Edited by LM 4/12/22Not Apprvd

Alaska Retirement
Management Board

Learn how the ARMB manages the the assets of the state's retirement systems.

The Alaska Department of Revenue Alaska Retirement Management Board assumed fiduciary responsibility for the assets of the state's retirement systems as of October 1, 2005.


  • Alysia Jones
    ARMB Liaison Officer
  • P.O. Box 110405
    Juneau, AK 99811-0405
  • Phone: (907) 465-3749
  • Fax: (907) 465-2389
  • Email:

The Board consists of nine trustees, as follows: Two members, consisting of the commissioner of administration and the commissioner of revenue; two trustees who are members of the general public; one trustee who is employed as a finance officer for a political subdivision participating in either the PERS or TRS system; two trustees who are members of PERS; and two trustees who are members of TRS.

  1. Bob Williams (Board Chair)

    Bob Williams was appointed by Governor Walker in March 2016 and reappointed by Governor Dunleavy in March 2020. Bob was born and raised in Palmer, Alaska. He began his teaching career as a Peace Corps teacher in Gambia, Africa. He then taught for more than two decades as a secondary mathematics teach in Alaska with more than a decade of experience teaching AP Calculus. He is a nationally board certified teacher and the recipient of both the Presidential Award for Excellence in Mathematics Teaching and the Horace Mann Teaching Excellence Award. He was the Alaska 2009 Teacher of the Year and was inducted into the National Teachers Hall of Fame in 2017. Mr. Williams has a B.S. in Petroleum Engineering, an M.A. in Mathematics Education, an M.Ed. in Educational Leadership, and a Ph.D. in Public Policy and Administration. Mr. Williams also serves as Chair of the ARMB Defined Contribution Plan Committee.

  2. Allen Hippler (Vice Chair)

    Allen Hippler was appointed by Governor Dunleavy in March 2019. Allen is a Vice President of Commercial Lending at Northrim Bank, where he specializes in underwriting loans for Alaskan businesses. He has almost two decades of experience working in finance throughout the state, most notably Wasilla, Bethel, and Anchorage. Mr. Hippler has chaired the City of Bethel finance committee; was elected to and served on the Bethel City Council, and was named one of Alaska’s ‘Top Forty under Forty’ in 2009. He is active with the Alaska Chamber of Commerce, and currently is Vice Chairman of that organization. Previous service to the State of Alaska includes working as a Commissioner of the Alaska Health Care Commission. Mr. Hippler holds a B.A. in Economics from the University of Dallas. Mr. Hippler also serves as Chair of the Actuarial Committee.

  3. Lorne Bretz

    Lorne Bretz was appointed by Governor Dunleavy in March 2019. Lorne immigrated to Alaska in 1992, and with its vast beauty, it quickly became home. Volunteering in the community, hiking and off-road adventuring are some of Lorne's favorite hobbies. Mr. Bretz is the Plan Administrator for the Municipality of Anchorage Retiree Medical Funding Program Trust for Police Officers and Firefighters. He has a Masters in Business Administration, a Retirement Plans Associate designation and is a Certified Financial Planner professional. He has a passion for finances and a desire to support the needs of retirees and future retirees of the state he calls home.

  4. Donald Krohn

    Donald Krohn was appointed by Governor Dunleavy in March 2021. He began his career in law enforcement more than 45 years ago with a four-year stint in the Air Force. From there, he joined the U.S. Customs Service in Chicago, working on narcotics interdiction. In 1979, he was transferred to Anchorage and after five more years working in inspections and intercepting drug traffic, he joined the Anchorage Police Department. Mr. Krohn worked for several years at the department as a detective specializing in white-collar crime. He was then promoted to the major crime's unit. He finished his 18 years at APD working major crimes and as a homicide detective. In January 2002, he joined First National Bank Alaska as Security Officer. During his first three years at the bank, he developed and implemented programs that resulted in an 80 percent reduction in successful criminal attacks against the bank and its customers. He retired in May 2020. Mr. Krohn also holds a B.S. in Occupational Education, with a minor in Criminal Justice from Wayland Baptist University.

  5. Lucinda Mahoney

    Lucinda Mahoney is the Commissioner of the Department of Revenue appointed by Governor Dunleavy in February 2020. Lucinda has over 30 years of broad business experience working for various companies in the State of Alaska. Her experience includes investment management, business valuations, treasury, debt, accounting, strategic planning, budgeting, process improvements, shared services and Sarbanes Oxley consulting. Lucinda was previously the CFO for the Municipality of Anchorage. She also managed the Arctic Slope Regional Corporation Shared Services Center. Prior to that, she was a Director with KPMG LLP managing its business consulting practice in Alaska. Finally, she held various management positions at ARCO, a multibillion oil company. Lucinda has a Master’s of Business Administration, University of Alaska; a Bachelors of Business Administration with a concentration in Finance, University of Texas; and is a Certified Valuation Analyst with the National Association of Certified Valuation Analysts.

