Meeting of the Board of Regents | April 2010

SUMMARY

Issue for Decision (Consent Agenda)

Should the Board of Regents approve the reappointments of Daniel J. Hogarty, Jr., R. Michael Kraus, and Michael J. Masse to the New York State Teachers’ Retirement System Board?

Reason(s) for Consideration

Required by State statute.

Proposed Handling

This question will come before the full Board at its April 2010 meeting for final action.

Procedural History

Daniel J. Hogarty, Jr. was first appointed to the New York State Teachers’ Retirement System Board on July 1, 2005.  He is now being recommended for reappointment for a full three-year term. 

R. Michael Kraus was first appointed to the New York State Teachers’ Retirement System Board upon nomination by the New York State School Boards Association in July 1992 and reappointed in July 1995, 1998, 2001, 2004, and 2007.  He is now being recommended for reappointment for a full three-year term. 

Michael J. Masse was first appointed to the New York State Teachers’ Retirement System Board in September 2009, to fill the unexpired term of Iris Wolfson.  He is now being recommended for reappointment for a full three-year term. 

Background Information

Mr. Hogarty is an extremely knowledgeable Board member who serves on several of the Board’s key committees.  Currently, he chairs the Teachers’ Retirement System Board’s Finance Committee.  He is Director, Treasurer and Chairman of the Finance Committee of the University at Albany Foundation; a member of the board of directors of the New York Business Development Corporation, and a member of the Troy Municipal Assistance Corporation, The Arsenal Partnership, United Way of Northeastern New York and Rensselaer County ARC Foundation.  He is President and Director of the Troy Savings Bank Charitable Foundation and the Troy Savings Bank Music Hall Foundation.  His resume is attached.

Appointment of a member to this position on the Retirement Board requires approval by the Board of Regents.  Education Law, Sections 504(2) and 504(2)(b), provides that:

“One member who is not an employee of the state, who shall have been an executive officer of a bank authorized to do business in this state, elected by the Board of Regents of The University of the State of New York to serve for a term of three years.”

Mr. Kraus has chaired the Publications Committee, Rules and Regulations Committee, Ethics Committee, Personnel and Planning Committee, and served on the Legislation Committee.  Currently, he is chair of the Executive and Board Governance Committees.  He is also a member of the Disability Review and Finance Committees.  Mr. Kraus was elected President of the New York State Teachers’ Retirement System’s Retirement Board at its Annual Meeting in January 2009 and re-elected in January 2010.  He has 39 years experience in the insurance and employee benefit fields, currently as president of R. M. Kraus & Associates.  His resume is attached.

Mr. Masse currently serves as chair of the Audit Committee.  Mr. Masse is a senior vice president and director of public banking at HSBC.  He has experience as a fiduciary and is an expert in the field of insurance and banking.  He is a member of the Fayetteville-Manlius Board of Education, where he served four terms as president, and is treasurer of the New York State School Boards Association.  His resume is attached.

Both Mr. Kraus and Mr. Masse are recommended for reappointment to the New York State Teachers’ Retirement System Board by the New York State School Boards Association in accordance with the following provision in the statute:

“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.”

Recommendation

It is recommended that the Board of Regents approve the reappointments to the New York State Teachers’ Retirement System Board for a three-year term of Daniel J. Hogarty, Jr. beginning May 6, 2010 and ending May 6, 2013; R. Michael Kraus beginning June 30, 2010 and ending June 30, 2013; and Michael J. Masse beginning June 30, 2010 and ending June 30, 2013.

Attachments