Meeting of the Board of Regents | September 2009
THE STATE EDUCATION DEPARTMENT / THE UNIVERSITY OF THE STATE OF NEW YORK / ALBANY, NY 12234
Appointment to the State Teachers’ Retirement System Board
September 1, 2009
Issue for Decision (Consent Agenda)
Should the Board of Regents approve the proposed appointment of a member to the New York State Teachers’ Retirement System Board?
Reason(s) for Consideration
Required by State statute.
The question will come before the full Board at its September 2009 meeting where it will be voted on and action taken.
In accordance with Education Law, the New York State School Boards Association forwarded the name of an individual for consideration for appointment to the Board position of Iris Wolfson, who recently passed away. Michael J. Masse has been recommended to fill this vacant position, the term which expires on June 30, 2010. Appointment to this position on the Retirement System 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.”
Mr. Masse meets the requirements stated in Section 504 of the Education Law. As indicated in his attached resume, he has extensive experience in the fields of finance and investments.
Mr. Masse is a senior vice president and director of public banking at HSBC. He holds a master’s degree in business administration from Rider University and a Master of Arts in public administration from the Maxwell School at Syracuse University. 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.
It is recommended that the Board of Regents approve the appointment of Michael J. Masse to the New York State Teachers’ Retirement System Board for the remainder of a three-year term commencing immediately and expiring June 30, 2010.
Timetable for Implementation
If approved, Mr. Masse’s term will begin immediately.