The chief executive officer of the Halifax Regional Municipality Pension Plan is retiring, effective October 2017.
Terri Troy has led the plan since 2006, and through her tenure, she doubled the plan’s assets from $921 million to $1.8 billion today. She has also saved the plan $28 million in operating expenses during her 11 years on the job, and obtained partial and then permanent relief from funding solvency deficits.
Read: Terri Troy makes members a priority
In an attempt to improve communications with plan members, Troy oversaw the plan’s first annual report, member website and satisfaction surveys.
The plan’s pension committee will undertake a national executive search to fill the role.
The HRM Pension Plan formed in 1998 after the merger of four smaller plans. It currently represents around 10,500 active and retired members and has 13 participating employers, including the Halifax Regional Municipality, the Halifax Regional School Board, the Ocean View Continuing Care Centre and the Halifax Water Commission, as well as five unions.
In 2016, the plan earned a 5.1 per cent return, net of all expenses. In the satisfaction survey, members rated the plan 4.3/5. According to minutes from the pension committee on March 23, the plan is earning 2.5 per cent returns in 2017 so far.
Read: Smaller pension plans starting to invest like big ones