FOR IMMEDIATE RELEASE

Three Long-Serving Trustees Honored for Service; Three New Members Sworn In 

SPRINGFIELD, IL – The Teachers’ Retirement System of the State of Illinois (TRS) marked a significant transition within its Board of Trustees, honoring the service of three departing trustees and welcoming three new members who will begin four-year terms on July 15, 2025. 

“This marks both a moment of gratitude and renewed purpose,” said Stan Rupnik, TRS Executive Director and Chief Investment Officer. “Trustees Blomquist, Peronto, and Pfeiffer have each left an indelible mark on our system through their dedication and thoughtful leadership. As we look to the future, we’re excited to welcome incoming Trustees Becker, Casey, and Kaplan—whose diverse experiences and steadfast commitment to Illinois educators will strengthen our mission of delivering expert pension service to Illinois public educators as they earn their promised retirement security.” 

“This transition reflects the conclusion of distinguished service and the promise of fresh leadership,” Matthew Hunt, President of the TRS Board of Trustees, shared. “Our outgoing trustees set a high standard through their governance and advocacy. I’m confident our new trustees will carry that legacy forward with integrity, insight, and vision.” 

Departing Trustees Recognized for Outstanding Service 

The TRS Board formally recognized three trustees for their significant contributions to the organization: 

Fred Peronto, an elected trustee (2017–2025) for active teachers, brought eight years of exemplary service to TRS. A respected American History and AP Economics teacher at Carl Sandburg High School, Peronto served as Vice Chair of the Investment Committee, bringing classroom insight and strategic leadership to oversight of the System’s $75.7 billion portfolio. 

Larry Pfeiffer, also completing eight years as an elected trustee representing TRS annuitants, leveraged his dual background as an award-winning educator and Regional Superintendent for four Illinois counties. Pfeiffer played key roles as Vice Chair of the Audit Committee and as a member of the Investment Committee. 

Joseph Blomquist, an elected trustee since 2021 for active teachers, combined classroom teaching experience with school business administration in his service to the TRS Board of Trustees. His expertise in both education and finance proved pivotal in System initiatives, where he bridged operational knowledge with strategic fiscal oversight. 

New Trustees Bring Diverse Experience and Advocacy to the Board 

During the Board meeting, three new trustees were sworn in to serve four-year terms: 

Heather Becker is a veteran high school teacher at Rushville-Industry High School with nearly three decades in the classroom and a longstanding leadership role within the Illinois Education Association (IEA). “I’m looking forward to serving on the TRS Board and am committed to ensuring the longevity and protection of our retirement system,” Becker said. 

Sean Casey, a school psychologist with McHenry School District 15, is known for his advocacy in financial literacy and equitable education. A founding member of the nonprofit Science of Reading Illinois, Casey stated: “I hope my time on the board allows me to broaden my perspective and learn more about the risk management strategies TRS employs to protect the pensions of Illinois educators.” 

Lorraine “Rainy” Kaplan rejoins the TRS Board with prior service as a trustee from 2013–2017. A retired Spanish teacher and Athletic Director at Westmont CUSD 201, Kaplan now serves as Vice President of the Illinois Retired Teachers Association. “I enjoy learning and staying connected with the important work TRS does. I look forward to helping retirees stay informed about their pensions and benefits,” Kaplan said.  

The TRS Board of Trustees met at its regularly scheduled June meeting and discussed the following investment actions within the TRS portfolio:  

Within the System’s $12.9 billion Private Equity Portfolio:  

• The commitment of €30 million to Oakley Capital of London.  Oakley Capital is a new relationship for TRS. 

• The commitment of €50 million to EQT Partners of Stockholm, Sweden. EQT currently manages $476.9 million in TRS assets. 

• The commitment of $85 million to Baring Private Equity Asia of Hong Kong. BPEA currently manages $165.5 million in TRS assets. 

• The commitment of $50 million to Searchlight Capital Partners of New York. Searchlight is a new relationship for TRS. 

• The commitment of $60 million to New Mainstream Capital of New York. NMS currently manages $39.5 million in TRS assets within the Emerging Manager program. 

• The commitment of $180 million to StepStone Group of Owings Mills, Maryland. StepStone currently manages $1.1 billion in TRS assets. 

Within the $12.7 billion Real Assets Portfolio:  

• The commitment of $75 million to Neuberger Berman of New York. Neuberger Berman is a new relationship for TRS. 

• The commitment of $30 million to Sagehall Management of New York. Sagehall is a new relationship for TRS within the Emerging Manager program. 

Within the $20.2 billion Global Income Portfolio:  

• The commitment of $200 million to Brookfield Asset Management of Toronto. Brookfield currently manages $449.0 million in TRS assets. 

Within the $3.3 billion Diversifying Strategies Portfolio:  

• The commitment of $400 million to Winton Capital Management of London. Winton is a new relationship for TRS. 

• The commitment of $200 million to Capital Fund Management of Paris. CFM is a new relationship for TRS. 

• The commitment of $225 million to Caxton Associates of London. Caxton is a new relationship for TRS. 

About Teachers' Retirement System of the State of Illinois

The Teachers’ Retirement System of the State of Illinois is the 38th largest pension system in the United States, and provides retirement, disability and survivor benefits to teachers, administrators and other public-school personnel employed outside of Chicago. The System serves over 456,000 members and had assets of $75.7 billion as of May 31, 2025.