Stan Rupnik and Matthew Hunt on TRS Illinois’s Vision for Growth and Learning
The 2025 NCPERS Champions Awards honored four pension funds for their outstanding commitment to trustee and staff education through participation in NCPERS' Annual Conference & Exhibition and University programs. Among the winners, the Teachers' Retirement System of the State of Illinois was recognized in the greater than $50 billion AUM category.
(Left to Right: NCPERS Executive Director and Counsel, Hank Kim; Teachers' Retirement System of the State of Illinois Board of Trustees Member, Maureen Mena, and Executive Director and CIO, Stan Rupnik; NCPERS President, James Lemonda)
The 2025 NCPERS Champions Awards recognized four NCPERS pension fund members that have demonstrated an exceptional commitment to trustee and staff education. Winners were chosen based on their participation in NCPERS' flagship educational program, the Annual Conference & Exhibition, and the NCPERS University spring programs. Awards were presented in three categories based on assets under management. Teachers' Retirement System (TRS) of the State of Illinois was honored in the greater than $50 billion AUM category.
“An informed Board is an effective Board, and this recognition affirms the work we've done to prioritize trustee education through initiatives like enhanced orientation and our annual retreat, which is entirely focused on learning and collaboration,” said Stan Rupnik, Executive Director and Chief Investment Officer. “This award from NCPERS is a testament to the culture we've built together—one of collaboration, excellence, and continuous learning,” added Board President Matthew Hunt.
Keep reading to find out how TRS of the State of Illinois prioritizes continuing education for its staff and trustees to drive operational excellence.
Q: Particularly as a pension fund working on behalf of Illinois public educators, what does it mean to you for TRS to be recognized for its commitment to education?
Stan Rupnik: As a fund dedicated to serving educators, education is deeply woven into our culture. We work every day on behalf of professionals who not only commit themselves to lifelong learning and self-improvement, but who also dedicate their careers to educating and inspiring the next generation. That spirit of growth and curiosity is something we actively embrace at TRS. We've built a Board that reflects those same values—intellectually curious and focused on strong governance.
Matthew Hunt: It's an incredible honor to be recognized with this award. At TRS, we strive to reflect the spirit of the educators we serve—through a commitment to continuous improvement and staying at the forefront of our field. In such a complex and rapidly evolving environment, you can't afford to be complacent. This recognition reinforces the value we place on staying informed and investing in both our staff and trustees so we can deliver the highest level of service to our 456,000 members.
Q: Recently, three new members joined the TRS Board of Trustees. What role does education play in the onboarding process for new trustees?
Matthew: A strong onboarding experience sets the tone for how a trustee contributes from day one. TRS is a sophisticated organization with a complex portfolio, and new trustees need the tools to navigate it effectively. The team at TRS has worked incredibly hard to build a thoughtful, structured onboarding process. And beyond formal training, we're intentional about building relationships—our experienced board members are always available to provide support and insight. That collaboration and communication are foundational to our success as a governance body.
Stan: We see trustee onboarding as one of the most critical components of Board effectiveness. A well-informed trustee can immediately contribute to the governance process, rather than learning strictly while on the job. Over the years, we've developed a comprehensive onboarding program that goes beyond technical knowledge. We focus on cultivating relationships and ensuring new trustees understand both the operational context and the significance of their decisions. This helps maintain continuity and fosters the trust and respect that drive successful collaboration.
Ultimately, when trustees come in well-prepared, informed, and confident, the entire system benefits—decisions are more thoughtful, discussions are more productive, and the board functions at a higher level from the outset.
"At TRS, everything we do comes back to the members we serve—Illinois educators who have dedicated their lives to shaping future generations."
Q: Matthew, when you were first appointed as a trustee in 2019, what was that onboarding experience like, and how have you continued to stay up to speed on industry trends?
Matthew: When I first joined the Board in 2019, the onboarding experience gave me a solid overview of the system's structure and responsibilities, but it didn't fully prepare me for the deeper dynamics of board governance—things like understanding how decisions impact the broader membership or how to navigate differing viewpoints effectively.
Since then, we've made significant progress in creating a more well-rounded and relational onboarding approach. Staying up to speed in such a complex and evolving environment also requires constant engagement. I've made it a priority to stay connected with our leadership team, participate in educational opportunities, and rely on the deep expertise within TRS to remain informed and effective in my role. We are fortunate to have a strong team that brings thoughtful insight to better inform our decision-making. It's a collaborative relationship— governance and operations working in lockstep to serve our members.
Q: More broadly, how does TRS prioritize or encourage continued learning for its staff and trustees?
Stan: Continuing education is an important part of our strategic plan. We've invested in dedicated staff resources to support professional development across the organization, and we're already seeing a positive impact. Learning at TRS is not just individual—it's institutional. When we gain new insights, we apply them across departments and levels, from staff orientation to Board retreats. NCPERS has been a vital resource in this effort, offering high-quality, relevant training that strengthens our governance and operations system-wide.
We want our staff and trustees to feel empowered not just to do their jobs, but to grow in their roles and lead with confidence. That mindset of continuous learning is essential to keeping TRS agile, informed, and mission driven. What's most exciting is that even with all the progress we've made, we're still building—continuing to grow these efforts, prioritize them with resources, and take our commitment to professional development to the next level.
