National Association of State Retirement Administrators

Position Information

Chief Financial Officer
The CFO reports to the Executive Director and is the central point of responsibility and accountability for the Office of Financial Management (OFM). The CFO’s primary responsibility is to manage the System’s financial operations, which includes the pension, two postemployment healthcare plans, and the defined contribution plan.

The CFO leads a team of ~45 with five direct reports: Directors of Employer Accounting, General & Public Market Accounting, Investment Accounting & Budget, Pension Actuarial Services, and Annuitant Accounting.

As the senior financial officer, the CFO must be committed to developing, maintaining, and continuously testing a system of internal controls that meet SOC 1, Type 2 audit compliance and testing and verifying data to ensure financial reporting integrity. Some of the CFO’s current general responsibilities and duties include:
  • Ensure that PSERS’ financial operations comply with Board policy, state and federal law, and applicable policies and procedures.
  • Keep informed of and interpret laws, policies and regulations affecting PSERS.
  • Regularly report to the Board and liaise with the PSERS’ Finance and Actuarial Committee.
  • As directed by the Executive Director, serve as the external spokesperson on financial matters to member and employer groups, testifying before legislative committees, and as required, interacting with the media.
  • Provide preliminary cost analyses of proposed legislation to estimate the future effect on the actuarial liability, the employer contribution rate, and overall financial health of the Fund.
  • Maintain relationships with Commonwealth stakeholders including the Appropriation Committees of the Legislative caucuses, State Treasurer’s Office, State Comptroller Office, Governor’s Budget Office, the Department of Education, and the Independent Fiscal Office.
  • Oversee investment accounting, the recording and reconciliation of investment account records in relationship to custodians and with investment managers.
  • Provide accurate cash forecasts, both long-term and short-term, for operational and investment cash flow requirements.
  • Coordinate various U.S. and international tax matters, tax compliance filings, and is the liaison with the IRS.
  • Oversee the collection of over $6 billion of employer contributions including the collection of delinquent employer and member contributions through coordination with the Department of Education.
  • Oversee the $7 billion annuitant payroll function and the preparation of over 250,000 1099s.
  • Oversee the compilation and preparation of the administrative budget and provide support and oversight of the Healthcare administrative budget, Defined Contribution administrative budget, and Investment Related Expenses budget.
  • Oversee the $3 billion Commonwealth share of Contribution Budget and coordinate with the Governor’s Budget Office, the Department of Education, and the House and Senate Appropriation’s staff.
  • Oversee production of internal management reports and GAAP external consolidated financial reports; analyze and report results to the Executive Director and Board.
  • Oversee production of the Annual Comprehensive Financial Report and submittal to the GFOA Excellence in Financial Reporting program.
  • Oversee and manage the relationship with the external actuary, a Board level consultant, including the actuarial valuation and calculation of the employer contribution rate approved by the Board annually.
  • Oversee the actuarial experience study and guide the Board, along with the Executive Director and Chief Investment Officer, through the setting of actuarial assumptions used to calculate PSERS actuarial liability and set employer contributions.
  • Assess and identify potential financial and operational risk in coordination with PSERS enterprise risk management program.
  • Coordinate with the custodian banks to ensure timely and accurate valuation and records of assets and transactions.
Position: Chief Financial Officer
Organization: Public School Employees' Retirement System
Location: Harrisburg,  PA 
United States
Posting Start Date: 8/31/2023
Date Posted: 8/31/2023
Requirements PSERS is searching for an experienced and strategic financial leader with a strong understanding of public sector finance (e.g., GASB, financial reporting, investment accounting, actuarial funding concepts).

A minimum of ten years of relevant accounting/finance experience, preferably in a public pension fund or public sector, and at least seven years in a senior management position are required. Other minimum requirements and preferences include:

  • Bachelor’s degree in accounting, finance, or business or other relevant discipline. ? Experience with GAAP rules and standards for financial reporting, and knowledge of GASB. Strong leadership and organizational skills.
  • Excellent communication and people skills.
  • Experience hiring, coaching, mentoring, and retaining staff
  • Master’s degree in accounting, finance, or business.
  • CPA or CMA.
  • Public accounting experience.
  • Experience overseeing investment accounting or a strong knowledge of investment accounting.
  • Experience leading enterprise budget development and reporting.
  • Knowledge of regulatory standards and compliance requirements in public pension plans. Knowledge of actuarial science and principles related to pension plans.
  • Knowledge and/or experience with SOC 1, Type 2 audit compliant systems of internal controls.
  • Experience reporting to boards and being the external spokesperson on financial matters.

Leadership Competencies and Characteristics
The CFO, PSERS’ top financial executive, must have impeccable integrity and be a strategic and forward-thinking finance executive. The ideal candidate is a leader with a passion for public service and who will become a trusted advisor and thought leader to the Executive Director.

As a member of the senior leadership team, the CFO must work horizontally across the organization and collaboratively with other executives to advance the System’s mission, always with a holistic
focus on doing what is best for the organization.

The CFO must be a team player who communicates in an open, honest, and ethical, transparent, and forthright manner. A leader who:
  • Is comfortable raising issues, sharing their opinions, and having courageous conversations.
  • Has the ability to be nimble, adapt, and agile in a changing environment.
  • Has the emotional intelligence to effectively lead change.
  • Is humble and respectful and leads with a participative and collaborative style.
  • Fosters a high performance and customer service driven culture.
  • Is optimistic, inspirational, and motivational.
In addition to being approachable and a good listener, other important skills and attributes include:
  • Calm under pressure, able to diffuse difficult situations.
  • Intellectually curious and a critical thinker.
  • Ability to strategize, problem solve, and present creative, practical solutions.
  • Confidence to put forward and defend ideas while being open to adjusting them based on input from others.
  • Being willing to accept constructive criticism and feedback.
  • Social and interpersonal skills to engage and build positive relationships with the Board, other State agencies representatives, stakeholders, senior leadership team, external providers, and others.
  • Interpersonal and diplomatic skills to build consensus and effectively negotiate compromise.
  • Supportive of best practices and brings innovative ideas to advance efficiency and performance.
  • Ability to articulate complex financial information in a clear and simple manner.
  • Poise and presence to professionally and positively represent PSERS.

The compensation package is designed to attract the best-qualified finance executive and includes an attractive benefits package. For additional information about the position or to apply, please contact Hudepohl & Associates at or (614) 854-7300.
Status: This listing expires on: 10/30/2023
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Organization Information
Public School Employees' Retirement System
5 North 5th Street

Harrisburg,  PA 17101
United States
Gary Hudepohl