The CIO of the Illinois State Universities Retirement System, Doug Wesley, will retire from his role after seven years at the helm and 30 years with the organization. He will stay in his current position until retiring on March 1, 2024.
“I strongly believe that SURS makes a difference in people’s lives and I’m thankful for the opportunity to contribute towards that mission,” said Wesley in a press release. “I am grateful to the executive team and staff for making this a great organization. Last, but certainly not least, I want to thank the investment team for their support and dedication.”
The organization’s longtime deputy CIO, Wesley was appointed interim CIO in August 2016, following the retirement of Dan Allen, and appointed to the long-term job in March 2017 by the fund’s board of trustees.
“The SURS Board of Trustees wholeheartedly thanks Doug for his years of service,” said SURS Investment Committee Chair Scott Hendrie. “His knowledge, leadership, hard work, and wise advice are pillars to the success of this fund. We wish him the best in retirement.”
The State Universities Retirement System of Illinois serves nearly 250,000 current and former faculty and staff of state universities. As of June 30, SURS managed $23.2 billion in assets, but the system has a history of chronic underfunding, including a 45.2% funded ratio through fiscal 2022.
“The majority of the annual state contribution to SURS goes to pay down the costs of decades of underfunding by the state,” the SURS website states. “For example, in [fiscal] 2023, approximately 24.1% of the total contribution will go toward the normal cost and 75.9% will be used to reduce the unfunded liability. If the state adheres to the current 90% funding formula outlined in Illinois law, and all assumptions are met, most of the unfunded liability will be paid down over the next 24 years.”
SURS has hired search firm Korn Ferry to find a replacement for Wesley, and a replacement is planned to be announced in November.
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Tags: Chief Invesment Officer, CIO, Doug Wesley, Illinois, Scott Hendrie, State University Retirement System of Illinois, SURS