A second official with the Iowa Public Employees’ Retirement System has been placed on leave amid an investigation into allegations of misconduct.
IPERS Chief Benefit Officer Steven Herbert was placed on administrative leave on April 1, “pending the completion of an investigation concerning allegations of misconduct,” Rachel Simon, a spokesperson for IPERS, confirmed on April 2.
The Des Moines Register previously reported that IPERS CEO Greg Samorajski was placed on administrative leave effective March 31 pending an investigation concerning allegations of misconduct.
The retirement system manages more than $45 billion worth of assets for more than 400,000 current and former public employees.
Herbert received a salary of $176,000 in fiscal year 2025, state records show. Samorajski’s salary that year was $261,000.
The Gazette first reported the news that Herbert was placed on leave.
IPERS General Counsel Elizabeth Hennessey has been appointed as acting IPERS CEO while Samorajski is on leave.
“Neither of these situations poses any risk to the IPERS Trust Fund, and they do not impact the payment of benefits to members,” Simon said in an email. “Because this is a confidential personnel matter, I can’t share additional information about IPERS’ employees who are on leave.”
IPERS reported in December that the system’s funded ratio was 92.17% at the end of fiscal year 2025, an improvement from 90.75% at the end of the prior fiscal year.
As of Sept. 30, 2025, the IPERS investment portfolio had a market value of $48.54 billion and saw a one-year rate of return of 10.14%, exceeding its policy benchmarks and assumed rate of return.
Last year, Gov. Kim Reynolds’ Iowa DOGE Task Force recommended that the state conduct a study on state workers’ benefits and compensation as a precursor to possibly shifting IPERS from a defined benefit plan to a defined contribution plan for future employees.
Republican legislative leaders ruled out making changes to IPERS and have not taken any action on the recommendation.
Rich Wiggins, a former IPERS risk investment officer, is suing the state for wrongful termination, saying he was fired for objecting to questionable investment strategies and reporting policies.
Stephen Gruber-Miller covers the Iowa Statehouse and politics for the Register. He can be reached by email at sgrubermil@registermedia.com or by phone at 515-284-8169. Follow him on X at @sgrubermiller.
This article originally appeared on Des Moines Register: Second IPERS employee placed on leave amid misconduct investigation
Reporting by Stephen Gruber-Miller, Des Moines Register / Des Moines Register
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