for 9 years. Marketing and Organizational Behavior, He has a B.A. degree in accounting from the Northwestern University’s Kellogg Graduate University of St. Thomas in St Paul, Minnesota. School of Management. He is on the Executive Committee of the National Council on Teacher Retirement. He also currently serves on the Special Review Committee of the Government Finance Officers Association, a committee that evaluates annual financial reports of public employee retirement funds throughout the United States. He is also involved in a number of Boards and volunteer activities. In his free time he enjoys golf, biking, scuba diving, skiing, curling, and travel.

34 NCTR 92ND ANNUAL CONFERENCE 2014 SPEAKER BIOGRAPHIES

ASH WILLIAMS, Executive Director and In July 2012, MEREDITH WILLIAMS CIO of the Florida became the State Board of Executive Director Administration of the National (SBA), is responsible Council on Teacher for managing over Retirement $175 billion in (NCTR), where assets including he serves as CEO those of the Florida and administrative Retirement System, head, and reports the fifth largest public pension fund in the to NCTR’s ten-member Executive Committee. United States. Meredith has been active in NCTR for many Prior to joining the SBA, Ash was a years and served as President from 2006 to Managing Director at Fir Tree Partners, 2007. and President and CEO of Schroder Capital Prior to his NCTR appointment, Meredith Management. served 12 years as Executive Director of the He has prior experience with both the SBA Public Employees’ Retirement of Association and Florida government, serving as Executive of Colorado (Colorado PERA), a $39 billion Director of the SBA from 1991 to 1996 and in association that, at the time of his departure, senior management in Florida’s executive and served as the pension fund for 485,000 current legislative branches. and retired Colorado public servants. He is president of the Economic Club of Meredith started his professional career as Florida, serves on the Executive Board of the a junior accountant with the Kansas Legislative Real Estate Center at Florida State University, Division of Post Audit, the audit arm of Kansas the investment committees of the Episcopal government. He served as Kansas’ Legislative Diocese of Florida and the Community Post Auditor from 1983 until his 1991 Foundation of North Florida, and the advisory appointment as Executive Secretary of the boards of the Managed Funds Association, Kansas Public Employees Retirement System. Robert Toigo Foundation, and Alternative Meredith is a graduate of the University Investments Forum. of Kansas with a degree in business Ash received B.S. and M.B.A. degrees from administration and economics. He received his Florida State University (FSU), and completed law degree in 1975 from Washburn University post-graduate programs at University of School of Law, Topeka. Pennsylvania’s Wharton School and Harvard’s Meredith is an active member of several John F. Kennedy School of Government. professional organizations. He has served on the Editorial Board for the Journal of Government Financial Management and as the national president of the Association of Government Accountants. Meredith is the past chair of the Council of Institutional Investors. Meredith has published and lectured widely on the subject of public sector accountability

PLAN. INVEST. PROTECT. 35 SPEAKER BIOGRAPHIES and oversight. He co-authored the John Carole holds a Master’s degree and Wiley & Sons text, Auditing Performance in Bachelor’s degree from Michigan State Government. He has also served as an adjunct University. She has also completed executive professor on the faculty of the University education on health care, investment strategies, of Kansas. Meredith has served on the and portfolio management at the Wharton Governmental Accounting Standards Board’s School of Business and Harvard School of Law. Post Employment Benefits Task Force and the She is a member of the National Council on Public Company Accounting Oversight Board’s Teacher Retirement’s legislative committee and Investor Advisory Group. retirement chair for the Colorado School and Public Employees Retirement Association. CAROLE WRIGHT is the Chair of the Board Carole retired from the Aurora Public of Trustees of the Schools, Colorado, after 37 years of teaching. Public Employees’ She has been adjunct faculty in graduate Retirement programs at Colorado’s Regis University. Association of During Carole’s career, she chaired the Colorado (Colorado accreditation board of the National Council for PERA). In that Accreditation of Teacher Education (NCATE). capacity, she chairs She has served on the Pension Round Table the 16-member for the National Retired Teachers Association. policy board of Carole received the Phi Delta Kappa Leadership the $47 billion Association and the Board’s Award and was named Outstanding Educator Executive Committee. The Association serves for Federal Programs. as the pension fund for 519,000 current and retired Colorado public servants. In addition to the defined benefit pension trusts, the Board is the fiduciary for two health care trusts and three defined contribution trusts. In 2005, Carole was elected to the Board of Trustees by retirees. She previously served as a Trustee elected by active School Division employees from 1993–2000. She has chaired the Legislative, Benefits, and Shareholder Responsibility committees and has served on the Investment and Audit committees of the Board.

