Statement from the Public School Employees’ Retirement System (PSERS) Board Chairman Chris Santa Maria on the Retirement of Chief Investment Officer Jim Grossman

Today, November 18, 2021, the PSERS Board accepted the future retirement of its Chief Investment Officer, Jim Grossman.

Jim Grossman has been an integral part of the PSERS Investment Office for more than 24 years, including service as PSERS’ Chief Investment Officer since 2013. During Jim’s tenure as CIO, the Fund’s total net assets have grown from $49 billion to $72 billion. Jim’s guidance and leadership have been important over the last several years as the Fund has continued to recover from the Great Financial Crisis and improve its funding status. He has been responsible for managing and administering the investment program, advising the Board in the development of an asset allocation policy, and leading the investment office. Jim also has overseen PSERS’ external investment advisors, developed key fund performance indicators, and met with outside constituencies on investment matters, including the Pennsylvania General Assembly.

Jim will transition to the position of Senior Advisor effective December 9, 2021, and will assist in the transition to a new Chief Investment Officer until May 1, 2022, when his retirement will be effective.

The PSERS Board would like to thank Jim for his years of service to PSERS’ members and annuitants and wishes him well in his future endeavors.

Verus Advisory, Inc. (“Verus”) will continue to serve the PSERS Board in its investment oversight and supervisory capacity. The Board looks forward to continuing its relationship with Verus and greatly appreciates their service to PSERS’ members and annuitants.

Effective immediately, the PSERS Board will commence a search for the Chief Investment Officer position. Since its founding in 1917, PSERS has been focused on serving the public school employees of the Commonwealth of Pennsylvania. The PSERS Board takes great pride in fulfilling this mission, and we look forward to continuing our service to PSERS’ more than 500,000 members and beneficiaries.

Evelyn Williams

PSERS Director of Communications

717-720-4734 / evwilliams@pa.gov