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

 

TO:

The Honorable the Members of the Board of Regents

FROM:

Johanna Duncan-Poitier

 

COMMITTEE:

Higher Education and Professional Practice

TITLE OF ITEM:

Reappointments to the State Teachers’ Retirement System Board

DATE OF SUBMISSION:

May 28, 2004

PROPOSED HANDLING:

Approval (Consent)

RATIONALE FOR ITEM:

Regents appointment required

STRATEGIC GOAL:

Goal 3

AUTHORIZATION(S):

 

 

SUMMARY:

 

          The terms of Iris Wolfson and R. Michael Kraus on the New York State Teachers’ Retirement System Board expire on June 30, 2004.  Appointment to these positions on the 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.”

 

Iris Wolfson is a practicing accountant and has more than 40 years of experience in the field.  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 four consecutive terms on the Teachers’ Retirement System Board since her first appointment in 1992 and is an extremely knowledgeable board member.  She chairs the Audit and Accounting Committee and serves on the Finance, Retired Members, and Proxy 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.  He has 34 years’ experience in the field and is an extremely knowledgeable board member.  He is 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 four consecutive terms on the Teachers’ Retirement System Board since his first appointment in 1992.  He chairs the Rules and Regulations Committee, and serves on the Disability Review, Personnel and Planning, and Proxy Committees.  His résumé is attached.

 

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. Wolfson and Mr. Kraus are being recommended for the two board positions.

 

Recommendation:  I recommend 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 a three-year term commencing June 30, 2004 and expiring June 30, 2007.

 

Attachments