Iowa Gov. Kim Reynolds has appointed Martin Noven, the former executive director of the Maryland State Retirement and Pension System, to oversee the Iowa Public Employees’ Retirement System (IPERS), she announced Friday.
Noven enters the position after Greg Samorajski resigned as IPERS CEO effective May 1, a move that came after Samorajski was placed on administrative leave March 31 amid a misconduct investigation. Steven Herbert, chief benefits officer for IPERS, was also placed on leave and investigated before being fired May 7.
While documents related to the investigation and resignation of Samorajski have not been publicly released — and Reynolds has not commented on the nature of the investigation — the Des Moines Register reported that Herbert’s termination letter stated the chief benefits officer had broken rules related to discrimination, maintaining a violence-free workplace as well as violating the state’s sexual harassment policy.
Though the governor did not answer questions about the potential misconduct related to Samorajski and Herbert, she repeatedly told reporters that the issues being investigated do not relate to the maintenance of the IPERS’ $47 billion in investments.
Since Samorajski was placed on administrative leave, Elizabeth Hennessey, general counsel at IPERS, has been serving as IPERS’ acting CEO. But with Friday’s announcement, Noven is set to take the CEO position Aug. 24.
Noven, who led the Maryland State Retirement and Pension System from 2021 to 2025, also previously worked as executive director of the State Universities Retirement System of Illinois from 2016 through 2021, according to a news release.
“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 in a statement. “The depth of his experience in public retirement systems is unmatched and will add immeasurable value for IPERS and its members.”
Noven will serve for the remainder of Samorajski’s original term, set to end April 30, 2028. In a statement, he expressed his gratitude to Reynolds for appointing him to lead the public retirement system.
“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,” Noven said.
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