INDIANA PUBLIC RETIREMENT SYSTEM
Steve Russo leads Indianas largest public pension systems with combined assets of more than $27 billion and membership of more than 447,000. In May, 2010 Russo was named Executive Director of both the Indiana Public Employees Retirement Fund (PERF) and the Indiana State Teachers Retirement Fund (TRF). He had been Executive Director of TRF since February, 2008. Beginning in 2011, he lead the legislatively-approved merger of TRF and PERF into the Indiana Public Retirement System (INPRS).
In his tenure at INPRS, Russo led the adoption of a risk management culture, including an asset allocation based on risk as opposed to dollars. In addition, he worked closely with INPRS Board of Trustees in adopting an investment return assumption of 6.75%; among the most conservative for public pension funds in the nation.
Russo also drove a four-year comprehensive systems modernization program for INPRS, including financial systems, a new defined contribution member recordkeeper, an employer reporting system and a new defined benefit administration system.
A graduate of Purdue University, Russo held numerous leadership positions during a 19-year tenure at technology company Thomson in Indiana and Latin America. Prior to joining TRF, Russo was Thomson 's general manager of operations for Americas, having responsibility for 2,000 employees and a halfbillion dollar operating budget.
Russo also worked for seven years in various engineering and finance positions for the U.S. Department of Defense at the Naval Avionics Center in Indianapolis.
About the funds
The Indiana Public Retirement System (INPRS) is among the largest 100 pension systems in the United States. The system serves the needs of approximately 447,000 members and retirees representing more than 1,400 employers including public universities, school corporations, municipalities and state agencies.