Paul Hammel
LINCOLN — The job posting to lead the Nebraska Public Employees Retirement Systems clearly states that “successful candidates will have an advanced degree….”
But the person hired, State Treasurer John Murante, doesn’t have an advanced degree, let alone one in the fields described in the job posting: “business administration, public administration, finance/accounting or related field.”
Murante, who last week got a 6-0 vote to be hired for the job, lists a bachelor’s degree in political science from the University of Nebraska-Lincoln as his education credentials.
Had ‘related degrees and expertise’
Whether the lack of an advanced degree is just an oddity or a potential deal breaker wasn’t immediately clear. But also unclear was why it was included as a qualification in a job posting, but then didn’t come into play in the selection process.
When asked about it last week, the chair of the Public Employees Retirement Board, Kelli Ackerman of Lincoln, said that Murante’s candidacy was screened by the personnel department at the Nebraska Department of Administrative Services and then was forwarded as one of three finalists for the post.
DAS decided who was qualified, said Ackerman, who added that they looked at “related degrees and expertise.”
When DAS officials were asked why they approved the application, despite the lack of the required master’s degree or doctorate, the Examiner received this response via email:
“John Murante is a business owner, career public servant, and has five years’ experience managing the State Treasury. The Public Employees Retirement Board was thorough in its evaluation process and should be congratulated on having landed such a well-qualified candidate,” said DAS spokeswoman Sarah Skinner.
“The Governor looks forward to concurring in Treasurer Murante’s appointment and advancing him to the Legislature after the Public Employees Retirement Board ratifies his employment agreement,” she added.
When Skinner was asked to clarify how a candidate could be approved and forwarded without the required advanced degree, she said that the DAS’s original response answered that question.
For his part, Murante, in a statement, said he was honored to be selected by the Public Employees Retirement for the position.
“My experience as the current custodian of Nebraska’s retirement dollars, member of the Nebraska Investment Council and having run both a state agency and small business make me well qualified to steward Nebraska pensions,” Murante said.
The Nebraska Legislature, by a majority vote, as well as Gov. Jim Pillen, must still ratify Murante’s appointment to the job. It’s unclear whether the requirement for an advanced degree will come up when the appointment hits the floor of the Legislature in 2024.
Murante is a Republican and a former state senator, and right now the Unicameral Legislature is solidly red, with the GOP just one vote short of having a filibuster proof 33 senators in the 49-seat, officially nonpartisan body.
State statute doesn’t require advanced degree
It should be noted that state statutes concerning the qualifications to become head of the retirement systems agency are less explicit than the job posting seeking applicants for the job. The statutes do not mention the need for an advanced college degree.
Director qualifications, as listed in state statutes, “shall include, but not be limited to, (i) supervisory or management experience and (ii) training in, experience with, or a demonstrated knowledge of qualified public employee retirement plan administration.”
The director, a job that was paying $185,000-a-year (more than twice the State Treasurer’s salary), oversees investments and administration of retirement accounts for tens of thousands of state and county employees in Nebraska, as well as teachers and school employees, judges and state troopers. The PERB website says it manages more than $18 billion in assets.
Murante, if he is confirmed by the governor and Legislature, will replace Randy Gerke as director.
Gerke declined to comment for this story other than to confirm that he does have an advanced degree — a master of science in computer information systems.
This hasn’t been the only hiccup in the hiring of a replacement for Gerke. The PERB’s original pick for the job, Jason Hayes, was rejected by senators last spring, forcing the agency to redo its selection and Gerke to delay his retirement.
Ackerman noted some frustration, but emphasized that Murante has “great experience” and will do a great job.
“We’re excited to get started,” she said. “This has been a long process for our board.”