EL PASO, Texas, July 24, 2015 -- The El Paso Firemen and Policemen’s Pension Fund has initiated a national search for a new executive director, the Fund’s board of trustees announced today.
Denver, Co.-based EFL Associates was retained to manage the search to replace Robert J. Stanton, who has served as executive director of the billion-dollar Fund since 2001. Vice President Daniel J. Cummings and Research Associate Christine Stearns of EFL Associates are consulting on the search, the Fund said.
Fund board member Jerry J. Villanueva, who chairs the search committee, said, “The Fund and the firefighters and police officers we serve are grateful for Bob Stanton’s service. We seek candidates who can help build on the Fund’s recent momentum and help ensure the long-term financial security of El Paso public safety personnel.”
The Fund seeks executive director candidates with graduate-level degrees from accredited four-year colleges or universities, with preferred emphasis in finance, business, economics, public administration or similar fields. Candidates also should have strong organizational skills and management experience, ability to work with boards and elected officials, and knowledge of pension fund laws and administrative practices, information technology, accounting, institutional investment and actuarial concepts and principles.
The Fund will provide a competitive base salary dependent on the experience and qualifications of the successful candidate. A comprehensive benefits package includes health, dental, life and short and long-term disability insurance coverage, a paid-time-off and holiday schedule, and participation in a defined benefit plan specifically for Fund employees.
In April 2014, the Fund reported that Stanton would leave when his contract expires in October 2015. When he joined the fund in 2001, assets totalled about $350 million and they now stand at more than $1.3 billion. In recent years, the fund negotiated new contracts for custodial and benefit payments, saving millions in fees; developed its first plan document and pension administration system; initiated and renegotiated a security lending program to increase portfolio returns or offset portfolio expenses with a manageable level of risk; established bylaws, communications, indemnification, and disclosure policies; established a principles of fiduciary conduct and governance policy; and acquired an office building which will save the costs of escalating office lease expenses in El Paso.
In 2014, the Texas Association of Public Employee Retirement Systems (TEXPERS) ranked the Fund among Texas’ top-three pensions plans in a closely watched measure of average yearly returns over long-term investing horizons. The Texas Pension Review Board also recognized the Fund’s extremely low administration costs and its good standing in all aspects of pension-governing state statute 6243b.
About the El Paso Firemen & Policemen’s Pension Fund
Created in 1920, the El Paso Firemen & Policemen’s Pension Fund provides retirement, survivor, and disability benefits to the uniformed public safety employees of the City of El Paso. The Fund has two divisions, a Policemen’s Fund and a Firemen’s Fund. An 11-member Board of Trustees and administrative staff manage both divisions. The board includes three elected firefighter trustees, three elected police trustees, three mayor-appointed trustees, and two city manager-appointed trustees. Trustees volunteer and are not compensated for their time in service to the Fund.