Meeting of the Board of Regents | May 2007

THE STATE EDUCATION DEPARTMENT / THE UNIVERSITY OF THE STATE OF NEW YORK / ALBANY, NY 12234

 

TO:	Higher Education and Professional Practice Committee
FROM:	Johanna Duncan-Poitier
SUBJECT:	Reappointments to the State Teachers’ Retirement System Board
DATE:	May 1, 2007
STRATEGIC GOAL:	Goal 3
AUTHORIZATION(S):

 

 

SUMMARY

 

Issue for Decision (Consent Agenda)

 

 Should the Regents approve the proposed reappointments of members to the New York State Teachers’ Retirement System Board?

 

Reason(s) for Consideration

 

Required by State statute.

             

Proposed Handling

 

The question will come before the Higher Education and Professional Practice Committee at its May 2007 meeting where it will be voted on and action taken. It will then come before the full Board at its May 2007 meeting for final action.

 

Procedural History

 

In accordance with Education Law, the New York State School Boards Association forwarded the names of five individuals for consideration for appointment. From among these candidates, Ms. Iris Wolfson and Mr. R. Michael Kraus, whose terms expire on June 30, 2007, were recommended for the two board positions. Appointment to these positions on the Retirement System Board requires approval by the Board of Regents.  

 

Education Law, section 504(2)(b), provides that:

 

              “Two members who are not employees of the state, each of whom shall be or shall have been a trustee or member of the board of education of a school district in this state, and at least one of whom shall be or shall have been an executive officer of an insurance company, elected by the Board of Regents of The University of the State of New York to serve for a term of three years, from a list of five or more persons having broad experience and ability in the fields of finance and investment to be presented to the Regents by the board of directors of the New York State School Boards Association, Inc.”

 

Background Information

 

Iris Wolfson is a retired accountant with more than 40 years of experience in the field, including auditing, investment planning, estate planning, and business planning. She is a member of the Nassau County BOCES Board of Education and is a past member of the Hicksville Board of Education.  Ms. Wolfson has served five consecutive terms on the Teachers’ Retirement System Board since her first appointment in 1992.  She currently serves as vice president of the Board, chairs the Audit and Accounting Committee and serves on the Finance, Retired Members, Proxy, and Board Governance Committees.  Her résumé is attached.

 

R. Michael Kraus is president of R.M. Kraus & Associates, a company specializing in insurance, investments, and employee benefit consulting services, and has 37 years of experience in the field.  He has served sixteen terms as president of the Erie 2-Chautauqua-Cattaraugus BOCES Board of Education and is a past member of the East Aurora Board of Education.  Mr. Kraus has served five consecutive terms on the Teachers’ Retirement System Board since his first appointment in 1992.  He chairs the Personnel and Planning Committee and serves on the Finance and Disability Review Committees.  His résumé is attached.

 

Recommendation

 

That the Regents take the following action:

 

VOTED, that Iris Wolfson and R. Michael Kraus be reappointed to the New York State Teachers’ Retirement System Board, each for an additional three-year term commencing June 30, 2007 and expiring June 30, 2010.

 

Timetable for Implementation

 

If approved, Ms. Wolfson’s and Mr. Kraus’s terms will begin June 30, 2007.

 

 

Attachments