The executive director of the Arkansas Teacher Retirement System Clint Rhoden said Friday that he has submitted his resignation, citing personal reasons.
He said he expects to depart the system sometime in April.
The system's board of trustees hired Rhoden, who was the system's associate director of operations, on Oct. 31, 2018, to succeed George Hopkins as executive director of state government's largest retirement system. The system has more than $20 billion in investments and more than 100,000 working and retired members.
Rhoden said he informed the system's board of trustees Thursday about his resignation.
He said he had reluctantly applied for the retirement system executive director's job in 2018 after a large number of the system's staff asked him to do so.
Rhoden said he made a commitment to the system's staff and members and himself to serve in the position for three legislative sessions, and "the legislative package of bills sponsored by the ATRS Board is now officially Arkansas law" from this year's regular session.
It has been a pleasure and a privilege to serve the system's board and staff, and the thousands of system members across the state of Arkansas, he said.
"I look forward to working with the ATRS board and staff over the next couple of months as I transition to the next adventure in my life," Rhoden said in a written statement.
"I've made many friends during this journey, and I hope to continue those friendships down the road," he said. "My main focus in the future will be to spend time with my family, enjoy nature, and NOT take phone calls, texts, or emails."
Rhoden submitted his resignation to the system's trustees two days after he asked a state Senate committee to completely exempt state government's retirement systems from a bill that would require the state treasurer and public entities to divest certain investments with financial services providers on a list maintained by the state treasurer related to the use of environmental, social justice or governance-related metrics.
The bill's sponsor, state Rep. Jeff Wardlaw, R-Hermitage, told the Senate Agencies and Governmental Affairs Committee on Tuesday that his House Bill 1307 includes a provision that states "discriminating against energy companies" does not include actions by the investment adviser in accordance with the investment-related guidelines, policies or preference of its clients, so that's why he believes the impact of the bill will be minimal on state government's retirement systems. The bill also exempts "indirect holdings."
Rhoden told the Senate committee that the teacher retirement system's investment consultant, Aon Hewitt Investment Consulting, estimated two weeks ago the system could lose $7 million a year as a result of the bill.
But Wardlaw said Tuesday he already has amended the bill in good faith to minimize the impact of the bill on state government retirement systems.
The state Senate is scheduled to take action on the bill Monday.
Rhoden said Friday "none of the legislative session had anything to do" with him submitting his resignation to the system's board of trustees Thursday, and he decided six months ago to submit this resignation at this time.
Board Chairman Danny Knight said Friday that "Clint has been an excellent executive director."
He said he expects the board of trustees will discuss a search for Rhoden's replacement as the system's executive director during its next meeting April 3.
Rhoden's salary is $181,499 a year, according to the Arkansas Transparency website.
Rep. Les Warren, R-Hot Springs, who is co-chairman of the Joint Public Retirement Committee, said Friday that Rhoden has done an outstanding job as the teacher retirement system's executive director.
The system's investment return has ranked among the top 10% of the nation's public retirement systems, he said.
"I hate to see him go," Warren said.
"He has been as good as anyone we have had."
The teacher retirement system has hired two former state lawmakers to head the agency during the past 20 years.
Hopkins, who served as the system's director from December 2008 through November 2018, is a former Democratic state senator from Malvern. David Malone, a former Democratic state senator from Fayetteville, headed the agency from 2003-07.
The system's trustees hired Rhoden on Oct. 31, 2018, over two former state lawmakers -- former Republican state Rep. Duncan Baird of Lowell, who was the state budget director at that time, and former Democratic state Sen. David Johnson of Little Rock, who is Central Arkansas Water's general counsel.
Baird was subsequently hired in January of 2019 as executive director of the Arkansas Public Employees Retirement System by that system's board of trustees. He departed the system in April of 2022 to be a senior manager of benefit services at Walmart.
The Arkansas Teacher Retirement System's 15-member board of trustees includes 11 trustees who are elected by working and retired members of the system -- Republican state Treasurer Mark Lowery; Republican state Auditor Dennis Milligan; state Banking Commissioner Susannah Marshall; and state Education Secretary Jacob Oliva.