Cultural Institutions Retirement System

The Cultural Institutions Retirement System (“CIRS”) is seeking a dynamic, experienced, and entrepreneurial leader with a commitment to providing outstanding service to become its next Executive Director.

Background:
CIRS was established in 1962 through a unique partnership between the City of New York, Unions and five Cultural Institutions to provide common pension and group life insurance benefits for eligible employees. Benefits are presently provided through three multiemployer Taft-Hartley plans: The Cultural Institutions Pension Plan, The Cultural Institutions Savings Plan and The Cultural Institutions Group Life Plan (the “Plans”). The Plans are governed by a joint Board of Trustees (the “Board”) and the Executive Director reports to the Board.

CIRS administers the Plans, which have an aggregate market value of net assets of $2B. The Plans provide benefits for approximately 200 daycare centers and 50 cultural institutions (the largest being the American Museum of Natural History and the Wildlife Conservation Society) in the New York City area. With an annual budget of $10 million and staff of 20 employees, CIRS provides benefits to 24,000 members including more than 8,000 active childcare and cultural institution workers, ensuring the financial future and wellbeing of its plan members. The Plans have a large number of non-union employees and New York City is the largest contributor but the Plans are not public plans. The Pension Plan is a final average pay formula and it also requires employee contributions. The CBA is renegotiated every 5 years.

Position:
In partnership with the Board of Trustees, the Executive Director has overall responsibility for the effective and efficient management of the Plans. They ensure that the retirement and 401(k) benefits meet the needs of the participants at the most efficient and cost-effective level. The Executive Director also provides guidance in the best practices of communicating eligibility requirements, coverage options, and plan updates to participants.

The Executive Director will provide strategic direction, oversight, and guidance for all aspects of CIRS’ work. They must be comfortable and tactful in communicating with the individuals who benefit from the Funds as well as with Trustees, Fund Professionals, and benefit partners. They must be able to work closely with the Board and office staff in a transparent, honest fashion and promote inclusiveness, cooperation, and teamwork. In addition, they will be bright, diplomatic, analytical, creative, of the highest integrity, and possess sound judgment as well as a sense of humor, humility, and compassion.

Major Duties and Responsibilities:
Management of Office and Staff

• Serve as the chief executive and provide strategic leadership in all areas of responsibility, and implement the long-term and strategic objectives of the Board of Trustees.
• Develop overall management system for the CIRS organization.
• Establish conditions of employment and manage the staff including overseeing all personnel matters, hiring, retention, and dismissal of personnel, evaluate annual performance.
• Maintain personnel records and manage benefits for staff.
• Ensure compliance with CIRS Handbook and Policies.
• Handle employee inquiries as needed with respect to payroll and/or benefits.
• Periodically benchmark compensation and pay equity for staff.
• Oversee compliance with IRS, DOL and PBGC requirements.
• Oversee the technological and physical facilities, including management of the lease, operation of office space, including services performed by brokers, architects, engineers, building contractors, etc.
• Serve as primary liaison with the Union, Employers, Day Care Council, and New York City.
• Manage the relationships and activities of outside service providers, including investment consultants and managers, actuaries, counsel, and certified public accountant.
• With the assistance of legal counsel, maintain compliance with the Internal Revenue Code, ERISA, and all other governing legislation.

Board of Trustees/Governance

• Regular reporting to the Board Chair(s) as to substantial developments.
• Cultivating relationships with the Cultural Institutions, Union, Day Care Council, and New York City Administration. This includes communicating, educating, and informing all parties given the changes in the mayor’s office.
• Prepare reports for the Board and Committee Meetings and Employer Annual Meeting.
• For Board meetings: prepare agenda, reports on expense versus budget performance, and presents other reports on operations and activities as appropriate.
• Monitor, provide information and data updates, and oversee the Plan recordkeeper, Plan Administrator and Custodian.
• Send notification of annual, quarterly, and special meetings to all members of the Board of Trustees, to member institutions, and all other qualified individuals.
• Notify members of all committees of the Board of all scheduled meetings and distribute appropriate reports to members periodically.
• Perform such duties as the Board may assign.

