Hampshire County Retirement System

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Hampshire County Retirement System
Basic facts
Location:	Northampton, Massachusetts
Top official:	Patrick E. Brock, chairman
Year founded:	1937
Active members:	2,061
Website:	Official website
Total assets under management
2024:	$493,335,791

See also: Public pensions in Massachusetts

The Hampshire County Retirement System (HCRS) is a Massachusetts state pension fund that provides retirement, disability, and survivor benefits to Hampshire County employees and their families (excluding the cities of Northampton and Easthampton). The Hampshire County Retirement System had $493,335,791 ($493.3 million) in total assets under management as of January 1, 2024.

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 Hampshire County Retirement System.
• Pension performance overview: Overview of the funding level and assets managed by the Hampshire County Retirement System.
• Assets and asset management: Information about the asset management companies (AMCs) that contract with Hampshire County 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 Hampshire County Retirement System's oversight board, including members and selection.

Background

See also: Public pensions

The Hampshire County Retirement System (HCRS), 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 Hampshire County employees and their families (excluding the cities of Northampton and Easthampton).

HCRS served over 2,061 active members and approximately 1,360 retirees and beneficiaries as of January 1, 2024.

Pension performance overview

The following table features information about the funding level and assets managed by the Hampshire County Retirement System as of January 1, 2024:

Hampshire County Retirement System performance (January 1, 2024)
Fiscal year	Percent funded	Unfunded liabilities	Total assets
2024	75.1%	$163,963,418	$493,335,791

Assets and asset management

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.

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.”

List of AMCs contracting with the Hampshire County Retirement System

The Hampshire County Retirement System contracted with seven asset management companies (AMCs) as of December 31, 2021. Of those companies or funds, one was an investor participant in Climate Action 100+, and none were members of NZAM as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the Hampshire County Retirement System:

• Ascent Venture Partners
• Barings Tower Square (Climate Action 100+)
• Glouston Capital Partners, LLC
• Lexington Partners
• Perella Weinberg Partners
• Portfolio Advisors
• PRIM

Governance and accountability

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

Board selection method

The board of trustees that oversees HCRS 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 HCRS. The following individuals served on the board as of September 17, 2024:

• Patrick E. Brock, chairman
• Joseph Shea
• Jennifer LaFountain
• Jane E. Wolfe
• Joe M. Cook

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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