John Wade Announces Retirement; Mark Maus to Lead Actuarial Services

John Wade recently announced his plans to retire, effective July 1, 2015, as chief actuary and vice president of NRECA.

John began his career with NRECA in September 1989 as the manager of pension products. Over the years, he has worked on numerous projects and initiatives, including the “prepayment” program for the Retirement Security (RS) Plan. This program dramatically strengthened the RS Plan’s financial security, helping pave the way for several recent legislative successes that help keep the RS Plan affordable for our members.

John’s career witnessed years of market extremes – from the time of high interest rates that led to the RS Plan contribution moratorium in the mid-1980s through the 1990s to the dramatic market correction of 2008/2009, which ultimately led to the creation of the RS Plan’s prepayment program. “John’s role in the design and implementation of the prepayment initiative was critical. I cannot think of a more important event in the recent history of the RS Plan, both in terms of its direct impact on contribution rates and its demonstration to Congress that our RS Plan should not be subject to the same funding rules as single employer plans going forward. This unique program was also a clear demonstration of the importance of the RS Plan to electric co-ops and the principle of ‘cooperation among cooperatives,’ as evidenced by the voluntary participation of over 600 co-ops contributing over $1.8 billion to the RS Plan in one year” said Peter Baxter, senior vice president of insurance & financial services.

When asked what his retirement plans will include, John alluded to the many years spent crisscrossing the country meeting with co-op members, saying, “I’ll still be doing a lot of traveling in retirement, just broadening my destinations across three continents as I travel to where my four daughters and eleven grandchildren live.”

Mark Maus, an enrolled actuary and senior director on John’s team, will be leading Actuarial Services effective with John’s retirement.

Mark started at NRECA in 2012 and has worked with John closely on a number of strategic projects including the RS Plan prepayment program, the individual cost-of-living annuity option, and development of the new RS Plan platform. Mark has over 25 years of experience in the retirement benefits industry and is a fellow of the Society of Actuaries.

Reflecting on John’s years at NRECA, Mark noted that “John’s focus on the long-term financial health of our benefit programs has allowed membership to continue to offer affordable, accessible benefit programs to their employees. John’s skill at translating obscure actuarial and technical information into workable solutions to complex problems has benefited many members over the years. I am privileged to have worked so closely with him, and will deeply miss his unique blend of intellect, courteousness, and sense of humor.”