DES MOINES — Gov. Kim Reynolds has appointed veteran public pension executive Martin Noven as the next chief executive officer of the Iowa Public Employees’ Retirement System, placing him in charge of the retirement system relied upon by hundreds of thousands of Iowa public employees and retirees.
Noven’s appointment will take effect August 24, 2026.
He replaces former IPERS CEO Greg Samorajski, who resigned May 1. Noven will serve the remainder of the current term, which runs through April 30, 2028.
“Martin Noven knows what it means to partner with industry leaders, trustees, policymakers and legislators to deliver long-term outcomes and strong fund performance,” Reynolds said. “The depth of his experience in public retirement systems is unmatched and will add immeasurable value for IPERS and its members.”
Noven comes to Iowa with nearly a decade of experience leading large statewide public retirement systems.
From 2021 through 2025, he served as executive director of the Maryland State Retirement and Pension System, overseeing a defined-benefit retirement system with approximately $75 billion in assets and 430,000 members.
Before that, Noven led the State Universities Retirement System of Illinois from 2016 through 2021, overseeing a statewide retirement program serving approximately 230,000 higher-education employees and operating with a roughly $30 million annual budget.
His career spans approximately 30 years and also includes work involving retirement policy, legislative advocacy, business development and financial markets.
“I am deeply grateful for Governor Reynolds’ trust and confidence in appointing me to lead Iowa’s largest public retirement system,” Noven said.
“It is a privilege to serve the many Iowans who depend on IPERS, and I am committed to advancing the organization’s mission and ensuring the long-term strength and stability of the system as IPERS CEO.”
IPERS is one of the most financially significant institutions in Iowa government.
The system currently serves more than 424,000 members, including teachers, law enforcement officers, firefighters, city and county workers, school employees and other public-sector workers.
Its trust fund is valued at approximately $47 billion and distributes more than $2.76 billion in retirement benefits each year.
That represents substantial growth from earlier years. NIT reported in 2019 that the IPERS Trust Fund stood at approximately $33.96 billion while producing investment returns above its actuarial assumption.
The long-term stability of IPERS has periodically become a political issue in Iowa.
NIT previously reported that Republican lawmakers pushed back against concerns that major changes could threaten Iowa’s public retirement system, describing IPERS as one of the better-managed public pension systems in the country.
Similar concerns resurfaced more recently during discussions surrounding Iowa’s government-efficiency efforts.
Reynolds has publicly sought to reassure employees and retirees that the state intends to preserve the retirement benefits they have been promised.
The appointment gives Noven responsibility for protecting and investing tens of billions of dollars while ensuring that retirement benefits continue to be paid to current and future public-sector retirees.
His experience overseeing a considerably larger $75 billion Maryland pension system appears to have been a major factor in Reynolds’ selection.
Noven will formally take control of IPERS on August 24.