Nasfund chairman Charles Vee announced this week that Tarutia, who had served the fund for the last 35 years, 15 of those years as chief executive officer, had given the board notice of his intention to retire on March 31, 2023.
He said the board respected Tarutia's decision and had started the process of recruiting a suitable replacement, The National newspaper reported.
"Ian has served the fund, Nasfund its predecessor NPF (National Provident Fund) and the fund members over the last 35 years with distinction and his departure will be a big loss for the organisation.
"He has led the fund as CEO since November 2011 and presided over a period of sustained profitability, membership growth, balance sheet growth and improved member servicing on his watch.
"He has built a strong leadership team and, pleasingly, most are all competent Papua New Guineans," Vee said.
Vee said it would be business as usual for Nasfund with the board and management looking forward to delivering another set of positive results for members for the 2022 financial year.
Tarutia, 54, said he was comfortable with his decision to retire from the fund.
"I have served Nasfund and its predecessor National Provident Fund (NPF) for almost 35 years," Tarutia said.
"Out of this I have served 15 years at the CEO level. As my first employer straight from university the fund has been a big part of my adult and professional life.
"I have seen the fund from its lowest time as an organisation on the brink of extinction to its peak of distinction as a leading superannuation and financial institution in Papua New Guinea and the Pacific today."
Tarutia said members had benefited immensely from the turnaround of the fund, through improved governance, focus on service, innovative products, increased retirement savings and return on investments.
He added that the fund was staffed by well qualified, competent and dedicated Papua New Guineans who were passionate about serving members.
"I am privileged and honoured to have played a role in the consolidation, rebuild and transformation phase of the fund to where it is today.
"But the time has come to pass the baton to someone else to take the reins.
"I am keen to pursue other personal interests and endeavours and look forward to the next phase of life."