Home > News > Corporate Moves > CEO of Dutch Pension Firm PGGM Resigns
Corporate Moves

CEO of Dutch Pension Firm PGGM Resigns

Else Bos will leave the company after more than four years at the helm.

By Michael Katz

Else Bos, CEO of Dutch pension PGGM, has announced that she will resign from the company effective November 1. She has accepted a position at an as-yet disclosed company. The Supervisory Board of PGGM said it will begin a search for a successor in the coming months.

“I have very much enjoyed working at PGGM over the past 15 years,” Bos said in a statement. “[It is] an organization of committed professionals with a green heart who are devoted to creating a valuable future for participants and members.”

Bos has served as CEO since March 2013, when she succeeded Martin van Rijn, who became state secretary in the Netherlands’ Ministry of Health, Welfare & Sport in November 2012. She joined PGGM in 2002 as chief operating officer of investments, and in 2004 was named to the company’s executive board as CEO of investments. In 2010, Bos was named deputy CEO.

Prior to PGGM, Bos was COO and CFO at NIB Capital Asset Management. And before NIB, she had worked at ABN AMRO Bank for 10 years, and is a graduate of Erasmus University Rotterdam. Bos is also on the board of directors of the Dutch National Opera & Ballet.

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PGGM manages pension assets worth €205 billion ($230.1 billion), as of December 31, 2016, for different pension funds that serve the more than 700,000 members.

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Home > News > Newsmakers > Pennsylvania Pension Reform Bill Becomes Law
Newsmakers

Pennsylvania Pension Reform Bill Becomes Law

The hybrid pension plan known as Senate Bill 1 was made official, but what does it mean for new and current workers?

By Chris Butera

Pennsylvania’s Senate Bill 1, which moves employees with non-high-risk jobs into hybrid retirement plans, has graduated to a law.

Gov. Tom Wolf gave the state pension reform bill the green light Monday. It was passed by the Senate on June 5 and the House of Representatives on June 8.

“Today is yet another demonstration that by working across party lines and branches of government, we can address important issues,” Wolf said in a press release. “The common thread that runs through all of these successes is not just the policy changes that result from this hard work, but also that we are solving the problems that the citizens of Pennsylvania face every day. And now, we can add one more success to that list—pension reform.”

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Projected to save more than $5 billion and shield taxpayers from $20 billion or more in additional liabilities (should state investments fail to meet projections), Senate Bill 1 is a hybrid pension that moves employees in non-high-risk jobs into a hybrid retirement system where they will receive half of their benefits from the current taxpayer-funded plan and half from a 401(a) defined contribution plan. While new employees hired after Jan. 1, 2019, can choose to solely participate in the DC plan, current employees will be given 90 days to decide whether or not they’d like to opt-in.

“Senate Bill 1 represents the needed long-term reform and stability our school districts have been calling for and need,” said John M. Callahan, assistant executive director, Pennsylvania School Boards Associations. “The intent of Senate Bill 1 is to place our future employees’ retirement system on a viable path that will reduce investment risk by 53% or $15.5 billion over time. This plan protects taxpayers from jarring tax increases and/or draconian program cuts. Senate Bill 1 ensures that our schools will have a retirement plan that is both competitive and sustainable.”

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