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Illinois Teachers’ Retirement System’s (TRS) long-serving director Richard Ingram has resigned his post after being placed on administrative leave.
Ingram's leave was related, according to a statement from the Board of Trustees, “to performance issues covered by his employment contract.”
Ingram was replaced on an interim basis by Stan Rupnik, the chief investment officer at TRS, according to The Southern Illinoisan. The board stated it would conduct a national search for Ingram’s permanent replacement.
Ingram, who was receiving an annual salary of $283,250, had been with TRS since 2011, previously serving as the executive director at the New Hampshire Retirement System.
Ranked as the 37th-largest pension system in the U.S., TRS has $51.2 billion in assets that it is responsible for managing. However, even before the COVID-19 crisis, TRS reported in December that it was 40% funded and carried an “unfunded actuarial liability” of approximately $78 billion.
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