Since 1917, Teachers’ Retirement System of the City of New York (TRS) has been building better tomorrows for the educators of New York City. TRS serves over 215,000 members with a mission to provide them retirement, disability, and death benefit services.
TRS offers members a Tax-Deferred Annuity (TDA) Program to supplement their benefits under the Qualified Pension Plan (Defined Benefit). This Program is an optional defined contribution investment plan open to all TRS members. Established in 1970, the TDA Program is a Section 403(b) plan under the Internal Revenue Code (IRC). TRS offers multiple investment options to plan participants. The TDA Program is overseen by a Board of Trustees, comprised of TRS member and City representatives.
JOB DESCRIPTION
The Director of Investment Administration will oversee all investments for the $16 billion variable annuity program, which is externally managed. They will lead the investment strategy. They will liaison for the agency with key constituencies, including the Trustees, Consultants, the Comptrollers’ office, external money managers, all outside service providers and internal TRS staff to maximize the risk adjusted returns of the Variable Programs. They will develop and maintain ‘best in class’ policies and procedures around all aspects of running a defined contribution plan. Reporting to the Deputy Executive Director, the duties and responsibilities include, but are not limited to, the following:
• Working with independent investment consultant, present investment strategy recommendations to the Board of Trustees, and prepare agendas and materials for monthly investment meetings;
• Implement Board resolutions with respect to $16 Billion Variable annuity programs;
• Oversee external investment managers, financial consultants and custodial banks for the Variable Annuity and TDA programs;
• Participate in investor meetings with independent investment consultant (currently Rocaton Investment Advisors);
• Monitor financial models and all TRS investment programs for compliance with appropriate investment guidelines;
• Recommend, develop and implement investment policy, long term asset allocation strategy and portfolio review for all TRS investment programs;
• Authorize and direct managers for the effective and efficient transfer of assets for the hiring and firing of investment managers;
• Interview new investment manager prospects, sometimes in conjunction with the System’s financial consultant and or the Comptrollers’ office;
• Negotiate fee agreements, in conjunction with independent investment consultant;
• Approve monthly re-balancing model asset transfers, authorizing model ‘override modifications’ for the investment programs when necessary;
• Ensure cash flow needs are met on a monthly basis;
• Coordinate with TRS Accounting Group to ensure that all custodial/accounting related issues are resolved effectively and efficiently;
• Identify and assess various types of risks such as market risks, credit risk, liquidity risk and operational risk;
• Along with Legal Department, assist in providing information to the NYC Law Department to support securities litigation, and with the Comptroller’s Office on proxy voting and corporate governance initiative.
• Maintain dialogue with external managers to keep up with trends across the industry;
• Create and maintain investment functional strategic plan; and performing other related duties and functions may be required.
Minimum Qual Requirements
1. A baccalaureate degree from an accredited college and at least five (5) years of progressively responsible experience in the administration of an employees’ retirement system or related area, at least 18 months of which must have been in a responsible managerial or executive capacity; or
2. Education and/or experience equivalent to “1” above. However, all candidates must possess at least 18 months of experience in a responsible managerial or executive capacity as described above.
Preferred Skills
• Clearly demonstrated substantial progressive experience in the review, analysis administration and oversight of institutional investment programs at a public or private plan sponsor;
• Understanding of the fiduciary duties required as well as compliance needs and the environment in which public pension funds operate;
• MBA, graduate degree in Finance or Chartered Financial Analyst Certification
• Knowledge of financial markets and financial reporting
• Familiarity with NYC Government
• Supervisory experience managing investments and investment managers
• Excellent interpersonal, communication, report writing and organizational skills (includes Microsoft Office Suite proficiency).
Additional Information
TRS offers a comprehensive benefits package:
• Flexible work hours, work/life balance
• Paid holidays, sick and annual leave
• Health benefits, dental and vision coverage, prescription drug plans, and Flexible Spending Programs (FSA), commuter benefits plan
• Retirement savings plan (The New York Employees’ Retirement System)
• U.S. Savings Bonds
• Employee Assistance Programs (EAP)
• Training and professional development
• Opportunity for scholarships; college savings program
• Public Service Loan Forgiveness (PSLF)
To Apply
Apply via ESS (Employee Self Service) if you have worked for the City of New York and have an Employee ID number
Apply on NYC Careers if you never worked for the City of New York
Public Svc Loan Forgiveness
As a prospective employee of the City of New York, you may be eligible for federal loan forgiveness programs and state repayment assistance programs. For more information, please visit the U.S. Department of Education’s website at StudentAid.gov/PSLF .
Residency Requirement
New York City residency is generally required within 90 days of appointment. However, City Employees in certain titles who have worked for the City for 2 continuous years may also be eligible to reside in Nassau, Suffolk, Putnam, Westchester, Rockland, or Orange County. To determine if the residency requirement applies to you, please discuss with the agency representative at the time of interview.
POSTING DATE
07/26/2023
POST UNTIL
08/25/2023
The City of New York is an inclusive equal opportunity employer committed to recruiting and retaining a diverse workforce and providing a work environment that is free from discrimination and harassment based upon any legally protected status or protected characteristic, including but not limited to an individual’s sex, race, color, ethnicity, national origin, age, religion, disability, sexual orientation, veteran status, gender identity, or pregnancy.