36 NCTR 92ND ANNUAL CONFERENCE 2014 Our Gracious Sponsors

92nd Annual Conference October 11–15, 2014 JW Marriott | Indianapolis, Indiana

National Council on Teacher Retirement

Please join us in thanking the following firms for their generous support of the NCTR 92nd Annual Conference. Thank you!

PLAN. INVEST. PROTECT. 37 Plan. Invest. Protect.

Monday Keynote Speaker Sponsored by:

Mara Liasson National Political Correspondent, NPR

William Blair 222 W. Adams Street | Chicago, IL 60606 http://www.williamblair.com/Institutional-Investment-Management.aspx

Kevin Fetzer, CFA, Institutional Investment Management: [email protected]; +1 (312) 364-8863

Jim White, Institutional Investment Management: [email protected]; +1 (312) 364-8896 Plan. Invest. Protect.

Tuesday Keynote Speaker Sponsored by:

Ian Morrison, PhD Author, Consultant, Futurist

Baillie Gifford International LLC 780 Third Avenue, 47th Floor | New York, NY 10017 www.bailliegifford.com

Bill Pacula, Director of Marketing: [email protected]; (212) 319-4637 OUR GRACIOUS SPONSORS

Adams Street Partners, LLC One North Wacker Drive, Suite 2200 | Chicago, IL 60606-2823 www.AdamsStreetPartners.com

Steven Wilde, CFA, Partner: [email protected]; +1 (312) 553-7867

Scott Hazen, CFA, Partner: [email protected]; +1 (312) 553-8493

Bernstein Litowitz Berger & Grossmann LLP 1285 Avenue of the Americas, 38th Floor | New York, NY 10019 www.blbglaw.com

G. Anthony Gelderman, Of Counsel: [email protected]; (504) 899-2339

Amanda Rekemeier, Direct of Client Relations: [email protected]; (212) 554-1451

40 NCTR 92ND ANNUAL CONFERENCE 2014 OUR GRACIOUS SPONSORS

BNY Mellon Investment Management 201 Washington Street, 24th Floor | Boston, MA 02108 www.bnymellonam.com

Nicholas T. Stanojev, Managing Director, Head of Public Funds : [email protected]; (617) 722-7840

Clarissa A. Smith, Vice President: [email protected]; (617) 722-7643

Buck Consultants at Xerox 123 N. Wacker Drive, Suite 1000 | Chicago, IL 60606 http://www.services.xerox.com/hr-consulting/enus.html

David L. Driscoll, FSA, Principal, Consulting Actuary: [email protected]; (617) 275-8028

Larry Langer, FCA, ASA, EA, MAAA, Principal, Consulting Actuary: [email protected]; (312) 846-3669

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R

Cantor Fitzgerald 110 East 59th Street | New York, NY 10022 http://www.cantor.com

Dean Kordalis, Managing Director: [email protected]; (212) 359-8700

Reginald M. Browne, Senior Managing Director: [email protected]; (212) 359-8700

Cavanaugh Macdonald Consulting, LLC 3550 Busbee Pkwy, Suite 250 | Kennesaw, GA 30144 www.CavMacConsulting.com

Todd B. Green ASA, FCA, MAAA, Principal and Consulting Actuary: [email protected]; (678) 388-1705

Edward A. Macdonald ASA, FCA, MAAA, President: [email protected]; (678) 388-1701

42 NCTR 92ND ANNUAL CONFERENCE 2014 OUR GRACIOUS SPONSORS

Fort Washington Investment Advisors, Inc. 303 Broadway, Suite 1200 | Cincinnati, OH 45202 www.FortWashington.com

