Louisiana Clerks' of Court Retirement and Relief Fund
| Louisiana Clerks' of Court Retirement and Relief Fund | |
 | |
| Basic facts | |
| Location: | Baton Rouge, Louisiana |
| Top official: | Louis Perret, president |
| Active members: | 2,134 |
| Website: | Official website |
| Total assets under management | |
| 2023: | $767,642,054 |
- See also: Public pensions in Louisiana
The Louisiana Clerks' of Court Retirement and Relief Fund (the fund) is a Louisiana state pension fund that provides retirement, disability, and survivor benefits to the state's clerks of court. The fund had $767,642,054 ($767.7 million) 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 the fund.
- Pension performance overview: Overview of the funding level and assets managed by the fund.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with the fund, 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 fund's oversight board, including members and selection.
Background
- See also: Public pensions
The Louisiana Clerks' of Court Retirement and Relief Fund invests the assets of and provides funding for the Louisiana clerks of court. This includes the clerks of court, their deputies and other employees, and the beneficiaries of such clerks of court, their deputies, and other employees. It operates as a defined benefit plan.[2]
The fund served over 2,134 active members and approximately 1,584 retirees and beneficiaries as of June 30, 2023.[1]
Pension performance overview
The following table features information about the funding level and assets managed by the Louisiana Clerks' of Court Retirement and Relief Fund as of June 30, 2023:[1]
| Louisiana Clerks' of Court Retirement and Relief Fund pension performance (June 30, 2023) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets |
| 2023 | 81.46% | $47,921,015 | $767,642,054 |
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 Louisiana Clerks' of Court Retirement and Relief Fund
The Louisiana Clerks' of Court Retirement and Relief Fund (the fund) contracted with 16 asset management companies (AMCs) or specific funds as of June 30, 2024. Of those companies, one was an investor participant in Climate Action 100+, and one was a member of NZAM, as of October 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the fund:[6]
| Louisiana Clerks' of Court Retirement and Relief Fund 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 |
| Fidelity S&P 500 Index | US Equity; | $8,869,419.94 | 1.082% | No | No |
| Great Lakes | US Equity; | $4,533,888.40 | 0.553% | No | No |
| Westfield | US Equity; | $251,011.22 | 0.031% | No | No |
| Earnest | US Equity; | $94,070,050 | 11.480% | No | No |
| Hood River | US Equity; | $63,671,503 | 7.770% | No | No |
| WCM | Int. Equity; | $76,035,192 | 9.279% | No | No |
| TS&W | Int. Equity; | $39,432,008 | 4.812% | No | No |
| LSV | Int. Equity; | $43,438,237 | 5.301% | No | No |
| Driehaus | Int. Equity; | $27,499,966 | 3.356% | No | No |
| SB&H | Int. Equity; | $27,089,269 | 3.306% | No | No |
| FIAM Core Plus | Fixed Income; | $28,280,934 | 3.451% | No | No |
| FIAM Tactical Bond Fund | Fixed Income; | $39,366,170 | 4.804% | No | No |
| Orleans Capital | Fixed Income; | $43,798,150 | 5.345% | No | No |
| IFM Global | Infrastructure; | $83,217,910 | 10.156% | Yes | Yes |
| Clarion | Real Estate; | $42,323,474 | 5.165% | No | No |
| Principal | Real Estate; | $42,222,001 | 5.153% | No | No |
Governance and accountability
This section features information about the 11-member board of trustees that oversees the Louisiana Clerks' of Court Retirement and Relief Fund (the fund). The board is specific to oversight of the fund and does not exercise oversight duties for other state funds.[8]
Board selection method
The board of trustees that oversees the fund is made up of 11 members. The board comprises the president, the first and second vice presidents, the treasurer, and the immediate past president of the Louisiana Clerks of Court Association; a retired member of the fund, elected by the Louisiana Clerks of Court Association; three elected directors of the Louisiana Clerks of Court Association; a member of the Louisiana House Committee on Retirement appointed by the speaker of the House; and the chairman of the Louisiana Senate Committee on Retirement.[8]
Board of trustees membership
An 11-member board of trustees oversees the operation and administration of the fund. The following individuals served on the board as of August 2024:[9]
- Louis Perret, president
- Jeff Skidmore, first vice president
- Randy Briggs
- Jill Sessions
- Veronica Koclanes
- Rick Arceneaux
- David Dart
- Mark Graffeo
- Kim Turlich-Vaughan
- Senator Robert "Bob" Owen
- Representative Sylvia Elaine Taylor
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 Louisiana Clerks of Court Association, "Annual Funding Valuation June 30, 2023, Louisiana Clerks' of Court Retirement & Relief Fund," August 7, 2024
- ↑ Louisiana Clerks of Court Association, "Retirement," August 7, 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 JUSTIA US Law, "LA Rev Stat § 11:1541 (2023)," August 8, 2024
- ↑ Louisiana Clerks of Court Association, "Retirement Board of Trustees," August 8, 2024
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