Q&A with PERA’s New Executive Director
Earlier this year, PERA’s Board of Trustees named Andrew Roth as Chief Executive Officer/Executive Director, effective May 13, 2024. Roth, formerly the Deputy Director for the Teacher Retirement System of Texas (the sixth largest public pension system in the United States with assets under management of more than $185 billion) is PERA’s eighth executive director. His hiring came after an extensive eight-month nationwide search, with more than 250 applicants, conducted by the Board in cooperation with a national executive recruiting firm.
At the Virtual Town Hall for retirees on June 26, Mr. Roth answered questions about his background, the Annual Increase (AI), whether PERA is on track to full funding, and more. Here are some highlights from the Town Hall (a recording is available at copera.org/townhall).
Q: Can you tell us about your background?
A: I’m a graduate of the University of Washington with an undergraduate degree in history and a master’s in public administration. I enjoyed living in Seattle and going to school there, although after a while the nonstop rain got to me. My first professional job was with the Office of the California State Auditor, which was a great opportunity to learn about a public sector agency. I was fortunate enough to then move over to the California Department of Social Services, where I worked in communications for several years. My next job was with the California Department of Financial Protection and Innovation, where I became the Director of Education and Outreach. From there, I moved on to the California State Teacher Retirement System (CalSTRS) and eventually became its Chief Benefit Officer. On a personal note, my husband is a former AP English teacher and a member of CalSTRS, so pension work has always been personal to me. Finally, my most recent position before coming to PERA was as the Deputy Director of the Teacher Retirement System of Texas.
Q: Do you envision making any major changes at PERA such as implementing a larger AI for retirees?
A: The AI is set in statute; I do not have the authority to make changes to it. However, as we’re all aware, inflation has been significant and steep for the last few years, and annual increases in the low single digits have not kept pace. I understand the difficulty that puts on retirees. I will be working with the PERA Board, lawmakers, stakeholders, and members to clearly articulate how the AI works, how it’s related to the auto adjustment provision (AAP), and what opportunities may be possible moving forward. Rest assured we understand the seriousness of retirees’ standard of living and are doing all that we can to address financial security for our members. It’s central to our mission.
Q: Is PERA on track to full funding?
A: The short answer is yes. We’re on year six of a 30-year journey toward full funding. No AAP was triggered this year and we’re able to pay the 1.0% AI, but we understand that amount isn’t keeping up with inflation. I will work with stakeholders to see what alternatives and opportunities there are so that future retirees may enjoy the same retirement security that our members have had for almost 100 years. We’re in the “forever” business and there are peaks and valleys along the way, but we’re working hard to continue our excellent progress toward full funding.
Q: How will you engage members and stakeholders going forward?
A: One of the most important parts of my job is external to the agency–interfacing with members, member associations, legislators, and stakeholders. It’s important to establish strong working relationships because, as we move forward, many important issues and topics need to be addressed. We have a pension fund that’s working toward full funding with opportunities to adjust along the way. It’s my job to make sure that communication is clear and that we’re aligned on what’s best for the pension fund and for our members.