Margaret Bell, Managing Director, Business Development and Relationship Management: [email protected]; (513) 361-7956

Larry Carone, Vice President, Business Development: [email protected]; (216) 970-0313

Gabriel, Roeder, Smith & Company One Towne Square, Suite 800 | Southfield, Michigan 48076 www.gabrielroeder.com

Mark R. Randall, Executive Vice President: [email protected]; (469) 524-1803

Ryan Falls, Senior Consultant: [email protected]; (469) 524-1802

PLAN. INVEST. PROTECT. 43 OUR GRACIOUS SPONSORS

Ice Miller LLP One American Square, Suite 2900 | Indianapolis, IN 46282-0200 www.icemiller.com

Mary Beth Braitman, Partner: [email protected]; (317) 236-2413

Terry Mumford, Partner: [email protected] (317) 236-2110

J.P. Morgan Asset Management 270 Park Avenue, 6th Floor | New York, NY 10017 www.jpmorgan.com/institutional

Joel Damon, Managing Director, Client Advisor: [email protected]; (415) 315-5246

Jeff Fox, Managing Director, Client Advisor: [email protected]; (561) 615-1153

44 NCTR 92ND ANNUAL CONFERENCE 2014 OUR GRACIOUS SPONSORS

Lazard Asset Management 30 Rockefeller Plaza, 57th Floor | New York, NY 10112 http://www.lazard.com/asset-management

Anthony Dote, Managing Director: [email protected]; (212) 632-6439

Frank Sposato, Director: [email protected]; (212) 632-6887

Prudential Financial, Inc. 751 Broad Street | Newark, NJ 07102 http://www.prudential.com

Kevin Myers, Senior Managing Director, Strategic Solutions Group: [email protected]; (973) 367-5222

Cliff Axelson, Managing Director, Strategic Solutions Group: [email protected]; (973) 367-5326

PLAN. INVEST. PROTECT. 45 OUR GRACIOUS SPONSORS

Pyramis Global Advisors, a Fidelity Investment Company 900 Salem Street | Smithfield, RI 02917 www.pyramis.com

Art Greenwood, SVP, Sales Relationship Manager: [email protected]; 1 (401) 292-4729

Sue Curran, SVP, Relationship Manager: [email protected]; 1 (401) 292-4722

Robbins Geller Rudman & Dowd LLP 655 West Broadway, Suite 1900 | San Diego, CA 92101 www.rgrdlaw.com

Ruby Menon, Attorney: [email protected]; (347) 844-2140

Bruce Gamble, Attorney: [email protected]; (202) 822-6762

46 NCTR 92ND ANNUAL CONFERENCE 2014 OUR GRACIOUS SPONSORS

Segal Group 1920 N Street, NW, Suite 400 | Washington DC 20036 http://www.segalgroup.net

Cathie G. Eitelberg, SVP, National Public Sector Market Director: [email protected]; (202) 833-6437

Kim Nicholl, SVP, Public Sector Retirement Practice Leader: [email protected]; (312) 984-8527

Todd Asset Management LLC 101 South Fifth Street, Suite 3100 | Louisville, KY 40202 www.ToddAsset.com

Eddie Vandiver, Director–Public Pensions Marketing: [email protected]; (601) 594-9295

PLAN. INVEST. PROTECT. 47 OUR GRACIOUS SPONSORS

UBS Global Asset Management One North Wacker Drive | Chicago, IL 60606 www.ubs.com

Kitty Martin, Client Advisor: [email protected]; (312) 525-7157

Deirdre Guice Minor, Relationship Manager: [email protected]; (212) 882-5103

Wellington Management Company, LLP 280 Congress Street | Boston, MA 02210 www.wellington.com

Gregory Williams, Business Development Manager: [email protected]; (312) 845-1400

