Governor Kim Reynolds has appointed the former head of the Maryland’s state retirement system to oversee Iowa’s retirement system for public employees.
In April, the top two executives of the Iowa Public Employees Retirement System (IPERS) were accused of misconduct and placed on admministrative leave. CEO Greg Samorajski resigned May 1. The system’s chief benefits officer was fired a week later. The governor has said those exits were due to personnel issues and had nothing to do with the system’s finances.
Reynolds has chosen Martin Noven to be IPERS next CEO, starting later this month. He led the retirement system for state universities in Illinois before overseeing the Maryland State Retirement and Pension System for public workers. He will now oversee the IPERS Trust Fund which serves 424,000 current and former public employees in this state.
There is about $45 billion in the IPERS Trust Fund. It will pay out well $2.7 billion in pension benefits this year.