Finances

• Oversee financial affairs and accounting for CIRS and the Plans.
• Supervise the Controller in the preparation of preliminary and final budgets and reports for Board approval.
• Oversee the operation of CIRS and the Plans in accordance with the approved budget, monitoring income, expenditures, collections, and cash flow; maintaining appropriate financial records.
• Develop and present to the Board for approval the annual financial statements of the organization.
• Manage billing process, invoicing employers, collection of employer and employee contributions, employer delinquencies, and withdrawal liability.
• Oversees cashflow reports, disbursements, internal transfers among CIRS accounts, and wire transfers.
• Sign disbursement checks for all payments made by CIRS to assure that such payments are appropriate and made in a timely manner.
• Oversee payroll administration, internal transfers among CIRS accounts, and wire transfers.
• Oversee annual audits of the plans and trusts.
• Oversee process to deliver data to actuaries for valuation and actuarial reports.
• Verify accuracy of annual tax reports and timely file required reports.
• Approve all purchases of equipment, supplies, and services within Board guidelines.
• Manage the renewal of insurance policies (fiduciary liability, EPL, cyber, excess).

Investments

• Under the general direction of the Investment Committee and OCIOs, oversee the placement of funds with the appropriate investment managers or fund managers.
• For each plan, orchestrate changes in investment managers and transfers between trusts, as necessary.
• Monitor and analyze that investment performance, investment fees, OCIO/CIO strategy, and investment manager strategies are in accordance with the policies of CIRS.
• In collaboration with CIRS Investment Consultants monitor CIRS specific investment programs.
• Review investment policy statements, investment philosophies, and other investment policy and strategy documents.

Participant, Retirees, and Employers

• Oversee robust communication strategy for eligible employees, retirees, and deferred vested members.
• Assure that all inquiries from active and retired program participants regarding details of coverage, levels of benefits, benefit estimates, etc. are answered in a timely fashion.
• Oversee robust education program for participants.
• Monitor and manage collective bargaining activities and settlement agreements.
• Manage annual invoice process and collections.
• Manage ISSI recordkeeping portal.
• Oversee employer portal, employer reports, collection of data from employers, collection of contributions, compliance reviews, and nondiscrimination testing, and corrections.
• Oversee compliance with Plan documents and applicable policies and procedures.
• Through meetings with appropriate officials of potential participating organizations, attempt to increase the number of such organizations in CIRS.
• Oversee Annual Employer Meeting and inform participating employers of summary impact of program operations income, benefit payments, operating expenses, etc..
• Inform participating employers of all revisions to plan documents and policies.

Required Competencies:

• Commitment to results: The Executive Director is a systems thinker who is mission focused, and goal driven. This individual identifies relevant information and helps transform this information into individual and organizational knowledge and learning.
• Business savvy: This position requires an individual with knowledge of and experience in management and administration, including demonstrated experience integrating and coordinating diverse areas of management.
• Substantive Knowledge: The Executive Director must have knowledge in the following areas: pension plan administration, pension plan investments, finance, and human resources; oral and written communications; strategy, planning and evaluation; and governance.
• Leading strategic change: The Executive Director possesses the skills and implements the functions of a leader. They share CIRS’ values, mission, and vision. They consistently display integrity, model best practices and behavior, encourage professional growth, and build teams. This individual deals effectively with demanding situations and designs and implements interventions.
• Motivating: The executive director manages continuity, change and transition. This individual knows how to influence and enable others. They address the impact of attitude and action on behalf of CIRS.

Qualifications:

• Bachelor’s degree in business, finance, or related fields. Advanced degree preferred.
• Demonstrated record of accomplishment in providing leadership for the development of strategic vision.
• Experience with multiemployer fund operations and regulatory environments applicable to administering pension and 401(k) benefits.
• A professional with demonstrated leadership skills, proven “hands-on” managerial style, excellent judgment, and strong work ethic.
• Strong decision-making and organizational skills with the ability to optimize the use of all available resources and deliver multiple priorities.
• Strong project management skills, including the ability to multi-task and prioritize effectively in order to meet deadlines.
• Excellent interpersonal and communication skills, including the ability to interact with staff, at all levels of the organization, as well as outside professionals and service providers.
• Detail oriented with strong analytical skills, including ability to interpret financial and operating information.
• Highly organized with the ability to motivate others to be organized.
• Flexible, team player that can lead effectively as well as provide support to others in leadership roles.
• Innovative and creative thinker, including the ability to identify tasks that may be automated and implement necessary changes.
• Appreciation for regulatory and political environment.
• Ability to establish priorities that align with a strategic plan and manage multiple agendas and programs effectively.
• Strong oral and written communication skills, including experience speaking publicly in diverse forums.
• Fluency using and understanding data to inform decision making.
• Proven ability to work in culturally and ethnically diverse environments.

CIRS offers a competitive salary and benefits package. Base salary will be in the $250K to $310K range. All positions at CIRS are filled without regard to race, color, religion, sex, national origin, age, sexual orientation, gender identity or expression, disability, HIV/AIDS status, veteran status or any other characteristic protected by law. All are encouraged to apply.

To learn more about CIRS, please visit www.cirsplans.org