HARRISBURG – Last evening, the Board of Trustees of the Pennsylvania Public School Employees' Retirement System (PSERS) voted unanimously to name Terrill (Terri) Sanchez as Interim Executive Director.
The Board selected Ms. Sanchez to temporarily lead the agency while the Board conducts a nationwide search to find a permanent Executive Director. As Interim Executive Director, Ms. Sanchez will report directly to the Board, and she will oversee a staff of over 365 employees. As per the Board resolution, Ms. Sanchez will serve in this role as a 95-day emergency return to service annuitant.
"I look forward to returning to PSERS as Interim Executive Director and taking over the reins while the Board searches for a permanent Executive Director," Ms. Sanchez said. "Transition can be difficult, but I have no doubt whatsoever that the Board and staff are up to the task. It is my honor and privilege to do my part to ensure the organization is primed to make meaningful progress on what promises to be a path to a very bright future."
Ms. Sanchez most recently served as the Executive Director of the Commonwealth of Pennsylvania, State Employees' Retirement System (SERS). At SERS Ms. Sanchez was actively involved in implementing sweeping pension legislation as well as shepherding board governance, independent legal counsel, and investment-related initiatives, including work related to the Public Pension Management and Asset Investment Review Commission. Ms. Sanchez also spearheaded SERS development of a 3-year Strategic Business Plan, developed collaboratively with the Board and staff, and implemented regular progress reporting. Additionally, Ms. Sanchez successfully led SERS through its response to the COVID-19 pandemic and the myriad of challenges related to it, as well as the development of an on-going telework program for staff.
Prior to joining SERS, Ms. Sanchez served as the Deputy Executive Director of the Commonwealth's Public School Employees' Retirement System (PSERS). During Ms. Sanchez's 26-year tenure at PSERS, she championed several significant strategic initiatives resulting in more efficient and effective administration and operation of the system, and enhanced services for its members.
During her time at PSERS, she also managed the agency's facilities, human resources, procurement, policy and procedures, data and records management and technology activities to support, secure and optimize agency operations. She also held the position of PSERS' Chief Technology Officer and was the Project Manager for one of PSERS most significant agency initiatives, which was to replace its benefit-related computer systems and update the related business processes.
Ms. Sanchez succeeds former Executive Director Glen Grell who transitioned to a Senior Advisor position on January 1, 2022 and will retire on February 28, 2022.
About the Pennsylvania Public School Employees' Retirement System
PSERS, founded in 1917, began operations in 1919 to oversee a statewide defined benefit pension plan for public school employees. PSERS' role expanded upon the passage of Act 5 of 2017 to include oversight of two new benefit options consisting of defined benefit and defined contribution (DC) components and a stand-alone DC plan. As of June 30, 2021, PSERS had total net assets of $72.5 billion and a membership of about 256,000 active, 240,000 retired school employees and 26,000 vested inactive members.
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