By David G. Barry
Elizabeth B.A. Miller is
retiring as chief investment officer of the Kansas Public Employees
Retirement System (KPERS).
Miller, who will leave her post on July 8, joined KPERS in March 2011 as
CIO. Bruce Fink, KPERS’ deputy CIO for public markets, has been named
interim CIO by KPERS Executive Director Alan D. Conroy. Fink has served
in his current role since 2013. The system has tapped EFL Associates to conduct
a national search for Miller’s replacement.
Miller, who has 37 years of investment management and public service
experience, previously served as director of investments, Pooled Money
Investment Board, State of Kansas. During her time with KPERS, its assets under
management doubled from $13.3 billion in 2011 to $26.5 billion as of December
31, 2021.
This was actually Miller’s second stint as CIO of KPERS. She was the system’s
first CIO in 1991, serving through 1996. Miller also served on the KPERS’ board
from 2000 through April 2005.
During her tenure, the system’s funded ratio increased from 59% in 2011 to
72.5% in 2020. Also noteworthy, in fiscal year 2021, investments produced a
26.3% return, the third-highest one-year return in the system’s history. KPERS’
average annualized return during the past 11 years was 8.72%, exceeding the policy
index benchmark by 0.45% and also exceeding KPERS’ 7.75% investment return
target.
KPERS is one of seven state pension funds
looking for a CIO. The others are the Employees’ Retirement System of Rhode
Island, the Idaho Public
Employee Retirement System, the Minnesota State Board of Investment, the New
Hampshire Retirement System, the Public Employees’ Retirement System of New
Mexico and Hawaii Employees’ Retirement System.