Firefighters' Retirement System of Louisiana
| Firefighters' Retirement System of Louisiana | |
 | |
| Basic facts | |
| Location: | Baton Rouge, Louisiana |
| Top official: | Perry Jeselink, board chair |
| Year founded: | 1980 |
| Active members: | 4,691 |
| Website: | Official website |
| Total assets under management | |
| 2023: | $2,272,795,475 |
- See also: Public pensions in Louisiana
The Firefighters' Retirement System of Louisiana (FRS) is a Louisiana state pension fund that provides retirement, disability, and survivor benefits to the state's firefighters and employees of municipal fire departments. FRS had $2,272,795,475 ($2.3 billion) in total assets under management as of June 30, 2023.[1]
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 FRS.
- Pension performance overview: Overview of the funding level and assets managed by FRS.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with FRS, 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 FRS's oversight board, including members and selection.
Background
- See also: Public pensions
The Firefighters' Retirement System of Louisiana (FRS), founded in 1980, invests the assets of and provides funding for the firefighters and employees of municipal fire departments in Louisiana. It operates as a defined benefit plan.[2][1]
FRS served over 4,691 active members and approximately 2,744 retirees and beneficiaries as of June 30, 2023.[2]
Pension performance overview
The following table features information about the funding level and assets managed by the Firefighters' Retirement System of Louisiana as of June 30, 2023:[1]
| Firefighters' Retirement System of Louisiana pension performance (June 30, 2023) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets |
| 2023 | 77.69% | $652,680,661 | $2,272,795,475 |
Assets and asset management
| Environmental, social, and corporate governance |
|---|
|
| • What is ESG? • Enacted ESG legislation • Arguments for and against ESG • Opposition to ESG • Federal ESG rules • ESG legislation tracker • Economy and Society: Ballotpedia's weekly ESG newsletter |
Asset management companies (AMCs) are hired to manage asset investment for state pension funds across all 50 states.
As of October 2024, 330 AMCs were members of the Net Zero Asset Managers Initiative (NZAM), and 391 AMCs were investor participants in the Climate Action 100+ initiative. Both international asset manager initiatives aimed to align the investment decisions of signatories with the goal of achieving net zero greenhouse gas emissions by 2050.[3][4]
NZAM announced on January 13, 2025, that it was suspending operations and removing the commitment statement and list of signatories from its website. The group said in a statement it would reevaluate its plans and operations in light of “[r]ecent developments in the U.S. and different regulatory and client expectations in investors’ respective jurisdictions.”[5]
List of AMCs contracting with the Firefighters' Retirement System of Louisiana
The Firefighters' Retirement System of Louisiana (FRS) contracted with 37 asset management companies (AMCs) or specific funds as of September 30, 2024. Of those companies, seven were investor participants in Climate Action 100+, and nine were members of NZAM, as of October 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with FRS:[6]
| Firefighters' Retirement System of Louisiana (FRS) asset management companies Click on a column header below to sort the list of asset managers. | |||||
|---|---|---|---|---|---|
| AMC name | Investment type | Assets under management | Percentage of total fund assets | NZAM Initiative signatory as of October 2024[7] | Climate Action 100+ signatory as of October 2024 |
| Acadian Emerging Markets Equity | Emerging Markets Equity; | 71,669,671.00 | 2.788% | Yes | Yes |
| AEW Core Property ($12,000,000) | Real Estate Composite; | 28,052,110.00 | 1.091% | No | No |
| AEW Partners VI LP ($20,000,000) | Real Estate Composite; | 185,909.00 | 0.007% | No | No |
| ASB Real Estate Fund | Real Estate Composite; | 21,089,581.00 | 0.820% | No | No |
| Blackrock Global Allocation | GAA Composite; | 40,037,975.00 | 1.558% | Yes | No |
| Blackrock Russell 2500 Index Fund | SMID Cap Composite; | 140,574,191.00 | 5.469% | Yes | No |
| Blackrock US Debt | Core Fixed Income; | 444,606,000.00 | 17.297% | Yes | No |
| Blackrock US TIPS Index | US TIPS Composite; | 50,620,532.00 | 1.969% | Yes | No |
| Boston Partners Global Equity | Global Equity Composite; | 146,785,092.00 | 5.711% | No | No |
| Brandywine MultiSector Fixed Income | Multi-Sector Fixed Income; | 49,918,393.00 | 1.942% | Yes | Yes |
| CCMP Capital Investors III ($15,000,000) | Private Equity; | 114,933.00 | 0.004% | No | No |
| DCM Private Equity II ($7,500,000) | Private Equity; | 150,135.00 | 0.006% | No | No |
| Fisher All Foreign Equity | International Equity Composite; | 139,016,201.00 | 5.408% | No | Yes |
