Ohio State Pension Names New CIO

The $91 billion public plan appointed Richard Shafer—OPERS’ interim-CIO since last October—to officially lead the fund.  

Rick ShaferRichard ShaferThe Ohio Public Employees Retirement System (OPERS) has tapped a new investment chief, filling a position left vacant since last October.

Richard Shafer, who has been acting CIO since John Lane left for a similar position at the Ohio State University, was selected after a nationwide search.

As CIO, Shafer will run the $91.2 billion fund, executing its long-term strategy for Ohio’s defined benefit, defined contribution, and health care plans, OPERS said.

“Rick Shafer brings more than 40 years of collective investment experience gained in managing public and private sector pension investment plans,” said Karen Carraher, OPERS executive director.

OPERS’ documents showed it was 83.8% funded and gained 6.7% in 2014, falling short of its 8% expected return benchmark.

“We anticipate positive and negative markets, work to maximize the growth potential in the six good and average years, minimize the negative consequences of the poor years, and identify opportunities in all years,” Shafer wrote in the 2014 annual report. “That’s exactly what we did in 2014—produce solid returns, while anticipating the future.”

Prior to joining OPERS in 2009 as deputy director of investments for external management, Shafer led the New Hampshire Retirement System and was CIO of the Alaska Permanent Fund.

He also has 25 years of experience at insurance companies including the Hartford Financial Services Group, Aetna Life & Casualty, and Lincoln National Corporation. 

Shafer holds a bachelor’s degree from Dartmouth College and a chartered financial analyst designation.

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