Search firm hired to seek new pension system executive director

CHAMPAIGN - A search firm has been hired by the State Universities Retirement System to help in its search for a new director.

Earlier this month, the executive committee of the State University Retirement System's board of trustees hired The Hollins Group of Chicago.

Both parties will be searching for SURS Executive Director William Mabe.  Mabe plans to retire in March.

SURS currently has approximately 227,000 members and assets in its defined-benefit plan of more than $17 billion.  However, it's also one of five state pension systems that are underfunded due to alleged neglect by governors and lawmakers.  Officials say SURS' portion of underfunding is about $20 billion, out of a total $100 billion spread across all five state pension systems.
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