HARRISBURG -- Gov. Tom Corbett has appointed a new chairman of the $26 billion State Employees’ Retirement System board.
Glenn Becker is currently president of investment firm The Swarthmore Group. He previously was director of Skippack Investment Advisors.
The previous SERS board chairman, Nicholas Maiale, recently stepped down after more than two decades leading the board.
Mr. Becker will have to hit the ground running; the pension board has been under increased scrutiny in light of misconduct allegations by a SERS employee against the agency’s former chief investment officer, who has since retired.
Mr. Becker’s experience also includes Morgan Stanley Investment Management, where he served as managing director and director of client services; Miller, Anderson & Sherrerd, where he was a partner and served as director of client services; and Provident Capital Management, where he was a senior vice president and director of marketing and client relations, according to a statement from the governor’s office.
“Glenn brings a significant record of accomplishment in developing strong fiscal plans,” said a statement from Mr. Corbett. “I am very pleased to have his expertise in leading our State Employees’ Retirement System.”
His appointment was also greeted with praise from SERS board member and state Treasurer Rob McCord, who had called on Mr. Maiale to step down from the board in light of the allegations against the former CIO.
“Treasurer McCord has known Glenn Becker for a number of years. He is looking forward to working with him and he hopes they can usher in a new era of transparency and best practices on the board,” said a statement from Mr. McCord’s office. Mr. McCord is also a Democratic gubernatorial candidate.
The SERS board next meets next Wednesday.
Kate Giammarise: firstname.lastname@example.org or 717-787-4254.