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Hampden County Regional Retirement System
| Hampden County Regional Retirement System | |
 | |
| Basic facts | |
| Location: | Agawam, Massachusetts |
| Top official: | Karl J. Schmaelzle, chairman |
| Year founded: | 1937 |
| Active members: | 2,824 |
| Website: | Official website |
| Total assets under management | |
| 2022: | $485,717,894 |
- See also: Public pensions in Massachusetts
The Hampden County Regional Retirement System (HCRRS) is a Massachusetts state pension fund that provides retirement, disability, and survivor benefits to Hampden County's employees and their families. The Hampden County Regional Retirement System had $485,717,894 ($485.7 million) in total assets under management as of January 1, 2022.[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 the Hampden County Regional Retirement System.
- Pension performance overview: Overview of the funding level and assets managed by the Hampden County Regional Retirement System.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with Hampden County 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 Hampden County Regional Retirement System's oversight board, including members and selection.
Background
- See also: Public pensions
The Hampden County Regional Retirement System (HCRRS), 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 Hampden County employees and their families.[2]
HCRRS served over 2,824 active members and approximately 1,952 retirees and beneficiaries as of January 1, 2022.[1]
Pension performance overview
The following table features information about the funding level and assets managed by the Hampden County Regional Retirement System as of January 1, 2022:[1]
| Hampden County Regional Retirement System performance (January 1, 2022) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets |
| 2022 | 54.73% | $401,735,209 | $485,717,894 |
Assets and asset management
| Environmental, social, and corporate governance |
|---|
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| • 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 Hampden County Regional Retirement System
The Hampden County Regional Retirement System contracted with two asset management companies (AMCs) as of December 2021. Of those companies or funds, neither were investor participants in Climate Action 100+ or members of NZAM as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the Hampden County Regional Retirement System:[6]
- GCM Grosvenor
- PRIT
Governance and accountability
This section features information about the five-member board of trustees that oversees the Hampden County Regional Retirement System. The board is specific to oversight of the Hampden County Regional Retirement System and does not exercise oversight duties for other state funds.[7]
Board selection method
The board of trustees that oversees HCRRS is made up of five members. The board comprises two elected members, one member appointed by the member unit treasurers, and one member and one chairman appointed by the Board.[7][2]
Board of trustees membership
A five-member board of trustees oversees the operation and administration of HCRRS. The following individuals served on the board as of September 2024:[7]
- Karl J. Schmaelzle, chairman
- Dawn Fonte
- Robert Taylor
- Patrick E. O’Neil
- vacant
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
Footnotes
- ↑ 1.0 1.1 1.2 Hampden County Retirement Board, "Hampden County Regional Retirement System Actuarial Valuation as of January 1, 2022," September 17, 2024
- ↑ 2.0 2.1 Hampden County Retirement Board, "Plan Summary," September 17, 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
- ↑ 7.0 7.1 7.2 Hampden County Retirement Board, "Members of the Board," September 17, 2024
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