The Police and Fire Pension Fund has its next executive director.
Timothy Johnson, who leads the Allegheny County Employees’ Retirement System, was unanimously selected by the fund board of trustees Tuesday afternoon. The decision came after a morning of interviews with Johnson and Corrine Koch, administrator for the International Painters and Allied Trades Industry Pension Fund.
When the board began the afternoon discussion, members didn’t immediately pitch either candidate. That was because both candidates were good choices, said Larry Schmitt, fund board chair and Jacksonville Sheriff’s Office chief.
However, what set apart Johnson slightly was the belief he could rebuild trust and communication with those outside the fund, such as the mayor, City Council and fund members.
“That will be very important for us going forward,” said Schmitt.
Critics have lambasted the board at various times in the past few years. Topics have ranged from the board creating an illegal pension plan for some employees to, most recently, Mayor Lenny Curry being highly critical of the board seeking an opinion from Attorney General Pam Bondi over legal representation.
Through it all, assets of the plan contribute to the $2.8 billion in unfunded liability that’s been taking up city resources annually.
The Jacksonville system will be different for Johnson and could mean a slight learning curve.
In terms of size, the Allegeny County system has close to 12,000 members — almost double Jacksonville’s size — but also half the assets. The system has about $800 million compared to the $1.6 billion for Jacksonville.
The board’s decision means interim fund Executive Director Beth McCague and staff can begin contract negotiations with Johnson. McCague has been in place since longtime fund administrator John Keane retired.
The permanent position will pay $175,000-$200,000 annually.
Schmitt said a best-case scenario would have Johnson in place by mid-July.
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