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Indiana pension fund officer takes N.C. post

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The chief investment officer for Indiana's public employee pension fund is taking a similar job in North Carolina.

North Carolina state Treasurer Janet Cowell announced Monday that Shawn Wischmeier has been hired as chief investment officer of North Carolina's retirement systems. He succeeds Patricia Gerrick, who was fired in August after five years on the job.

Wischmeier will make a base salary of $320,000. The post is one of the highest paid in state government. He previously worked for Eli Lilly and Co. before going to work on Indiana's state pension fund.

North Carolina's $68 billion retirement plan covers more than 820,000 people.

Cowell wouldn't disclose why she fired Gerrick, who used to work at Indiana's pension fund, too.

With $14.2 billion in assets as of Nov. 30, the Indiana Public Employees Retirement Fund is Indiana’s biggest pension fund, responsible for paying benefits to 220,000 police, firefighters and government employees.

State lawmakers voted this year to require the boards of PERF and the Indiana State Teachers Retirement Fund to appoint a single director for both funds. TRF, with $8.1 billion in assets, handles benefits for 160,000 Hoosier educators.

The recession’s initial economic downturn hit both Hoosier pensions hard, but in the last year, they’ve each enjoyed strong recoveries. At their October 2007 peaks, PERF held $16.7 billion in assets, while TRF held $9.4 billion. Through January 2009, they suffered combined losses of $8 billion before rallying along with markets last year.
 

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  1. The east side does have potential...and I have always thought Washington Scare should become an outlet mall. Anyone remember how popular Eastgate was? Well, Indy has no outlet malls, we have to go to Edinburgh for the deep discounts and I don't understand why. Jim is right. We need a few good eastsiders interested in actually making some noise and trying to change the commerce, culture and stereotypes of the East side. Irvington is very progressive and making great strides, why can't the far east side ride on their coat tails to make some changes?

  2. Boston.com has an article from 2010 where they talk about how Interactions moved to Massachusetts in the year prior. http://www.boston.com/business/technology/innoeco/2010/07/interactions_banks_63_million.html The article includes a link back to that Inside Indiana Business press release I linked to earlier, snarkily noting, "Guess this 2006 plan to create 200-plus new jobs in Indiana didn't exactly work out."

  3. I live on the east side and I have read all your comments. a local paper just did an article on Washington square mall with just as many comments and concerns. I am not sure if they are still around, but there was an east side coalition with good intentions to do good things on the east side. And there is a facebook post that called my eastside indy with many old members of the eastside who voice concerns about the east side of the city. We need to come together and not just complain and moan, but come up with actual concrete solutions, because what Dal said is very very true- the eastside could be a goldmine in the right hands. But if anyone is going damn, and change things, it is us eastside residents

  4. Please go back re-read your economics text book and the fine print on the February 2014 CBO report. A minimum wage increase has never resulted in a net job loss...

  5. The GOP at the Statehouse is more interested in PR to keep their majority, than using it to get anything good actually done. The State continues its downward spiral.

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