Michigan Legislative Retirement System

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Michigan Legislative Retirement System
Basic facts
Location:	Lansing, Michigan
Top official:	R. Robert Geake, chairperson
Year founded:	1957
Active members:	0
Website:	Official website
Total assets under management
2023:	$84,962,639

See also: Public pensions in Michigan

The Michigan Legislative Retirement System (MLRS) is a Michigan state pension fund that provides retirement, disability, and survivor benefits to the state's legislative members and presiding officers who began their service on or before March 31, 1997. The Michigan Legislative Retirement System had $84,962,639 ($85 million) in total assets under management as of September 30, 2023.

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 Michigan Legislative Retirement System.
• Pension performance overview: Overview of the funding level and assets managed by the Michigan Legislative Retirement System.
• Assets and asset management: Information about the asset management companies (AMCs) that contract with Michigan Legislative 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 Michigan Legislative Retirement System's oversight board, including members and selection.

Background

See also: Public pensions

The Michigan Legislative Retirement System (MLRS), founded in 1957, operates as a defined benefit plan based on a formula established by Michigan state law. These plans—based on the employee's length of service and salary— provide retirement, disability, and survivor benefits to the state's legislators and presiding officers who began their service on or before March 31, 1997.

MLRS served 0 active members and approximately 235 retirees and beneficiaries as of September 30, 2023.

Pension performance overview

The following table features information about the funding level and assets managed by the Michigan Legislative Retirement System as of September 30, 2023:

Michigan Legislative Retirement System performance (September 30, 2023)
Fiscal year	Percent funded	Unfunded liabilities	Total assets
2023	39.36%	$130,613,362	$84,962,639

Assets and asset management

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.

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.”

List of AMCs contracting with the Michigan Legislative Retirement System

The Michigan Legislative Retirement System contracted with 13 asset management companies (AMCs) as of September 30, 2021. Of those companies or funds, one was an investor participants in Climate Action 100+, and one was a member of NZAM as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the Michigan Legislative Retirement System:

• Barrow Hanley Mewhinney & Strauss, Inc.
• Cramer Rosenthal McGlynn, LLC
• Dimensional Fund Advisors
• Dodge & Cox Funds
• DoubleLine Funds Trust
• FEG Investment Advisors
• Fidelity Investments
• Ironwood Capital Management
• PIMCO
• RWC Emerging Markets
• The American Fund Group, Capital Research and Management, EuroPacific Growth Fund
• Wasatch Global Investors
• Wellington Management Co., LLP (NZAM, Climate Action 100+)

Governance and accountability

This section features information about the 11-member board of trustees that oversees the Michigan Legislative Retirement System. The board is specific to oversight of the Michigan Legislative Retirement System and does not exercise oversight duties for other state funds.

Board selection method

The board of trustees that oversees MLRS is made up of 11 members. The board is composed as follows:

“ Sec. 26. (1) The retirement system shall be administered by a board of trustees, consisting of 11 persons as follows: (a) Two members of the house of representatives appointed by the speaker of the house of representatives. (b) Two members of the senate, appointed in the same manner as members of standing committees of the senate are appointed. (c) Two retirants appointed by the speaker of the house of representatives and 2 retirants appointed by the senate majority leader. (d) One deferred vested member appointed by the speaker of the house of representatives and 1 deferred vested member appointed by the senate majority leader. If a deferred vested member serving on the board becomes a retirant during his or her term of office, he or she shall be entitled to serve the remainder of his or her term of office. (e) One participant of Tier 2 who was a former member of Tier 1 appointed in 1999 by the senate majority leader and beginning in 2001 appointed alternately by the speaker of the house of representatives and the senate majority leader. However, if there is no participant of Tier 2 who meets the former member requirement of this subdivision, then 1 additional deferred vested member appointed in the manner prescribed in this subdivision. ”

Board of trustees membership

An 11-member board of trustees oversees the operation and administration of MLRS. The following individuals served on the board as of September 2023:

• R. Robert Geake, chairperson
• Alma Wheeler Smith, vice chairperson
• J. Michael Busch
• Deborah Cherry
• John Cherry
• Philip Hoffman
• Joseph Palamara
• Richard Posthumus
• Gary Randall
• Mark Schauer
• John Schwarz

See also

• Public pensions in Michigan
• 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

• Search Google News for this topic

Footnotes

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