State of Hawaii Employees' Retirement System Chief Investment Officer

Kumabe HR is managing the search for the Chief Investment Officer for the State of Hawaii Employees' Retirement System (ERS).

The Employees’ Retirement System of the State of Hawaii (ERS) seeks to hire a Chief Investment Officer who will manage the investment activities of the ERS, provide guidance to the ERS Executive Director and Board of Trustees and serve as a member of the ERS Executive/Administrative team. This professional will advance our investment program by providing vision, leadership and strategic planning necessary for ERS to thrive and achieve its goal of sustainability for its stakeholders and beneficiaries.

The Employees' Retirement System (ERS) of the State of Hawaii was established in 1926 to provide retirement allowances and other benefits to State and county government employees. The Board of Trustees is the governing body of the ERS, with certain areas of administrative control vested in the State Department of Budget and Finance.

The ERS administers benefits for service retirement, disability, and survivor benefits for employees of the State of Hawaii, the City and County of Honolulu, County of Hawaii, County of Maui and County of Kauai, which includes teachers, professors, police officers, firefighters, judiciary employees, judges, and elected officials. The ERS collects retirement contributions from members and employers; provides pre-retirement counseling services; conducts disability hearings and appeals; reviews claims for retirement, disability, and death benefits and certifies these benefits for payments; processes monthly pension checks to retirees and beneficiaries; accounts for and safeguards assets in the ERS investment portfolio; and invests funds to help finance this program.

The ERS is a qualified defined benefit public pension plan covered under Section 401(a) of the Internal Revenue Code. The Hawaii Revised Statutes Chapter 88 and Hawaii Administrative Rules Title 6, Chapters 20 – 29 contain the language governing the pension trust.

Membership:

The ERS covers all eligible full-time and part-time State and county employees in the State of Hawaii. Funding for benefit payments comes from employer and member contributions, and investments.

The ERS membership is comprised of the following as of June 30, 2025:

Total Members: 132,191

Active Members: 66,826

Retirees and Beneficiaries: 56,673

Total Inactive, vested: 8,692

Investments:

As of June 30, 2025, ERS’ total assets under management were approximately $25.2 billion, allocated as follows:

Global Equity: 49.1%

Global Credit: 6.3%

Real Assets: 11.2%

Liquid Def./Diversifying: 27.1%

Illiquid Diversifying: 2.9%

Other: 2.8%

Total: 100%

100% of ERS’s assets are managed externally. The Investment Team is diverse and comprised of 8 professional and 2 support staff; 2 additional professional staff are currently vacant.

As of June 30, 2026, ERS investment performance relative to its policy benchmark of 1-, 3-, 5- and 10-year periods were, 2.2% per year, 0.2% per year, -1.6% and 0.9% per year, respectively. ERS currently uses a 7.0% investment return assumption.

As of June 30, 2025, the ERS has a projected funded ratio of 63.6% based on Actuarial Value of Assets with a funding period of 21 years.

For more detailed information about the ERS, please visit the website at

RESPONSIBILITIES:

The Chief Investment Officer (CIO) plans, organizes and manages the investment activities of ERS in accordance with the Investment Policies established by the Board of Trustees and under the provisions of governing state statutes. This position reports directly to the Executive Director and is a member of the Executive Leadership Team. The CIO provides insight and guidance to identify investment opportunities and optimize the risk-return potential of the portfolio while also being responsible for the realization of short- and long-term objectives. By participating in leadership at the department and executive level, the CIO fosters understanding amongst its diverse constituency and collaboration with the broader organization and its efforts as a whole.

• Develops the strategic plan for the fund’s investment activities, operations and team development
• Supervises, with support of the Deputy CIO, Investment Officers, all functions of the Investment Office
• Evaluates Deputy and Investment Officer’s performance, and approves staff’s performance appraisals
• Executes and oversees investment transactions in accordance with policy
• Makes recommendations to the Executive Director and the Board of Trustees concerning investment policy and interacts with the Board of Trustees
• Serves as staff liaison to the Board of Trustees Investment Committee
• Recommends and manages asset/liability risks including sensitivity to market volatility, interest rate and credit risk
• Stays abreast of investing practices and regulations, recommending changes in fund portfolios and investment strategies to the Executive Director and the Board of Trustees for strategic alignment with Board policy
• Provides leadership for the selection of outside advisors, money managers, and investment consultants
• Works closely with primary consultants and makes periodic assessments
• Maintains investment policy and ensures that all asset management activities are in compliance with policy
• Develops target asset allocation recommendations for the Board and makes tactical asset allocation decisions
• Approves or recommends new managers/strategies according to Board governance
• Represents ERS to external asset managers, legislative bodies, national and international organizations concerning investment issues
• Exercises general supervision over ERS investments in public and private equities, public and private credit, duration, real assets (real estate, timber, infrastructure, agriculture), liquid and illiquid alternative investments, overlay derivatives, cash and securities lending

EDUCATION AND EXPERIENCE

MINIMUM QUALIFICATIONS:

• Bachelor’s degree from an accredited college or university, preferably in business administration with an emphasis in finance, economics and/or accounting
• Experience in risk identification, measurement, mitigation and performance attribution
• Substantial experience (ideally five years or more) managing investment portfolios, both traditional and alternative, domestic and international, with a demonstrated track record of success
• Substantive experience working closely with a Board of Trustees
• Extensive experience working with external investment managers across a spectrum of traditional and alternative strategies
• Strong leadership experience (ideally three years or more) managing a diverse group of seasoned investment professionals
• Experience in communicating with the full range of stakeholders including the press

DESIRED QUALIFICATIONS:

• MBA, CFA and CAIA designations are preferred
• Significant experience (ideally five years or more) with a public fund is highly desirable

PERSONAL CHARACTERISTICS:

• High level of ethics and demonstrated commitment to transparency, accountability,and performance reporting
• Demonstrated leadership and management capabilities
• Proven team player
• Effective and persuasive oral and written communication, presentation, and negotiation skills
• Possesses visionary capabilities beyond the functions of the investments arena, and the desire to participate in organization-wide strategic and policy decisions
• Strong work ethic and dedication
• Commitment to the mission of ERS
• Common sense and good judgment; strategic and thoughtful, not impulsive; ability to embrace and understand the Board of Trustees’ vision and plan’s risk tolerance.

COMPENSATION:

The salary range is $300K to $400K. The final compensation will be determined based on market, education, and professional experience. 

For priority consideration, resumes must be submitted by October 10, 2026. Review of applications will begin immediately and will continue until the position is filled.

ERS and Kumabe HR, LLC firmly support the principle and philosophy of equal opportunity for all individuals, regardless of age, race, gender, creed, national origin, disability, veteran status or any other protected category pursuant to applicable federal, state or local law. The ERS is committed to fostering, cultivating, and preserving a culture of diversity, equity, and inclusion.