Iowa Pension Chief Executive Resigns Following Misconduct Probes
IPERS CEO Greg Samorajski resigned amidst a misconduct investigation, while Chief Benefits Officer Steven Herbert was fired after a separate misconduct investigation.
Greg Samorajksi, CEO of the Iowa Public Employees’ Retirement System, resigned from his position about one month after being placed on leave while being investigated for allegations of misconduct. Samorajski notified Governor Kim Reynolds’ office of his resignation on May 1, a spokesperson for IPERS said.
Additionally, Steven Herbert, who was chief benefits officer for IPERS and who had also been placed on leave following a separate misconduct investigation, was terminated from his position on May 7, the spokesperson said.
“The Department of Administrative Services is now conducting a nationwide search to appoint a new CEO,” the spokesperson said. “IPERS’ Investment Board will be involved with the hiring process, and IPERS’ general counsel, Elizabeth Hennessey, will continue to serve as interim CEO until a new CEO is appointed.”
IPERS managed $49.385 billion in assets as of December 31, 2025. The fund’s CIO is Sriram Lakshminarayanan, who was promoted into that role in January 2022.
“IPERS will conduct a nationwide search to hire a new chief benefits officer, with the involvement of IPERS’ Benefits Advisory Committee,” the spokesperson said. “Until a new chief benefits officer is hired, IPERS staff will continue to oversee the duties of that role.”
The specific misconduct allegations against Samorajski and Herbert were not disclosed.