Howard Bicker announced he is stepping down from the Minnesota Retirement Fund as head as he approaches the age of 65. The Minnesota Retirement Fund, however, have yet to find the successor to Mr. Bicker. According to a copy of a contract obtained by the Associated Press, the state is willing to pay a search firm about US$120,000 to find the right person.

The Minnesota Retirement Fund wants to hire a replacement by September so that Mr. Bicker can slowly transition into retirement when he turns 65 in October. One of the major challenges in finding a good candidate is the topic of salary. Private businesses pay better compared to public agencies such as the Minnesota Retirement Fund.

"The profile of these public pension funds has increased significantly. A generation ago these pension funds were viewed largely as back-office operations of state and local government - not well-recognized, not well-understood. The dollars involved were much lower than they are now," Keith Brainerd, the National Association of State Retirement Administrators research director, explained.

Bicker first joined the Minnesota Retirement Fund in 1971 immediately after completing his degree in accounting at Winona State University.