HI HB806

Authorizes the board of trustees of the Employees' Retirement System to appoint investment officers to expand the current investment staff.

Changes the title of the "administrator" of the Employees' Retirement System to "executive director" for consistency with other administrative agencies and public pension funds.

Current investment staff of one chief investment officer and one investment specialist is insufficient for managing a system corpus exceeding $12 billion given market complexity and best practices of similarly-sized public pension funds.

Expansion of investment staff is projected to save up to $1,000,000 per year in consultant fees by increasing in-house knowledge and capabilities.