Investment Board

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The Iowa Legislature created the IPERS' Investment Board to establish policies and hire professional service contractors for IPERS’ investment and actuarial programs. The Board holds quarterly public meetings to review actuarial findings and investment performance, and to adopt actuarial assumptions and investment policies.

 

Investment Board Organization

Seven voting members and four nonvoting members make up the Investment Board.

The voting members are:

  • Three public members, appointed by the Governor, who are not members of IPERS and who each have substantial institutional investment experience or substantial institutional financial experience.
  • Three members, appointed by the Governor, who are members of IPERS: an active member who is an employee of a school district, area education agency, or merged area; an active member who is not an employee of a school district, area education agency, or merged area; and a retired member of IPERS.
  • The State Treasurer.

The nonvoting members are:

  • Two state representatives.
  • Two state senators.

The senators and representatives are appointed by legislative leadership of the majority and minority parties in the Iowa House of Representatives and the Iowa Senate. The term for an Investment Board member appointed by the Governor is six years. Gubernatorial appointees are subject to confirmation by the Iowa Senate.

Meet the Members

The Iowans who serve on the IPERS Investment Board represent diverse disciplines such as legislative leadership, public education, accounting, business and government finance. Board members bring wisdom and insight from many years of business experience and public service to the Board.

universal profile
Lisa Stange photo
Chair, Voting Member
Term Expires 2023
Michael Fitzgerald
State Treasurer
Voting Member
Mike Duncan photo
Voting Member
Term Expires 2023
Justin Kirchhoff photo
Voting Member
Term Expires 2025
Kris Rowley photo
Voting Member
Term Expires 2025
Phyllis Peterson photo
Voting Member
Term Expires 2022
Tim Goodwin photo
State Senator
Nonvoting Member
Pam Jochum photo
State Senator
Nonvoting Member
Brian Lohse photo
State Representative
Nonvoting Member
Mary Mascher photo
State Representative
Nonvoting Member

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News Releases

Consumer Protection Resources

June 17, 2021 (Des Moines, IA) – Today the Investment Board of the Iowa Public Employees’ Retirement System (IPERS) approved hiring two new private credit managers. The hirings are in response to the Board’s decision in late 2020 to increase IPERS’ private credit target allocation from 3% to 8%.


IPERS’s current private credit portfolio is largely composed of direct lending strategies. In October 2020 IPERS issued an RFP for managers with expertise in opportunistic credit strategies. Proposals from the 80 respondents that met minimum requirements were broken up into specific areas: multi-strategy, mezzanine, specialty finance, real assets, special situations and other. (Multi-strategy and mezzanine managers were approved at the Board’s meeting in March 2021.)

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March 29, 2021 (Des Moines, IA) – The market value of the Iowa Public Employees’ Retirement System (IPERS) Trust Fund rose to $39.01 billion at the end of December 2020 – up from $34 billion on June 30, 2020 – according to information reported at the March 26, 2021, quarterly meeting of the IPERS Investment Board.

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June 30, 2021 (Des Moines, IA) – The Government Finance Officers Association has recognized the Iowa Public Employees’ Retirement System’s (IPERS) FY2020 annual financial report with the Certificate of Achievement for Excellence in Financial Reporting. The award is the highest form of recognition in the area of governmental accounting and reporting. This is the 28th consecutive year IPERS has received the honor.

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September 17, 2020 (Des Moines, IA) - At its quarterly meeting today, the Iowa Public Employees’ Retirement System’s (IPERS) Investment Board approved a plan to strategically invest assets of the pension plan’s $35 billion trust fund. The changes were part of the board’s annual asset allocation review. The new plan has expected returns of approximately 7.0% over 30 years which is consistent with IPERS’ liability discount rate assumption of 7.0%.

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October 7, 2020 (Des Moines, Iowa) - Today the Iowa Public Employees’ Retirement System (IPERS) issued an RFP to evaluate and select up to $850 million in opportunistic private credit products. These products are defined as opportunistic private credit strategies that are actively managed in a separately managed account and/or fund structure that makes investments in any of the following private credit categories: mezzanine lending, special situations, specialty finance, real assets credit and multi-strategy.

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December 4, 2020 (Des Moines, IA) – At its quarterly meeting yesterday, the Iowa Public Employees’ Retirement System (IPERS) Investment Board approved the system’s first internally managed investment program intended to systematically invest in Alternative Risk Premia (ARP). ARP refers to potential rewards from harvesting factor returns, such as valuation, momentum, carry and many others, from multiple global asset classes. IPERS’ goal is to create a diversified return stream from the ARP portfolio that would help achieve the system’s return objectives within its risk budget. The program will start with a relatively modest amount of exposure ($300 million) but could be expanded in the future as the program proves itself.

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April 20, 2021 (Des Moines, IA) – In accordance with Iowa Code Chapter 118, the Iowa Public Employees’ Retirement System (IPERS) has issued a request for proposals (RFP) from qualified investment firms to provide investment consulting services for all asset classes.


An evaluation committee consisting of IPERS Investment Board members and staff will evaluate proposals and make a formal recommendation to the 11-member Board. The Board will determine which firm, if any, is successful.

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