  6. Dennis Moen

    Dennis Moen was appointed by Governor Dunleavy in 2020. He is a retired Facility Manager for the State of Alaska, Department of Transportation & Public Facilities, Northern Region. Mr. Moen established and managed a multi-million-dollar annual operating budget. Supervised over 50 employees. Developed an annual budget for over 400 state owned facilities and was the Contracting Officer for 100’s of state vendors. Fourteen hours after retiring from the State of Alaska, he went to work for the Public Employees Local 71 Laborer’s Union. He was elected as Business Manager/Secretary Treasurer in 2012. As Business Manager, Mr. Moen represented 2400 members statewide. He developed a multi-million-dollar budget and provided fiduciary oversight of Local 71’s operating budget. Dennis directed investment bankers and economic consultants for PE Local 71’s Health Trust Fund. He also oversaw actuarial analysis and audits. Mr. Moen was concurrently Business Manager/Secretary Treasurer for Alaska District Council of Laborers for three Alaska Laborer Locals.He was also the Vice President of the Pacific Health Coalition (PHC), a private health coalition representing 250,000 members through public and private unions and small businesses. Mr. Krohn lived and raised his 2 children in Fairbanks, Alaska for 40 years. He is a private pilot, a Coast-Guard Captain for 100-ton vessels and since his retirement from the Union in 2019 enjoys commercial fishing in Southeast Alaska.

  7. Sandra K. Ryan

    Sandra Ryan has been a teacher of mathematics and computer science in the Fairbanks North Star Borough School District since 1994. She currently serves as the Fairbanks Education Association President, representing over 800 certificated staff. She also served as a member of the District’s curriculum committee, an advanced placement teacher in both AP Computer Science and AP Statistics, on two school Accreditation Committees, and on the Education Excellence for Teachers and Students Committee. Ms. Ryan is a new local presidents’ trainer for the National Education Association, a member of Alpha Delta Kappa, and serves on the Fairbanks Chamber of Education and Commerce Workforce Committee. She holds a B.S in Communications from the University of Texas at Austin, a B.S in Mathematics from St. Edwards’s University, and an M.S in Computer Science—Software Engineering from the University of Alaska Fairbanks.

  8. Paula Vrana

    Paula Vrana is the Commissioner of the Department of Administration, appointed by Governor Dunleavy on September 30, 2021. She served as deputy commissioner of the department since January 2019. Commissioner Vrana is an attorney and lifelong Alaskan, her family roots in Southeast Alaska date back to early World War II years in Skagway. She practiced law at the law firm of Brena, Bell & Clarkson and has served as the Chief Executive Officer of Copper River Native Association as well as Executive Director of Hospice of Anchorage.

  9. Michael Williams

    Michael Williams was appointed by Governor Dunleavy in March 2022. He previously served on the board from 2005 to 2012. He works for the Alaska Department of Revenue as a Revenue Audit Supervisor, managing the State’s corporate income tax program. He also serves as Secretary/Treasurer for the Supervisory Unit of the Alaska Public Employees Association, and since 2005 has been the treasurer for the Pacific Health Coalition, a private health coalition representing 250,000 members through public and private unions and small businesses. He is an avid reader and travel enthusiast. Michael holds a B.A. in Accounting and a Master of Taxation from Weber State University. He is professionally licensed as an Enrolled Agent.

The Retirement Management Board appoints an Investment Advisory Council (IAC) composed of three members who possess experience and expertise in financial investments and management of investment portfolios.

  1. Dr. William W. Jennings

    Dr. William W. Jennings is a civilian professor at the U.S. Air Force Academy. He holds a B.B.A. in finance and accounting as well as a B.A. in economics from Southern Methodist University and a Ph.D in finance from the University of Michigan. Dr. Jennings’ current research covers energy investing, investment policy statements, investment committee operations, portfolio rebalancing, and dealing with post-retirement medical liabilities. He serves the community on several investment committees supervising pension and endowment funds. Dr. Jennings has earned the right to use the Chartered Financial Analyst designation. His appointment expires June 30, 2023.

  2. Dr. Jerrold Mitchell

    Dr. Jerrold Mitchell managed domestic and international equity portfolios for institutions and mutual funds for over twenty-five years at Wellington Management Company, where he was a partner. He also served as Chief Investment Officer of the Massachusetts state pension fund for four years and was Chief Investment Officer of The Boston Foundation. He is currently a partner at Saltonstall & Co. He is a graduate of Yale University and Harvard Law School and was an Adjunct Professor of Finance at Brandeis University. Dr. Mitchell's appointment expires June 30, 2021.

  3. Ruth Ryerson

    Ruth Ryerson spent the last 32 years of her career in public pension fund management, with the last six as Executive Director of the Wyoming Retirement System. Prior to that she was the Executive Director and Chief Investment Officer for the Fort Worth Employees' Retirement Fund and Chief Executive Officer of the Colorado Fire and Police Pension Association. She earned her bachelor's degree in Business Administration / Finance from the University of Wisconsin and her MBA in International Business from Regis University in Denver. Her professional certifications include CEBS, CIA, CMA, and CGFM. Ms. Ryerson's appointment expires December 31, 2022.

Page Last Modified: 05/12/22 18:54:37