For Immediate Release: September 24, 2020
Contact: Marty Karlon, Director of Communications & Legislative Affairs, (603) 410-3594; [email protected]
CONCORD, NH – Executive Director George P. Lagos will retire from the New Hampshire Retirement System (NHRS, the retirement system) effective March 1, 2021, after leading the organization for nine years.
The NHRS Board of Trustees will initiate a nationwide search for Lagos’ replacement.
“George has done a fantastic job for our membership in a period of great legislative, economic, and technological change and is leaving the retirement system well positioned to continue moving forward,” said Tim Lesko, Chair of the NHRS Board. “Of all the organizations I have been involved with, I have not seen as well-run and measured an operation as NHRS. On behalf of the Board, I wish George a happy and well-deserved retirement.”
Prior to joining NHRS in February 2012, Lagos spent more than three decades in the financial services industry, including senior management positions with the New Hampshire Insurance Company and other firms. He also held directorships with a number of insurance companies and industry-related entities, served on appointed committees for both state and local government, and held leadership positions with a wide variety of civic and community-based organizations. He is a Concord native who currently lives in Bow.
“It has been an honor to serve as Executive Director,” Lagos said. “I am fortunate to have worked with a Board that takes it duties seriously and is dedicated to ensuring the best possible outcomes for our members and retirees.”
During Lagos’ tenure, NHRS undertook a number of significant initiatives including:
- Completed a process improvement project leading to the automation of a number of manual processes and the reorganization and restructuring of operations, which resulted in improved efficiency and substantial cost savings.
- Added management systems, including monthly measurement of 95 key performance measures, and a rolling three-year strategic planning process to identify and execute objectives set cooperatively by management and the Board.
- Instituted changes in actuarial assumptions and funding structure to strengthen the long-term security of NHRS.
- Initiated a multi-year upgrade of the core pension administration system, which has been in operation since 2003.
- Increased education and outreach to members, retirees, employers, lawmakers, and other interested parties.
- Implemented enhanced cybersecurity efforts and other data security measures to protect member data and guard against fraud.
“For nearly a decade, George has been the dedicated steward of NHRS’ mission to provide secure retirement benefits and superior service,” said former longtime Board Chair Dr. Richard Gustafson, who stepped down this spring. “He always took the long-term view and his leadership was crucial in maintaining momentum and direction, and improving the reputation and working relationship NHRS has with constituent groups and policymakers.
“To use a scouting reference, he left the campsite in far better shape than he found it.”
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. Trust fund assets at June 30, 2020, were in excess of $9 billion.
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