| FRS-GA (Georgia) | Real Estate Composite; | 6,794,949.00 | 0.264% | No | No |
| FRS-LB I (NLTP AZ) | Real Estate Composite; | 12,013,688.00 | 0.467% | No | No |
| GA Crossover Fund ($25,000,000) | Private Equity; | 2,108,975.00 | 0.082% | No | No |
| HarbourVest FRS R3 LLC (Tranche 1) | Private Equity; | 59,869,254.00 | 2.329% | No | No |
| HarbourVest FRS R3 LLC (Tranche 2) | Real Assets Composite; | 5,304,111.00 | 0.206% | No | No |
| Harbourvest IV ($20,000,000) | Private Equity; | 15,688,948.00 | 0.610% | No | No |
| HarbourVest Partners XI Buyout ($35,000,000) | Private Equity; | 34,852,250.00 | 1.356% | No | No |
| Heitman America Real Estate Trust | Real Estate Composite; | 25,485,584.00 | 0.992% | No | No |
| Invesco Oppenheimer Developing Markets | Emerging Markets Equity; | 18,285,943.00 | 0.711% | Yes | No |
| Landmark Equity Partners XV ($25,000,000) | Private Equity; | 4,468,286.00 | 0.174% | No | No |
| Loomis Multi-Sector Fixed Income | Multi-Sector Fixed Income; | 51,423,249.00 | 2.001% | No | No |
| Louisiana Fund I ($1,000,000) | Private Equity; | 1,041,728.00 | 0.041% | No | No |
| LSV International Equity Value | International Equity Composite; | 148,556,385.00 | 5.780% | No | No |
| Mellon Emerging Markets | Emerging Markets Equity; | 35,021,932.00 | 1.363% | No | Yes |
| Mellon Large Cap Value Stock Index Fund | Domestic Equity Composite; | 154,767,894.00 | 6.021% | No | Yes |
| Mellon Stock Index Fund | Domestic Equity Composite; | 413,796,840.00 | 16.099% | No | Yes |
| Mesirow ($35,000,000) | Private Equity; | 43,102,748.00 | 1.677% | No | No |
| Murphree Venture ($2,000,000) | Private Equity; | 91,393.00 | 0.004% | No | No |
| Orleans Core Fixed Income | Core Fixed Income; | 107,105,910.00 | 4.167% | No | No |
| PGIM QS SMID Core | SMID Cap Composite; | 52,709,085.00 | 2.051% | No | No |
| Sentinel Real Estate Fund ($30,000,000) | Real Estate Composite; | 45,121,504.00 | 1.755% | No | No |
| State Street ACWI Index Fund | Global Equity Composite; | 125,502,499.00 | 4.883% | Yes | No |
| Timbervest Crossover Fund ($16,000,000) | Real Estate Composite; | 1,935,984.00 | 0.075% | No | No |
| Wellington Blended Opportunistic EMD | Emerging Markets Debt; | 52,523,523.00 | 2.043% | Yes | Yes |
Governance and accountability
This section features information about the 12-member board of trustees that oversees the Firefighters' Retirement System of Louisiana (FRS). The board is specific to oversight of FRS and does not exercise oversight duties for other state funds.[8]
Board selection method
The board of trustees that oversees FRS is made up of 12 members. The board comprises two members of the Professional Fire Fighters Association who are members of the system that are elected by the officers of the association; two members of the Louisiana Fire Chiefs Association who are members of the system that are elected by the officers of the association; mayors appointed by the Louisiana Municipal Association from municipalities having fire departments participating in the system; a member of the House Committee on Retirement appointed by the speaker, or the member's designee; the chairman of the Senate Committee on Retirement, or their designee; two retirees of the system elected by the membership of FRS; and the state treasurer or their designee and the commissioner of the Division of Administration and their designee.[8]
Board of trustees membership
A 12-member board of trustees oversees the operation and administration of FRS. The following individuals served on the board as of July 2024:[8][9]
- Perry Jeselink, board chair
- Jerry Tarleton, vice chair
- Stacy Birdwell
- Louis Romero
- Clarence Reese, Jr.
- Mayor Darnell Waites
- Tim Kerner
- Mayor Chad Monceaux
- Senator Bob Hensgens
- Taylor F. Barras
- John Fleming
- vacant
See also
- Public pensions in Louisiana
- 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
Footnotes
- ↑ 1.0 1.1 1.2 FFRET.com "Firefighters' Retirement System Employer Pension Report," July 23, 2024
- ↑ 2.0 2.1 FFRET.com, "FRS GASB Report 2023," July 23, 2024
- ↑ The Net Zero Asset Managers Initiative, "The Net Zero Asset Managers Initiative," accessed January 26, 2023
- ↑ Climate Action 100+, "The Three Goals," accessed June 20, 2023
- ↑ Pensions and Investments, "Net Zero Asset Managers initiative to suspend activities in wake of BlackRock departure," accessed January 15, 2024
- ↑ Ballotpedia, "Ballotpedia: Asset management data for state-administered pension funds across the 50 states," March 2023
- ↑ Note: NZAM announced on January 13, 2025, that it was suspending operations and removing the commitment statement and list of signatories from its website.
- ↑ 8.0 8.1 8.2 Casetext.com, "Section 11:2260 - Administration," July 23, 2024
- ↑ FFRET.com, "Board Members," July 23, 2024
| |||||||||||||||||||||||
