(October 15, 2013) – The Oklahoma Teachers Retirement System’s (OTRS) board has fired its Executive Director James Wilbanks.
The board of trustees claimed Wilbanks did not secure required approval for severance packages from the state Office of Management Enterprise Services.
The 13 members voted unanimously at a special closed-door session earlier this month to dismiss the executive director.
“The board’s decision to terminate Dr. Wilbanks was based on initial information that caused concerns about the day-to-day decisions of the director, which were significant enough to warrant the board’s vote to terminate,” a statement from the board said.
Wilbanks, reached by phone at his home by aiCIO, said he was informed of the firing immediately following the meeting.
“During my time at the Oklahoma Teachers Retirement System, the board decided that it was no longer their will for me to be the executive director, and I accept that decision,” he said.
He had been with the system for just over four-and-a-half years.
Public records of the board discussing Wilbanks’ termination go back to a July 24 meeting agenda: “Item 13 - Executive session regarding personnel matters relating to the position of executive director of the OTRS.”
“The severance packages went to people serving in an administrative function,” the former pension head said. “They were let go as a result of us finding efficiencies and saving money. The board was certainly aware that were working on a program of being more efficient and saving money.”
However, Wilbanks said, the trustees were not necessarily aware of every lay-off, but rather of the overall program.
Indeed, both he and the board noted the fund’s improved financial position under Wilbanks’ leadership.
During his time as director, Wilbanks streamlined agency operations and saved the agency millions of dollars, the board’s statement said. “But complying with state statute is not optional.”
Several of the trustees declined to answer any questions regarding the circumstances surrounding the dismissal, or did not return requests for comment.
The fund spokesperson would only say it was a “personal issue,” and that an independent audit was underway.
Both Wilbanks and a spokesperson confirmed his removal to aiCIO, although he is still listed as executive director on fund’s website.