Matthew: Education and professional development aren't just encouraged at TRS—they're embedded in everything we do. It's part of our culture and one of our core values: continuous improvement. Trustees have access to national conferences, our own annual educational retreat, and internal briefings that provide deep insights into the system's operations. Whether we're talking about investments, technology, or member services, it all comes back to one thing: staying informed so we can continue to deliver excellence.
One of the ways we keep that momentum going is through our Board working groups—these smaller teams dive deeper into specific issues, are supported by subject matter experts, and help ensure that information continues to flow and trustees remain actively informed and engaged in the decision-making process.
"This award from NCPERS is a testament to the culture we've built together—one of collaboration, excellence, and continuous learning... This recognition reinforces the value we place on staying informed and investing in both our staff and trustees so we can deliver the highest level of service to our 456,000 members.”
Q: Stan, in your more than 20 years with TRS, how has the pension landscape changed? What areas are most important for plan executives to focus on today?
Stan: The landscape has changed dramatically. Twenty years ago, pension systems operated more independently. Today, it's about collaboration, relationships, and having the agility to adapt quickly in a dynamic environment. Investment portfolios are more complex than ever, and that requires building high-performing teams with the right skill sets—not just in technical knowledge, but in adaptability and innovation.
As a leader, I don't believe in one-person decision-making. That model is outdated. My goal is to empower people—to build strong teams with diverse perspectives, where open dialogue and healthy debate are encouraged. That's how we grow and how we better serve our members. Our success is a reflection of the incredible staff we have at TRS, and the trust we place in one another.
And that's not just true for staff—it applies equally to the Board. TRS is an incredibly complex organization, and it takes both the staff and the Board, working together in close alignment, to be successful. We each have unique roles, but we cannot afford to operate in silos.
Collaboration is essential. I'm proud to be at a place where we have a thoughtful, engaged, and supportive Board—and where the most talented staff I've ever worked with come together every day to carry out our mission, vision, and values.
"Continuing education is an important part of our strategic plan. We've invested in dedicated staff resources to support professional development across the organization, and we're already seeing a positive impact. Learning at TRS is not just individual—it's institutional."
Q: Any final thoughts?
Stan: At TRS, everything we do comes back to the members we serve—Illinois educators who have dedicated their lives to shaping future generations. That sense of purpose drives our commitment to continuous learning, to strong governance, and to fostering a culture of collaboration. I'm incredibly proud of the way our staff and Board work together—bringing their individual strengths to the table, challenging one another thoughtfully, and staying focused on the long-term health and success of the system. It's a privilege to lead an organization that not only embraces complexity, but rises to meet it with integrity, innovation, and shared purpose. And along the way, partners like NCPERS have been invaluable—providing trusted resources, education, and a national platform that helps our trustees and staff grow, connect, and lead more effectively.
Matthew: It's an incredible privilege to serve on a Board that is united by a shared commitment to our mission, vision, and values. We are rowing in the same direction, driven by the responsibility we have to our members. But none of what we do would be possible without the remarkable staff at TRS. The relationship between the Board and staff is truly symbiotic—we need one another to achieve our goals. I'm deeply grateful for the leadership of Stan and his team. This recognition from NCPERS is a testament to the culture we've built together—one of collaboration, excellence, and continuous learning.
Bios:
Stan Rupnik is the Executive Director and Chief Investment Officer (CIO) of the $76.77 billion Teachers' Retirement System of the State of Illinois (TRS), the largest public pension plan in Illinois. With over two decades at TRS, Stan has led transformative initiatives that have solidified the System's position as a leader in institutional investment. He oversees all aspects of the global portfolio, spanning Public Equity, Private Equity, Global Income, Real Assets, and Diversifying Strategies, while managing a dynamic and growing team of professionals and a diverse roster of external managers. Under his leadership, TRS has restructured its portfolio to a cutting-edge, risk-focused model that has enhanced performance and resilience.
A CFA charterholder and University of Illinois alumnus, Stan's prior experience at GE Asset Management and Wayne Hummer Investments laid the foundation for his exceptional expertise. Nationally recognized for his strategic acumen and operational excellence, Stan has redefined TRS's institutional investment process, ensuring the System's financial strength and long-term success as they serve over 456,000 members.
Matthew Hunt is the President of the Board of Trustees for the $76.77 billion Teachers' Retirement System of the State of Illinois (TRS), the largest public pension plan in the state. Since his appointment to the Board in 2019 and subsequent appointment as President in 2021, Matthew has provided strategic leadership and governance oversight for a system serving more than 456,000 members. He also chairs the Deferred Compensation Plan Committee and collaborates closely with the Executive Director, fellow trustees and staff leadership to ensure TRS's long-term sustainability and operational efficiency.
Outside of TRS, Hunt is an Area Senior Vice President at Arthur J. Gallagher Risk Management Services, where he specializes in property and casualty insurance. He is also an active volunteer firefighter with the Glen Ellyn Volunteer Fire Company where he holds the rank of Lieutenant, reflecting his strong commitment to public service. Hunt holds a Bachelor of Science in Economics from the Heider College of Business at Creighton University