Governor Ducey Announces Appointments To Arizona State Retirement System Board Of Trustees

News Release

November 27, 2020

PHOENIX⁠ — Governor Doug Ducey today announced appointments to the Arizona State Retirement System (ASRS) Board of Trustees. The nine-member board governs the pension fund for state employees, acts as fiduciary of the trust fund, and plays a role in legislative, investment and policy decisions. ASRS serves more than 500,000 of Arizona’s public servants across the state, including state employees, our three state universities, community college districts, school districts, charter schools, all 15 counties, most cities and towns, and a variety of political subdivisions, such as fire and water districts.

Governor Ducey is appointing Diane Landis and Ashley Ruiz for the first time, and reappointing Kevin McCarthy and Michael Lofton.

“We’ve sought to ensure the state’s retirement trust funds are managed by people with real world experience and financial management. Today’s appointees more than meet that criteria,” said Governor Ducey. “I’m grateful for the time and work that Kevin McCarthy and Michael Lofton have dedicated to ASRS and am pleased to reappoint them to the Board of Trustees. Diane Landis and Ashley Ruiz will be exceptional additions, who bring extensive experience in budgeting and finance, and I am confident this Board will continue to ensure effectiveness and efficiency within the state’s retirement system.”

Diane Landis is a new appointment to the Board of Trustees and will serve as a public member.  Diane worked for 14 years in investments and financial planning, retiring as Vice President - Investments, for UBS Financial Services in 2007. This year, she fully retired as a CPA after 33 years from a career which also included tax and audit work in her early years.

Diane was a co-founder of Hathaway Enterprises, Inc., a closely-held family corporation that created, designed, developed and sold a software program that financial advisors used for portfolio evaluations. She held several executive positions. Following President George H. W. Bush’s 1988 election, Diane served in the White House Office of Presidential Personnel. Soon after, she was appointed as the White House Liaison at the US Department of Veterans Affairs and remained there for the duration of President Bush’s administration.

Diane was elected to the Litchfield Park City Council in 2010, serving one term until 2015. She has served on the Litchfield Park Industrial Development Authority Board since 2016, has been a Precinct Committeeman since 2009, is a Dodie Londen Excellence in Public Service graduate and Flinn Brown Fellow.

Ashley Ruiz is a new appointment to the Board of Trustees and she will serve as a state employee representative. Ashley has served as the Arizona State Comptroller since March of 2020. Prior to her current role, she served as Interim Deputy State Comptroller from September of 2019 until March of 2020, as well as the Business Administrator for the Arizona Department of Corrections from 2014 until 2019. Prior to that position, she served as the Finance Manager for the University of Phoenix. Ashley has extensive experience in budget development, analysis, and oversight. She is responsible for developing the State of Arizona's Comprehensive Annual Financial Report, and has managed budgets of more than $46 million. She is highly proficient in the use of the Arizona Financial Information System, and is an expert in financial and agency management and government operations. 

Kevin McCarthy is a reappointment to the Board of Trustees and will serve as a public member. Kevin McCarthy is President of the Arizona Tax Research Association, an independent, statewide taxpayer organization that promotes efficient and effective use of tax dollars through sound fiscal policy. A recognized expert in public finance, Kevin has represented Arizona taxpayers on a variety of boards and commissions, including an appointment to the Property Tax Oversight Commission, Debt Oversight Commission, State Board of School Capital Facilities and numerous legislative and executive study committees. 

Michael Lofton is a reappointment to the Board of Trustees and will serve as a public member. Michael is owner and CEO of the Lofton Family of Companies, a real estate, investment and development firm. He is also an owner and partner of Capital Fund, LLC, a private lending company in Arizona. He has been involved with numerous professional organizations related to the home building industry and with several charities focused on helping children and victims of domestic violence. 

Board members are appointed by the Governor to three-year terms. The board is comprised of five appointees representing ASRS beneficiaries and four public members.