Jeffrey Clay, the executive director of the Pennsylvania Public School Employees’ Retirement System (PSERS) yesterday announced his plans to retire. PSERS is the state’s largest public pension fund.
He’ll officially leave his position in March.
More from the Associated Press:
The Pennsylvania Public School Employees’ Retirement System announced Tuesday that Jeffrey Clay, its executive director for the past 11 years, plans to retire in March.
The PSERS board says it will launch a national search for Clay’s replacement.
The Mechanicsburg resident is a lawyer who previously held other positions in the teacher pension fund.
He’s also worked at the State Employees’ Retirement System and the Pennsylvania Municipal Retirement System.
PSERS is the nation’s 19th largest state-sponsored, defined-benefit public pension fund, with more than $53 billion in net assets.
More from a PSERS press release:
“I thank all of the Board Members that I have served with over the years for their support,” said Clay. “When I look back at the decision I made in 1990 to leave private practice and come to work at the three Retirement Systems, it was clearly one of the best decisions I ever made. In addition to leading to a challenging and very rewarding career, it also allowed me the opportunity to work with, serve and learn from a large number of very talented individuals across a very broad knowledge spectrum.”
As for his retirement plans, Mr. Clay plans to spend more time with family and pursue his lifelong interests in history and applied systematic theology.
Before becoming the fund’s Executive Director, Clay was the Deputy Executive Director of PSERS and the Chief Legal Counsel at numerous Pennsylvania pension funds, including PSERS, SERS and PMRS.