Alexander Grant, Relationship Manager: [email protected]; (617) 951-5000

48 NCTR 92ND ANNUAL CONFERENCE 2014 NCTR EXECUTIVE COMMITTEE 2013–2014

Officers Tom Lee, President Executive Director/CIO New York State Teachers’ Retirement System Albany, New York Jim Sando, President-Elect Trustee, Pennsylvania Public School Employees’ Retirement System Harrisburg, Pennsylvania Jay Stoffel, Secretary/Treasurer Deputy Executive Director, Minnesota Teachers Retirement Association St. Paul, Minnesota William B. Finelli, Past-President Vice-Chairperson, Board of Trustees Employees’ Retirement System of Rhode Island Providence, Rhode Island

Members Jill Bachus Director, Tennessee Consolidated Retirement System Nashville, Tennessee Susan Brown Trustee, Alabama Retirement Systems Montgomery, Alabama Jack Ehnes Chief Executive Officer, California State Teachers’ Retirement System Sacramento, California Michael Hairston Board Chair, ERFC Fairfax County, Virginia Theresa Lochte Trustee, Maryland State Retirement and Pension System Baltimore, Maryland Roger Rea Vice-President, Board of Trustees, Omaha School Employees’ Retirement System Omaha, Nebraska

PLAN. INVEST. PROTECT. 49 NCTR STAFF

National Council on Teacher Retirement

Executive Office(Denver, Colorado) Meredith Williams, Executive Director [email protected] | Phone: (916) 897-9139

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Headquarters (Elk Grove, California) 9370 Studio Court, Suite 100E, Elk Grove, CA 95758 www.nctr.org | Ph: (916) 897-9139 | Fax: (916) 897-9315

Headquarters Staff Robyn Gonzales, Assistant Executive Director [email protected] Leslie Kranz, Communications Assistant [email protected] Don Miller, Consultant [email protected]

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Federal Governmental Relations (Washington, DC) Leigh Snell, Director of Federal Relations [email protected] | (540) 333-1015

50 NCTR 92ND ANNUAL CONFERENCE 2014 NCTR COMMITTEES 2013–2014

Standing Committees Legislative Committee Dean Kenderdine, Chair; Administrator, Maryland State Retirement and Pension System Brian Guthrie, Administrator, Teacher Retirement System of Texas Robert Lyons, Trustee, Illinois TRS Donna Mueller, Administrator, Iowa PERS William Murray, Trustee, Connecticut TRB Sean Neilon, Administrator, Massachusetts TRB Pat Robertson, Administrator, Mississippi PERS Deborah K. Simonds, Trustee, Georgia TRS Steve Toole, Administrator, North Carolina Teachers’ and State Employees’ Retirement System Carole Wright, Trustee, Colorado PERA Rob Wylie, Administrator, South Dakota Retirement System Melva Vogler, Trustee, Pennsylvania PSERS

NCTR Executive Committee Liaison: Jill Bachus, Administrator, Tennessee Consolidated RS

Resolutions Committee David Keefe, Chair; Trustee, New York State Teachers’ Retirement System Mary Lou Cameron, Trustee, New Mexico ERB Karen Charleston, Trustee, Texas TRS Hazel Coleman, Trustee, Arkansas TRS Richard Liston, Trustee, Massachusetts TRB Charlene McCoy, Trustee, Alabama Retirement Systems Lance Purdy, Trustee, Omaha SERS Curtis Rogers, Trustee, Kansas City PSRS

NCTR Executive Committee Liaison: Roger Rea, Trustee, Omaha SERS

Credentials Committee Feryle Borgeson, Co-Chair; Trustee, St. Paul TRFA Anita Palmer, Co-Chair; Trustee, Texas TRS

PLAN. INVEST. PROTECT. 51 NCTR COMMITTEES 2013–2014

2014 Nominating Committee: Standing Committees, Continued Nominating Committee William Blaise Finelli, Chair; NCTR Past-President; Trustee, Rhode Island ERS Jill Bachus, Administrator, Tennessee Consolidated RS Peggy Boykin, Administrator, South Carolina PEBA Horace Coleman, Trustee, Kansas City, Missouri, PSRS Steve Russo, Administrator, Indiana PRS Jim Sando, Trustee, Pennsylvania PSERS

