For Immediate Release: May 26, 2020
Contact: [email protected]
CONCORD, NH – Timothy Lesko of Hopkinton was recently appointed to chair the New Hampshire Retirement System (NHRS, the retirement system) Board of Trustees.
Lesko, a public member of the Board since January 2018, was chosen by Governor Sununu to replace longtime Chair Dr. Richard Gustafson, who did not seek reappointment.
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 is a trustee of the Concord Regional Visiting Nurse Association, The Beech Hill School, and former Trustee of The Capital Center for the Arts. He is also a member of the NHRS Independent Investment Committee (IIC).
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 three-year terms and must be confirmed by a vote of the Executive Council. The Board chair is appointed by the Governor.
All trustees must have familiarity with or experience in finance or business management.
NHRS provides retirement, disability, and death benefits to its eligible members and their beneficiaries. The State of New Hampshire and more than 460 local government employers participate in NHRS for their employees, teachers, firefighters, and police officers. NHRS has approximately 48,000 active members and 38,000 benefit 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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