The board also elected trustee Jerry Crisostimo as second vice chairman.
Vice Chairman Pedro Q. Dela Cruz keeps his post.
Igisomar replaced former Sen. Juan T. Guerrero who resigned last August to focus on his Independent gubernatorial bid.
The new chairman’s election was affirmed by a vote of acclamation. No other trustee was nominated for the post.
“Thank you,” Igisomar told the six-member board. “I will do my best to work with everybody. I don’t know what to say. I am speechless. I’ll go ahead and accept this [new responsibility] until February.”
All members of the board are political appointees of the governor subject to the Senate’s confirmation.
The board, which is mandated to hold a general meeting once every two years, is scheduled to hold one in February.
Before the board’s election, the trustees first amended their bylaws to be able to vote for the vacancy.
Board counsel Viola Alepuyo told them the amendments essentially will allow the trustees to vote for officers not just during their general meeting but whenever there is a vacancy, and that instead of having just two officers there will now be three to ensure the continuity of conducting the Fund’s business.
The officers can now be elected by a simple majority and not two-thirds.
A new section was also inserted in the bylaws allowing the trustees to participate in board meetings through electronic means like the telephone, video or any other electronic medium. But voting by proxy is still not allowed.
The Fund is working with the administration and the Legislature on how to settle a court judgment awarding the pension agency $231 million in unpaid government contributions as of April this year.
The court said 16 percent of the total personnel expenses each fiscal year should be appropriated as payment to the Fund as the government’s share for the retirement benefits of public servants enrolled under the defined benefit plan.
A new pension plan known as the defined contribution is self-sustaining and is mainly funded through members’ contributions.
