Illinois State Universities Retirement System
| Illinois State Universities Retirement System (SURS) | |
 | |
| Basic facts | |
| Location: | Champaign, Illinois |
| Top official: | John Lyons, chairperson |
| Year founded: | 1941 |
| Active members: | 74,645 |
| Website: | Official website |
| Total assets under management | |
| 2023: | $26,770,913,760 |
- See also: Public pensions in Illinois
The State Universities Retirement System (SURS) is a Illinois state pension fund that provides retirement, disability, and survivor benefits to the state's public university, community college, and affiliated agency employees. SURS had $26,770,913,760 ($26.8 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 SURS.
- Pension performance overview: Overview of the funding level and assets managed by SURS.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with SURS, 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 SURS's oversight board, including members and selection.
Background
- See also: Public pensions
The State Universities Retirement System (SURS), founded in 1941, invests the assets of and provides funding for the defined benefit and defined contribution plans that provide retirement benefits to employees of Illinois’ public universities, community colleges, and affiliated agencies. SURS beneficiaries choose between three retirement plan options; the Traditional Pension Plan, the Portable Pension Plan, or the Retirement Savings Plan (RSP).[2]
SURS served over 74,645 active members and approximately 74,189 retirees and beneficiaries as of June 30, 2023.[2][1]
Pension performance overview
The following table features information about the funding level and assets managed by the State Universities Retirement System as of June 30, 2023:[1]
| State Universities Retirement System pension performance (June 30, 2023) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets[3] |
| 2023 | 45.8% | $ 27,669,500,000 | $26,770,913,760 |
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.[4][5]
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.”[6]
List of AMCs contracting with the State Universities Retirement System
The State Universities Retirement System (SURS) contracted with 104 asset management companies (AMCs) or specific funds as of June 30, 2023. Of those companies, 10 were investor participants in Climate Action 100+, and 14 were members of NZAM, as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with SURS:[7]
- Adams Street Partners (NZAM)
- Advent International (NZAM)
- Aksia (NZAM)
- Alinda Capital Partners
- Altaris Capital Partners (NZAM)
- Ares Management
- Ariel Investments
- Aspect Capital
- Ativo Capital Management
- Avance Investment Management
- Basel() Partners
- Basis Investment Group
- Bivium Capital Partners
- BlackRock (NZAM, Climate Action 100+)
- Blackstone Group
- Blue Vista Capital Management
- Brasa Capital Management
- Bregal Sagemount
- Brookfield Asset Management
- Cabot Properties
- Campbell & Company
- Carlyle Property Partners
- Channing Capital Management
- Clarion Partners
- Clearlake Capital Partners
- Cortec Group
- Crayhill Capital Management
- Credit Suisse Asset Management
- Crow Holdings Realty Partners
- Dune Real Estate Partners
- EARNEST Partners
- Ember Infrastructure Partners
- Fairview Capital Partners
- Fortress Capital Formation
- Franklin Templeton Real Estate Advisors
- Garcia Hamilton 8 Associates
- GGV Capital
- GI Partners
- Gladius Capital Management
- GlobeFlex Capital
- GQG Partners
- Great Hill Equity Partners
- Greenbriar Equity Group
- Harvest Partners
- Heitman Capital Management
- Hg Capital
- Homestead Capital
- IFM Investors (NZAM, Climate Action 100+)
- Inflexion Private Equity Partners
- JP Morgan Asset Management
- LM Capital Group
- Lombard Odier Asset Management (NZAM, Climate Action 100+)
- Long Wharf Capital
- Longpoint Realty Partners
- LongTail Alpha
- Macquarie Infrastructure Partners (NZAM, Climate Action 100+)
- MBK Partners
- Meketa Investment Group
- Mesirow Financial Investment Management
- Mondrian Investment Partners
- Muller and Monroe Asset Management
- Nautic Partners
- Neuberger Berman (NZAM, Climate Action 100+)
- Neuberger Berman Private Credit (NZAM, Climate Action 100+)
- Newport Capital Partners
- Nipun Capital
- Nordic Capital
- Northern Trust Asset Management
- Oak HCFT Partners
- Oaktree Capital Management
- OceanSound Partners
- One Equity Partners
- One River Asset Management
- One Rock Capital
- Orchid Asia Group
- Pacific Alternative Asset Management Company
- Pacific Investment Management Company
- PAI Partners
- Pantheon Ventures
- Parametric Portfolio Associates (NZAM, Climate Action 100+)
- Prolog is
- Pugh Capital Management
- Ramirez Asset Management
- Reverence Capital Partners
- RhumbLine Advisers
- Rubicon Technology Partners
- Silver Point Specialty Credit
- Silver Rock Financial
- Solstein Capital
- State Street Global Advisors
- Stellex Capital Management
- StepStone Group
- Strategic Global Advisors
- T Rowe Price
- Thoma Bravo
- Torchlight Investors
- TorreyCove CoInvestment
- Turning Rock Partners
- UBS Realty Investors (NZAM, Climate Action 100+)
- Versor Investments
- Wellington Management Company (NZAM, Climate Action 100+)
- Westbrook Partners
- William Blair (NZAM, Climate Action 100+)
- Xponance
Governance and accountability
This section features information about the 11-member board of trustees that oversees the State Universities Retirement System (SURS). The board is specific to oversight of SURS and does not exercise oversight duties for other state funds.[2]
Board selection method
The board of trustees that oversees SURS is made up of 11 members. The board comprises four trustees appointed by the governor; four active members of SURS elected by the contributing members of SURS; two annuitants elected by the annuitants of SURS; and the governor-appointed chair of the Illinois Board of Higher Education.[2]
Board of trustees membership
An 11-member board of trustees oversees the operation and administration of SURS. The following individuals served on the board as of June 2024:[2]
- John Lyons, chairperson
- Collin Van Meter, vice chairperson
- Scott Hendrie
- Andriy Bodnaruk
- Richard Figueroa
- Jamie-Clare Flaherty
- J. Fred Giertz
- Pranav Kothari
- Steven Rock
- Tony Vasquez
- Mitchell Vogel
See also
- Public pensions in Illinois
- 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 State Universities Retirement System, “Purpose-Led Performance The Annual Comprehensive Financial Report for Fiscal Year Ended June 30, 2023,” June 21, 2024
- ↑ 2.0 2.1 2.2 2.3 2.4 State Universities Retirement System, “All About SURS,” June 21, 2024
- ↑ Note: By default, this refers to the actuarial valuation of total assets. In some cases, the total market value of assets is shown instead. See the cited source for details.
- ↑ 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
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