For Immediate Release: February 7, 2018
Contact: [email protected]
CONCORD, NH – Timothy Lesko of Hopkinton was recently appointed to the New Hampshire Retirement System (NHRS, the retirement system) Board of Trustees as a public member.
Lesko was nominated by Governor Chris Sununu and subsequently confirmed by the Executive Council on January 24, 2018. He was then appointed as a trustee member on the retirement system’s Independent Investment Committee (IIC) by NHRS Board Chair Richard Gustafson.
He replaces Hershel Sosnoff, who passed away on July 1, 2017, on both the Board and the IIC.
Lesko is a partner and portfolio manager at Granite Investment Advisors in Concord. Prior to joining Granite Investment Advisors in 1999, he worked at NationsBanc Montgomery Securities and Merrill Lynch Pierce Fenner & Smith. He is a frequent guest on CNBC’s “Closing Bell,” “Squawk Box Asia,” “Power Lunch” and “The Nightly Business Review,” where he discusses economics, markets, and securities. He also heads up the YouTube series “View from the Fire Tower.”
He is a trustee of the Capital Center for the Arts, Beech Hill School, and Concord Regional Visiting Nurse Association, where he also chairs the investment committee.
NHRS is administered by a 13-member Board of Trustees that includes one employee member, one teacher member, one firefighter member, one police officer member, four employer representatives (one each representing the state, counties, schools, and municipalities), four public members, and the State Treasurer. All trustees – with the exception of the State Treasurer, who serves ex officio – are nominated by the governor for two-year terms and must be confirmed by a vote of the Executive Council.
The five-member IIC manages investments based on the investment policy and asset allocation approved by the NHRS Board of Trustees. The IIC continuously monitors and evaluates performance, and makes determinations regarding the hiring and retention of fund managers. The IIC consists of three public members and two representatives of the Board of Trustees. By law, all IIC members must have “substantial experience in the field of institutional investment or finance.”
All trustees must have familiarity with or experience in finance or business management. A full list of trustees is available at: https://www.nhrs.org/about-nhrs/board-of-trustees
NHRS provides retirement, disability, and death benefits to its eligible members and their beneficiaries. The State of New Hampshire and nearly 470 local government employers participate in NHRS for their employees, teachers, firefighters, and police officers. NHRS has approximately 48,000 active members and 35,000 pension recipients. NHRS administers a defined benefit plan qualified as a tax-exempt entity under sections 401(a) and 501(a) of the Internal Revenue Code.
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