Become part of the movement for unbiased, accessible election information. Donate today.
Legislators' Retirement System of Nevada
| Legislators' Retirement System of Nevada | |
 | |
| Basic facts | |
| Location: | Carson City, Nevada |
| Top official: | Mark Stevens, chair |
| Year founded: | 1967 |
| Active members: | 25 |
| Website: | Official website |
| Total assets under management | |
| 2022: | $4,822,874 |
- See also: Public pensions in Nevada
The Legislators' Retirement System of Nevada (LRS) is a Nevada state pension fund that provides retirement, disability, and survivor benefits to the state's legislators and their families. The Legislators' Retirement System of Nevada had $4,822,874 ($4.8 million) in total assets under management as of June 30, 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 LRS.
- Pension performance overview: Overview of the funding level and assets managed by LRS.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with LRS, 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 LRS's oversight board, including members and selection.
Background
- See also: Public pensions
The Legislators' Retirement System of Nevada (LRS), founded in 1967, is a fund administered by the Nevada Public Employees' Retirement Board. LRS operates as a defined benefit plan based on a formula established by Nevada state law. These plans—based on the employee's length of service and salary— provide retirement, disability, and survivor benefits to the state's legislators and their families.[1]
LRS served over 25 active members and approximately 69 retirees and beneficiaries as of June 30, 2022.[1]
Pension performance overview
The following table features information about the funding level and assets managed by the Legislators' Retirement System of Nevada as of June 30, 2022:[1]
| Legislators' Retirement System of Nevada performance (June 30, 2022) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets |
| 2022 | 95.1% | $247,810 | $4,822,874 |
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.[2][3]
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.”[4]
List of AMCs contracting with the Legislators' Retirement System of Nevada
The Legislators' Retirement System of Nevada (LRS) contracted with three asset management companies (AMCs) as of March 31, 2022. Of those companies or funds, none were investor participants in Climate Action 100+, and two were members of NZAM as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the LRS:[5]
- AllianceBernstein (NZAM)
- Mellon Capital
- Payden & Rygel (NZAM)
Governance and accountability
This section features information about the seven-member board of trustees that oversees the Legislators' Retirement System of Nevada (LRS). The board— titled the Nevada Public Employees' Retirement Board— is not specific to oversight of the LRS and does exercise oversight duties for other state funds.[6][1]
Board selection method
The board of trustees that oversees LRS is made up of seven governor-appointed members.[1]
Board of trustees membership
A seven-member board of trustees oversees the operation and administration of LRS. The following individuals served on the board as of November 2024:[6]
- Mark Stevens, chair
- Brian A. Wallace, vice-chair
- Dawn Huckaby
- Todd Ingalsbee
- Norma Santoyo
- Jessica Colvin
- Cameron Wagner
See also
- Public pensions in Nevada
- 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 1.3 1.4 1.5 Nevada Legislature, "Legislators' Retirement System of Nevada - a Component Unit of the State of Nevada - Annual Financial Report- Fiscal year Ended June 30, 2022," November 27, 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
- ↑ 6.0 6.1 Nevada Public Employees' Retirement System, "Retirement Board," November 13, 2024
| |||||||||||||||||||||||