Tom Lee, NCTR President; Administrator, New York STRS

Special Committees Administrator Education Committee Paul Cleary, Chair; Administrator, Oregon Public Employees Retirement System Don Drum, Administrator, Public Employee Retirement System of Idaho Laurie Hacking, Administrator, Minnesota TRA Dick Ingram, Administrator, Illinois TRS Thomas Mann, Administrator, Kansas City, Missouri, PSRS Greg Smith, Administrator, Colorado PERA Mike Smith, Administrator, Omaha SERS

NCTR Executive Committee Liaison: Jack Ehnes, Administrator, CalSTRS

52 NCTR 92ND ANNUAL CONFERENCE 2014 NCTR COMMITTEES 2013–2014

Special Committees, Continued Trustee Education Committee Horace Coleman, Chair; Trustee, Public School Retirement System of Kansas City, Missouri Clare Barnett, Trustee, State of Connecticut Teachers’ Retirement Board Mary Broderick, Trustee, Minnesota Teachers Retirement Association Scott Dubbs, Trustee, Montana TRS Don Erikson, Trustee, Omaha SERS Paul Farfaglia, Trustee, NYSTRS Amy Grant, Trustee, Colorado PERA Gayle Harbo, Trustee, Alaska Teachers’ Retirement System Nancy Hammerer, Trustee, ERFC, Fairfax, VA Yvonne Heath, Trustee, Public School Retirement System of Missouri Caroline Helmkamp, Trustee, Public School Retirement System of Kansas City, Missouri Robin Nichols, Trustee, Arkansas TRS Nanette Sissney, Trustee, Texas TRS Charles Shelton, Trustee, St. Louis PSRS Mavis Whiteman, Trustee, Duluth Teachers’ Retirement Fund Association Marti Zins, Trustee, Minnesota Teachers Retirement Association

NCTR Executive Committee Liaison: Theresa Lochte, Trustee, Maryland SRPS

Note: Pursuant to the NCTR Constitution, the President and President-Elect shall be ex-officio members of all committees.

PLAN. INVEST. PROTECT. 53 NCTR CORPORATE ADVISORY COMMITTEE

Corporate Advisory Committee The National Council on Teacher Retirement recognizes the extreme importance of its Associate Corporate Members helping to sustain many of its core activities through payment of annual dues and sponsorship of many NCTR events. NCTR further recognizes that there should be a vehicle for Associate Corporate Members to provide advice and counsel to NCTR’s governance process. The Corporate Advisory Committee was established to facilitate attainment of this objective.

Each member is invited to serve a four-year term. Terms are staggered such that some members’ terms expire each year on December 31. No member serves two consecutive terms unless approved by a vote of the Executive Committee.

Serving through 2014 Acadian Asset Management LLC BNY Mellon Investment Management Prudential Financial UBS Global Asset Management

Serving through 2015 Bernstein Litowitz Berger & Grossmann LLP Mesirow Financial The Capital Group Companies

Serving through 2016 Cornerstone Real Estate Advisers Ice Miller LLP Progress Investment Management Company, LLC The Segal Company

Serving through 2017 Adams Street Partners BAML Capital Access Funds Cavanaugh Macdonald LLC William Blair & Company

54 NCTR 92ND ANNUAL CONFERENCE 2014 Looking Ahead

Future NCTR Annual Conferences

— 2015 — Hilton La Jolla Torrey Pines La Jolla, California October 10–14

— 2016 — Omni Providence Hotel Providence, Rhode Island October 8–12

— 2017 — Loews Ventana Canyon Tucson, Arizona October 7–12

PLAN. INVEST. PROTECT. 55 Notes ______

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______Join us next year for our 93rd Annual Conference Hilton La Jolla Torrey Pines | La Jolla, California October 10–14, 2015

9370 Studio Court, Suite 100E | Elk Grove, California 95758 Phone: (916) 897-9139 | Fax: (916) 897-9315 www.nctr.org