Become part of the movement for unbiased, accessible election information. Donate today.
Massachusetts Port Authority Employees’ Retirement System
| Massachusetts Port Authority Employees’ Retirement System | |
 | |
| Basic facts | |
| Location: | Boston, Massachusetts |
| Top official: | James S. Hoyte, chair |
| Year founded: | 1979 |
| Active members: | 1,145 |
| Website: | Official website |
| Total assets under management | |
| 2022: | $839,625,273 |
- See also: Public pensions in Massachusetts
The Massachusetts Port Authority Employees’ Retirement System (MPAERS) is a Massachusetts state pension fund that provides retirement, disability, and survivor benefits to the state's Massport employees and their families. The Massachusetts Port Authority Employees’ Retirement System had $839,625,273 ($839.6 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: Information about the structure and functions of the Massachusetts Port Authority Employees’ Retirement System.
- Pension performance overview: Overview of the funding level and assets managed by the Massachusetts Port Authority Employees’ Retirement System.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with Massachusetts Port Authority 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 Port Authority Employees’ Retirement System's oversight board, including members and selection.
Background
- See also: Public pensions
The Massachusetts Port Authority Employees’ Retirement System (MPAERS), founded in 1979, operates as adefined 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 state's Massport employees and their families.[2]
MPAERS served over 1,145 active members and approximately 996 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 Port Authority Employees’ Retirement System as of December 31, 2023:[1]
| Massachusetts Port Authority Employees’ Retirement System performance (December 31, 2023) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets |
| 2022 | 96.8% | $27,868 | $839,625,273 |
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.[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 Port Authority Employees’ Retirement System
The Massachusetts Port Authority Employees’ Retirement System contracted with seven asset management companies (AMCs) as of December 31, 2021. Of those companies or funds, three were investor participants in Climate Action 100+, and five were members of NZAM as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the Massachusetts Port Authority Employees’ Retirement System:[6]
- Baillie Gifford (NZAM, Climate Action 100+)
- Brandywine Global Investment Management, LLC (NZAM, Climate Action 100+)
- Palmer Square Capital Management
- Pension Reserves Investment Management Board
- Pzena Investment Management, LLC (NZAM)
- State Street Global Advisors (NZAM)
- Wellington Management Company, LLP (NZAM, Climate Action 100+)
Governance and accountability
This section features information about the five-member board of trustees that oversees the Massachusetts Port Authority Employees’ Retirement System (MPAERS). The board is specific to oversight of the MPAERS and does not exercise oversight duties for other state funds.[7]
Board selection method
The board of trustees that oversees MPAERS is made up of five members. The board comprises one ex-officio member, two elected members, one member appointed by Massport, and one member appointed by the four board members.[7]
Board of trustees membership
A five-member board of trustees oversees the operation and administration of MPAERS. The following individuals served on the board as of September 2024:[7]
- James S. Hoyte, chair
- Michael A. Grieco, vice chair
- John P. Pranckevicius
- Betsy Taylor
- Jon G. Turco
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 Massport, "Annual Comprehensive Financial Report for the Fiscal Years Ending December 31, 2023 and 2022," September 4, 2024
- ↑ Massport, "Retirement Information," 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 [massport.com/working-here/retirement-information/retirement-board-staff Massport, "Retirement Board and Staff," September 4, 2024]
| |||||||||||||||||||||||
