At its October 7 meeting, the Police and Fire Retirement System (PFRS) Board of Trustees appointed Gregory Petzold as the new Executive Director at an annual salary of $225,000. Petzold is currently the Deputy Chief of Staff of Intergovernmental Affairs in the Murphy Administration. We are concerned with the process to hire the Executive Director as the Personnel Committee conducted a round of interviews and put forth one recommendation but did not afford the Board with the opportunity to interview the top candidates.
In contrast to the process to hire the Executive Director, the Board has unanimously agreed to retain Michael Kennedy of Korn Ferry to conduct a national search for the Chief Investment Officer (CIO) for a fee not to exceed $120,000. Korn Ferry will advertise and recruit possible candidates. Kennedy, along with the Investment Committee, will interview five to eight candidates in the first round. Then the top two or three candidates will move to the second round, in which they will have a “homework” assignment and will be required to give a presentation to the committee.
The Board also appointed former Deputy Attorney General Nels Lauritzen as a Senior Attorney/Attorney 2 at an annual salary of $150,000; heard an update on the transition along with presentation on two investments provided by the Division of Investments; and approved an agreement to transfer a “fair and manageable” caseload of pension cases from the Attorney General’s office to the PFRS General Counsel.
The next meeting of the PFRS Board of Trustees is November 4.
Contact: Lori Buckelew, Senior Legislative Analyst, email@example.com, 609-695-3481, ext. 112.