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Massachusetts Bay Transportation Authority Retirement Fund

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Massachusetts Bay Transportation Authority Retirement Fund
MBTARF logo.png
Basic facts
Location:Boston, Massachusetts
Top official:Research pending
Year founded:1948
Active members:5,805
Website:Official website
Total assets under management
2023:$1,721,908,090
See also: Public pensions in Massachusetts

The Massachusetts Bay Transportation Authority Retirement Fund (MBTARF) is a Massachusetts state pension fund that provides retirement, disability, and survivor benefits to the employees of the Massachusetts Bay Transportation Authority employees and their families. The Massachusetts Bay Transportation Authority Retirement Fund had $1,721,908,090 ($1,721.9 million) in total assets under management as of December 31, 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

See also: Public pensions

The Massachusetts Bay Transportation Authority Retirement Fund (MBTARF), founded in 1948, 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 the Massachusetts Bay Transportation Authority employees and their families.[2]

MBTARF served over 5,805 active members and approximately 6,800 retirees and beneficiaries as of December 31, 2023.[1]

Pension performance overview

The following table features information about the funding level and assets managed by the Massachusetts Bay Transportation Authority Retirement Fund as of December 31, 2023:[1]

Massachusetts Bay Transportation Authority Retirement Fund performance (December 31, 2023)
Fiscal year Percent funded Unfunded liabilities Total assets
2023 55.83% $1,459,032,710 $1,721,908,090

Assets and asset management

Environmental, social, and corporate governance
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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 Massachusetts Bay Transportation Authority Retirement Fund

The Massachusetts Bay Transportation Authority Retirement Fund contracted with 78 asset management companies (AMCs) as of December 31, 2021. Of those companies or funds, five were investor participants in Climate Action 100+, and seven were members of NZAM as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the Massachusetts Bay Transportation Authority Retirement Fund:[6]

  • AFL CIO BLDG INVST TR
  • AFL-CIO Housing
  • Alliance Bernstein (NZAM)
  • Amalgamated Bank of New York
  • Aristotle Capital Management (Climate Action 100+)
  • BENTALL GREEN OAK
  • Boston Partners
  • COLONY INVESTORS VII LP
  • CRESCENT MEZZ PARTNERS VIIB (Climate Action 100+)
  • Eaton Vance
  • EUROPEAN STRATEGIC PARTNERS 2006B
  • EUROPEAN STRATEGIC PARTNERS 2008A
  • EUROPEAN STRATEGIC PARTNERS II
  • GROSVENOR OPPOR CREDIT III
  • Gryphon International Investment Corp.
  • Hamilton Lane
  • Income Research & Management
  • INTERCONTINENAL REAL ESTATE CORP
  • Invesco (NZAM)
  • JP MORGAN ASSET MANAGEMENT (NZAM)
  • LAVIEN (fka Quadrangle Capital Partners II)
  • LAZARD TECHNOLOGY II (NZAM, Climate Action 100+)
  • LEXINGTON CAPITAL PARTNERS IX
  • LEXINGTON CAPITAL PARTNERS VIB
  • LEXINGTON CAPITAL PARTNERS VII
  • LEXINGTON CAPITAL PARTNERS VIII
  • LEXINGTON MIDDLE MARKET
  • LEXINGTON MIDDLE MARKET II
  • LEXINGTON MIDDLE MARKET III
  • LEXINGTON MIDDLE MARKET IV
  • Loomis, Sayles & Company
  • Morgan Stanley Investment Management
  • NEW MOUNTAIN PARTNERS II
  • NEW MOUNTAIN PARTNERS III
  • NEW MOUNTAIN PARTNERS IV
  • NEW MOUNTAIN PARTNERS V
  • NEW MOUNTAIN PARTNERS VI
  • OAKTREE MEZZANINE FUND - CLASS A
  • OAKTREE MEZZANINE FUND - CLASS B
  • OPUS CAPITAL VENTURE PARTNERS V
  • PanAgora Asset Management
  • Pension Reserves Investment Management
  • PHAROS CAPITAL PARTNERS
  • PHAROS CAPITAL PARTNERS II
  • PHAROS CAPITAL PARTNERS III
  • Principal Global Investors
  • PRIT PEVY 2020 VINTAGE
  • PRIT PEVY 2021 VINTAGE
  • PRUDENTIAL REAL ESTATE INVESTORS
  • RBC Global Asset Management (Climate Action 100+)
  • Sands Capital Management
  • SCP PARTNERS II
  • SIGULER GUFF & COMPANY
  • SIGULER GUFF BRIC OPPN FDII
  • SL CAPITAL ESF I
  • SL CAPITAL SOF II
  • State Street Global Advisors (NZAM)
  • STERLING CAPITAL PARTNERS
  • STERLING CAPITAL PARTNERS II
  • STERLING CAPITAL PARTNERS III
  • STERLING CAPITAL PARTNERS IV
  • SVB CAPITAL PARTNERS II
  • SVB CAPITAL PARTNERS III
  • SVB STRATEGIC INVESTORS III
  • SVB STRATEGIC INVESTORS VIII
  • TA REALTY CORE PROPERTY FUND
  • The Rock Creek Group (NZAM)
  • TOP TIER VENTURE VELOCITY FUND
  • VENTURE LENDING + LEASING IV
  • VENTURE LENDING + LEASING IX
  • VENTURE LENDING + LEASING V
  • VENTURE LENDING + LEASING VI
  • VENTURE LENDING + LEASING VII
  • VENTURE LENDING + LEASING VIII
  • WELLINGTON PARTNERS II (NZAM, Climate Action 100+)
  • WLR RECOVERY FUND V
  • WTI FUND X
  • Z CAPITAL SPECIAL SIT. FD II

Governance and accountability

This section features information about the five-member board of trustees that oversees the Massachusetts Bay Transportation Authority Retirement Fund. The board is specific to oversight of the Massachusetts Bay Transportation Authority Retirement Fund and does not exercise oversight duties for other state funds.[7]

Board selection method

The board of trustees that oversees MBTARF is made up of five members. The board is composed as follows:[7]

“ Said board shall consist of five members as follows: the treasurer of the authority who shall be a member ex officio, a second member appointed by the appointing authority of the authority, a third and fourth member who shall be elected by the members in or retired from service of such system from among their number in such manner and for such term, not exceeding three years, as the chairman of the authority shall determine, and a fifth member who shall not be an employee, retiree, or official of the governmental unit and who shall be appointed by the other four members for a term of three years.[8] ”

Board of trustees membership

Note: Research regarding the MBTARF Board of Trustees is pending.

See also

External links

Footnotes

  1. ↑ 1.0 1.1 1.2 MBTARF, "Annual Comprehensive Financial Report," September
  2. ↑ MBTARF, "Home," September 11, 2024
  3. ↑ The Net Zero Asset Managers Initiative, "The Net Zero Asset Managers Initiative," accessed January 26, 2023
  4. ↑ Climate Action 100+, "The Three Goals," accessed June 20, 2023
  5. ↑ Pensions and Investments, "Net Zero Asset Managers initiative to suspend activities in wake of BlackRock departure," accessed January 15, 2024
  6. ↑ Ballotpedia, "Ballotpedia: Asset management data for state-administered pension funds across the 50 states," March 2023
  7. ↑ 7.0 7.1 MA Legislature, "Chapter 32, Section 20: Administration by boards," September 11, 2024
  8. ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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