Essex Regional Retirement System

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Essex Regional Retirement System
Basic facts
Location:	Danvers, Massachusetts
Top official:	Susan J. Yaskell, chair
Year founded:	1937
Active members:	2,933
Website:	Official website
Total assets under management
2022:	$634,937,450

See also: Public pensions in Massachusetts

The Essex Regional Retirement System (ERRS) is a Massachusetts state pension fund that provides retirement, disability, and survivor benefits to Essex County employees and their families. The Essex Regional Retirement System had $634,937,450 ($634.9 million) in total assets under management as of January 1, 2022.

The management of public pension funds can indicate support or opposition to environmental, social, and corporate governance (ESG) investment practices. ESG investing considers the extent to which corporations align with and promote certain non-financial standards, such as net carbon emission or corporate board diversity goals. States typically hire asset management companies (AMCs) to direct pension plan investments, some of which have ESG commitments that guide their strategies.

This article features the following sections:

• Background: Information about the structure and functions of the Essex Regional Retirement System.
• Pension performance overview: Overview of the funding level and assets managed by the Essex Regional Retirement System.
• Assets and asset management: Information about the asset management companies (AMCs) that contract with Essex Regional Retirement System, including a list of contracting AMCs that are participants in the Net Zero Asset Managers Initiative and the Climate Action 100+ initiative.
• Governance and accountability: Details about the Essex Regional Retirement System's oversight board, including members and selection.

Background

See also: Public pensions

The Essex Regional Retirement System (ERRS), founded in 1937, operates as a defined benefit plan based on a formula established by Massachusetts state law. These plans—based on the employee's length of service and salary— provide retirement, disability, and survivor benefits to Essex County Employees and their families.

ERRS served over 2,933 active members and approximately 2,000 retirees and beneficiaries as of January 1, 2022.

Pension performance overview

The following table features information about the funding level and assets managed by the Essex Regional Retirement System as of January 1, 2022:

Essex Regional Retirement System performance (January 1, 2022)
Fiscal year	Percent funded	Unfunded liabilities	Total assets
2022	60.31%	$417,796,719	$634,937,450

Assets and asset management

Asset management companies (AMCs) are hired to manage investment assets for state pension funds across all 50 states.

The Net Zero Asset Managers Initiative (NZAM) suspended operations in January 2025 and relaunched in February 2026 with more than 250 signatories under a revised commitment statement that removed its prior net-zero deadline requirement.

As of October 2024, 391 AMCs were investor participants in the Climate Action 100+ initiative, which aims to align investor engagement with companies toward the goal of net zero greenhouse gas emissions by 2050.

List of AMCs contracting with the Essex Regional Retirement System

The Essex Regional Retirement System contracted with one asset management company (AMC) as of July 31, 2022. The company was neither an investor participant in Climate Action 100+ nor a member of NZAM as of 2024. The following list identifies the AMC (and in some cases, the specific funds) contracting with the Essex Regional Retirement System:

• Pension Reserves Investment Trust

Governance and accountability

This section features information about the five-member board of trustees that oversees the Essex Regional Retirement System. The board is specific to oversight of the Essex Regional Retirement System and does not exercise oversight duties for other state funds.

Board selection method

The board of trustees that oversees ERRS is made up of five members. The board is composed as follows:

“ …the first member shall be elected by the other four members for successive 6–year terms. If the first member is not chosen by the other four members within 30 days of the expiration of his term, or of any earlier vacancy in his office, the public employee retirement administration commission shall appoint the first member. …the second member shall be a member of the regional retirement board advisory council, and shall be elected by a majority of those present and voting at a public meeting of said council, properly posted, called specifically for such election pursuant to paragraph (g), for successive three-year terms. …the third member shall be elected by the membership in accordance with paragraph (h) for successive three year terms. …the fourth member shall be elected by the membership in accordance with paragraph (h) for successive three year terms. The elected members shall be active or retired members of the regional retirement system or one whose retirement is being reimbursed by that system in accordance with the provision of paragraph (c) of subdivision (8) of section 3 of chapter 32. …A fifth member, who shall not, except as provided in this subparagraph, be an employee, retiree or official of the retirement system, or of any of its constituent governmental units, shall be chosen by the other four members and serve for a term of five years; provided, however, that in the first instance, the fifth member shall be the currently serving second member, whose term of office as second member shall expire on the date of transfer. Thereafter, the fifth member shall be chosen as provided in this subparagraph. If the fifth member is not chosen provided in this subparagraph within 30 days of the expiration of his term, or of any earlier vacancy in his office, the public employee retirement administration commission shall appoint the fifth member. ”

Board of trustees membership

A five-member board of trustees oversees the operation and administration of ERRS. The following individuals served on the board as of September 2024:

• Susan J. Yaskell, chair
• Vincent R. Malgeri, vice chair
• Katherine E. Carleton
• Kevin A. Merz
• Tracy A. Blais

See also

• Public pensions in Massachusetts
• Environmental, social, and corporate governance (ESG)
• Arguments about environmental, social, and corporate governance (ESG)
• Opposition to environmental, social, and corporate governance (ESG) investing
• Reform proposals related to environmental, social, and corporate governance (ESG)
• State legislative approaches opposing ESG investing
• State legislative approaches supporting ESG investing

External links

• Search Google News for this topic

Footnotes

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