Massachusetts Water Resources Authority Employees' Retirement System
| Massachusetts Water Resources Authority Employees' Retirement System | |
 | |
| Basic facts | |
| Location: | Chelsea, Massachusetts |
| Top official: | Brian Peña, chair |
| Year founded: | 1984 |
| Active members: | 1,045 |
| Website: | Official website |
| Total assets under management | |
| 2022: | $691,126,747 |
- See also: Public pensions in Massachusetts
The Massachusetts Water Resources Authority Employees' Retirement System (MWRA Employees' Retirement System) is a Massachusetts state pension fund that provides retirement, disability, and survivor benefits to the employees of the Massachusetts Water Resources Authority and their families. MWRA Employees' Retirement System had $691,126,747 ($691.1 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 Water Resources Authority Employees' Retirement System.
- Pension performance overview: Overview of the funding level and assets managed by the Massachusetts Water Resources Authority Employees' Retirement System.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with Massachusetts Water Resources 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 Water Resources Authority Employees' Retirement System's oversight board, including members and selection.
Background
- See also: Public pensions
The Massachusetts Water Resources Authority Employees' Retirement System (MWRA Employees' Retirement System), founded in 1984, 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 Water Resources Authority employees and their families.[2]
MWRA Employees' Retirement System served over 1,045 active members and approximately 797 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 Water Resources Authority Employees' Retirement System as of January 1, 2023:[1]
| Massachusetts Water Resources Authority Employees' Retirement System performance (January 1, 2023) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets |
| 2023 | 88.36% | $91,086,948 | $691,126,747 |
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 Water Resources Authority Employees' Retirement System
The Massachusetts Water Resources Authority Employees' Retirement System contracted with 70 asset management companies (AMCs) as of June 30, 2022. Of those companies or funds, three were investor participants in Climate Action 100+, and 14 were members of NZAM as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the Massachusetts Water Resources Authority Employees' Retirement System:[6]
- ABS Emerging Markets MA Fund
- Alcentra European DLF
- Ascent Fund IV-B
- Ascent Fund V
- Ascent VI
- Axiom Emerging Markets Trust Class 2 (Climate Action 100+)
- Baillie Gifford International Growth Fund Class K (NZAM, Climate Action 100+)
- Boston Partners Small Cap Value
- Cerberus Institutional Real Estate Partners III
- Coho Relative Value Equity
- Constitution Ironsides Co-Investment Fund VI
- CVI Credit Value Fund IV A LP
- Entrust Peru Wind Down
- Foundry 2007
- Foundry 2010
- Foundry 2010 Annex
- Garcia Hamilton Fixed Income Aggregate
- Hamilton Lane Secondary Fund V LP
- HarbourVest Co-Investment Fund VI
- HarbourVest Dover Street X
- Invesco Fund VI (NZAM)
- Invesco Mortgage Recovery II (NZAM)
- Invesco Mortgage Recovery Loans Feeder Fund (NZAM)
- Ironsides Constitution Opportunities
- JFL Equity Investors IV, L.P.
- JFL Equity Investors V, L.P.
- Kayne Energy Fund VII
- Landmark VI
- Landmark VIII
- Landmark XV
- Loomis Sayles Multisector Full Discretion Trust
- Loomis Sayles Small Cap Growth
- Lord Abbett Core Fixed Income
- Morgan Stanley Prime Property
- Octagon Senior Secured Credit Cayman Fund Ltd. - Class L Acc, Series 1
- Park Square Credit Opportunities III
- Pinebridge (AIG) PEP V Asia (NZAM)
- Pinebridge (AIG) PEP V Co-Investment (NZAM)
- Pinebridge (AIG) PEP V Europe (NZAM)
- Pinebridge (AIG) PEP V Large Market US Buyout (NZAM)
- Pinebridge (AIG) PEP V Preferred Participation Fund (NZAM)
- Pinebridge (AIG) PEP V Secondary (NZAM)
- Pinebridge (AIG) PEP V Small-Mid Market US Buyout (NZAM)
- Pinebridge (AIG) PEP V US Venture (NZAM)
- Pinebridge PEP V (NZAM)
- Polen Focused Growth
- PRIM Portfolio Completion Strategies
- PRIM Vintage Year 2008
- PRIM Vintage Year 2009
- PRIM Vintage Year 2010
- PRIM Vintage Year 2011
- PRIM Vintage Year 2012
- PRIM Vintage Year 2014
- PRIM Vintage Year 2017
- PRIM Vintage Year 2020
- PRIM Vintage Year 2021
- PRIM Vintage Year 2022
- PRIT Core Fund
- Private Advisors Small Co. Coinvestment Fund, LP
- Rhumbline Advisors S&P 500 Index Fund
- Rhumbline TIPS
- Schroder International Alpha Trust Class 1
- SEG Baxter Street
- StepStone Real Estate Fund II
- TA Realty Core Property Fund
- TA Realty Fund X LP
- TerraCap Partners III, LP
- TerraCap Partners IV, LP
- TerraCap Partners V, LP
- UBS Neutral Alpha Strategies (NZAM, Climate Action 100+)
Governance and accountability
This section features information about the five-member board of trustees that oversees the Massachusetts Water Resources Authority Employees' Retirement System (MWRA Employees' Retirement System). The board is specific to the oversight of the MWRA Employees' Retirement System and does not exercise oversight duties for other state funds.[7]
Board selection method
The board of trustees that oversees the MWRA Employees' Retirement System is made up of five members. The board comprises the following members:
- the secretary of the authority who is a member ex officio
- a member appointed by the board of directors of the authority for a term of 3 years
- two members elected by the members in or retired from service of this system from among their number for a term of 3 years
- a member who is not an employee, retiree, or official of the government unit and who is appointed by the other 4 members for a term of 3 years.[7][8]
Board of trustees membership
A five-member board of trustees oversees the operation and administration of the MWRA Employees' Retirement System. The following individuals served on the board as of September 2024:[7]
- Brian Peña, chair
- Matthew Horan
- James M. Fleming
- Kevin McKenna
- Frank Zecha
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 MWRA Employees' Retirement System, "Massachusetts Water Resources Authority Retirement System," September 4, 2024
- ↑ Mass.gov, "Mass Water Resources Authority 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 MWRA Employees' Retirement System, "Board and Staff," September 4, 2024
- ↑ MA Legislature, "Chapter 32 Section 20: Administration by boards," September 4, 2024
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