Gov. Kim Reynolds names former Maryland pension chief to lead IPERS
Gov. Kim Reynolds has appointed the former head of Maryland's state retirement system to take over the Iowa Public Employees' Retirement System in the wake of its CEO's resignation earlier this year.
Reynolds announced Aug. 7 that she has named Martin Noven, who was executive director of the Maryland State Retirement and Pension System from 2021 to 2025, to take over IPERS as its CEO effective Aug. 24.
Noven will replace Greg Samorajski, the former IPERS CEO who resigned May 1 amid a misconduct investigation. Reynolds also fired another top IPERS official, former chief benefits officer Steven Herbert, on May 7. State records show Herbert was fired for violating portions of an employee handbook, including the state's sexual harassment policy.
IPERS is Iowa's largest public pension system, serving more than 424,000 current and former public employees. It oversees about $47 billion in investments and pays out $2.76 billion in benefits annually. Reynolds and IPERS officials have repeatedly said that the investigation into Samorajski and Herbert did not place the fund's investments at risk.
"Martin Noven knows what it means to partner with industry leaders, trustees, policymakers and legislators to deliver long-term outcomes and strong fund performance," Reynolds said in a statement. "The depth of his experience in public retirement systems is unmatched and will add immeasurable value for IPERS and its members."
Maryland's retirement system, which Noven oversaw, has a $75 billion defined benefit plan and about 430,000 members. Prior to leading Maryland's system, Noven was executive director of the State Universities Retirement System of Illinois from 2016 through 2021, according to a news release from Reynolds' office. That system had a $30 million budget and 230,000 members in Illinois' higher education system.
"I am deeply grateful for Governor Reynolds' trust and confidence in appointing me to lead Iowa's largest public retirement system," Noven said in a statement. "It is a privilege to serve the many Iowans who depend on IPERS, and I am committed to advancing the organization's mission and ensuring the long term strength and stability of the system as IPERS CEO."
Stephen Gruber-Miller is the Capitol bureau chief for the Des Moines Register. He can be reached by email at sgrubermil@registermedia.com, by phone at 515-284-8169 or on X at @sgrubermiller.
This article originally appeared on Des Moines Register: Gov. Kim Reynolds names former Maryland pension chief to lead IPERS