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Investment Advisory Council

The ARMB appoints three members to an Investment Advisory Council (IAC). The Investment Advisory Council's role is to:

  • Review the investment decisions made by the board;
  • Make recommendations to the board concerning investment policies, strategies, and procedures;
  • Advise the board on selection of performance consultants and on the form and content of annual reports; and
  • Provide other advice as requested by the board.

Members of the council serve at the pleasure of the board for staggered three-year terms.

Current Council Members

RUTH TRAYLOR (Seat One)

Ruth Traylor 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. Traylor's appointment expires June 30, 2025.

JOSH RABUCK (Seat Two)

Mr. Rabuck serves as the Chief Investment Officer for Indiana University Health, overseeing the management of the investment program for the one of nation’s largest Academic Medical Systems, managing assets across various pools of capital, including the system’s cash, long term investment pool, foundation and various insurance company reserves.  In addition to those capital pools, he also serves as a member of IU Health’s Retirement Plan Committee which oversees the system’s defined contribution plans. Prior to joining IU Health, Mr. Rabuck served in several roles with the Indiana Public Retirement System (INPRS), completing his tenure as Deputy Chief Investment Officer.  He serves on the Investment Advisory Committee for AdventHealth.  He is a strategic advisor to Investment Office Resources, LLC (an innovative platform to help institutional investment offices) as well as a strategic advisor to a single-family office located in Indianapolis.  He earned his bachelor's degree in business and religious studies from Franklin College. Mr. Rabuck's appointment expires June 30, 2026.


DR. WILLIAM W. JENNINGS (Seat Three)

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. Dr. Jennings' appointment expires June 30, 2024.