Pennsylvania State Employees’ Retirement System Thursday reported its investments ending Sept. 30, 2014, SERS’ net-of-fee returns for the 1, 3, 5 and 10-years were 10.7 percent, 10.8 percent, 10.1 percent, and 7.4 percent, respectively. SERS earned a net-of-fees return of 6 percent for the first nine months of the year.
The Board also announced, following a national search, the selection of Thomas F. Brier as the Chief Investment Officer.
Mr. Brier has served in a variety of senior investment positions at SERS – most recently as Acting Chief Investment Officer over the last year and Deputy Chief Investment Officer since 2010.
SERS hired Korn Ferry International in July 2014 to conduct a national executive search to fill the position.
“The selection process was thorough and intense. Korn Ferry did a very good job identifying several well-qualified candidates,” explained Chairman Becker. “During the interview process, Tom provided the board with a clear vision and strategic plan that we all embraced. He brings a wealth of experience and stability to the management team.”
“I want to thank the board members for their continued support and trust in me,” Briar said. “I am honored to serve as Chief Investment Officer for SERS and look forward to working with the Board in a collaborative partnership to prudently manage the retirement assets for the hundreds of thousands of members who rely on those assets for a secure retirement.”More information on investment performance is available on the PSERS website.