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Massachusetts Housing Finance Agency Employees' Retirement System
| Massachusetts Housing Finance Agency Employees' Retirement System | |
 | |
| Basic facts | |
| Location: | Boston, Massachusetts |
| Top official: | Michael Fitzmaurice, chair |
| Active members: | 316 |
| Website: | Official website |
| Total assets under management | |
| 2022: | $219,758,813 |
- See also: Public pensions in Massachusetts
The Massachusetts Housing Finance Agency Employees' Retirement System (MassHousing Retirement System) is a Massachusetts state pension fund that provides retirement, disability, and survivor benefits to nearly all the full- and part-time Massachusetts Housing Finance Agency employees and their families. The Massachusetts Housing Finance Agency Employees' Retirement System had $219,758,813 ($219.8 million) in total assets under management as of January 1, 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 Massachusetts Housing Finance Agency Employees' Retirement System.
- Pension performance overview: Overview of the funding level and assets managed by the Massachusetts Housing Finance Agency Employees' Retirement System.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with Massachusetts Housing Finance Agency Employees' 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 Massachusetts Housing Finance Agency Employees' Retirement System's oversight board, including members and selection.
Background
- See also: Public pensions
The Massachusetts Housing Finance Agency Employees' Retirement System (MassHousing Retirement System) 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 full- and part-time employees of the Massachusetts Housing Finance Agency and their families.[2]
The MassHousing Retirement Systemserved over 316 active members and approximately 210 retirees and beneficiaries as of January 1, 2023.[1]
Pension performance overview
The following table features information about the funding level and assets managed by the Massachusetts Housing Finance Agency Employees' Retirement System as of January 1, 2023:[1]
| Massachusetts Housing Finance Agency Employees' Retirement System performance (January 1, 2023) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets |
| 2023 | 93% | $16,828,059 | $219,758,813 |
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 Massachusetts Housing Finance Agency Employees' Retirement System
The Massachusetts Housing Finance Agency Employees' Retirement System contracted with one asset management company (AMCs) as of June 30, 2022. The company was not an investor participant in Climate Action 100+ or NZAM as of 2024. The following list identifies the AMC (and in some cases, the specific funds) contracting with the Massachusetts Housing Finance Agency Employees' Retirement System:[6]
- Meketa Investment Group
Governance and accountability
This section features information about the five-member board of trustees that oversees the Massachusetts Housing Finance Agency Employees' Retirement System. The board is specific to oversight of the Massachusetts Housing Finance Agency Employees' Retirement System and does not exercise oversight duties for other state funds.[7]
Board selection method
The board of trustees that oversees the MassHousing Retirement System is made up of five members. The board comprises five members including:
- the treasurer of the Massachusetts Housing Finance Agency
- a member appointed by the appointing authority of the agency
- two members who are elected by the members in or retired from service of the system
- a member who is not an employee, retiree, or official of the governmental unit and is appointed by the other four members for a term of three years.[8][7]
Board of trustees membership
A five-member board of trustees oversees the operation and administration of the system. The following individuals served on the board as of September 2024:[7]
- Michael Fitzmaurice, chair
- Thomas Flynn
- Antonio J. Torres
- Paul T. Hynes, Attorney
- vacant
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
Footnotes
- ↑ 1.0 1.1 1.2 Mass.gov, "January 1, 2023, Actuarial Valuation Report, MHFA Employees' Retirement System," September 4, 2024
- ↑ MassHousing Retirement System, "MassHousing Retirement System," September 4, 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
- ↑ 7.0 7.1 7.2 MassHousing Retirement System, "Board Members," September 4, 2024
- ↑ MA Legislature, "Chapter 32 Section 20: Administration by boards," September 4, 2024
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