Mississippi Supplemental Legislative Retirement Plan

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Mississippi Supplemental Legislative Retirement Plan
Basic facts
Location:	Jackson, Mississippi
Top official:	Kelly Breland, board chair
Year founded:	1989
Active members:	172
Website:	Official website
Total assets under management
2023:	$21,465,000

See also: Public pensions in Mississippi

The Mississippi Supplemental Legislative Retirement Plan (SLRP) is a Mississippi state pension fund that provides retirement, disability, and survivor benefits to all members of the Mississippi Legislature, the person serving as the President of the Mississippi Senate (the lieutenant governor), and their families. The Mississippi Supplemental Legislative Retirement Plan had $21,465,000 ($21.5 million) in total assets under management as of June 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 SLRP.
• Pension performance overview: Overview of the funding level and assets managed by SLRP.
• Assets and asset management: Information about the asset management companies (AMCs) that contract with SLRP, 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 SLRP's oversight board, including members and selection.

Background

See also: Public pensions

The Mississippi Supplemental Legislative Retirement Plan (SLRP), founded in 1989, is a sub-fund of the Public Employees' Retirement System of Mississippi (PERS). SLRP operates as a defined benefit plan based on a formula established by Mississippi state law. These plans—based on the employee's length of service and salary— provide retirement, disability, and survivor benefits to all members of the Mississippi Legislature, the person serving as the President of the Mississippi Senate (lieutenant governor), and their families.

SLRP served over 172 active members and approximately 228 retirees and beneficiaries as of June 30, 2023.

Pension performance overview

The following table features information about the funding level and assets managed by the Mississippi Supplemental Legislative Retirement Plan as of June 30, 2023:

Mississippi Supplemental Legislative Retirement Plan performance (June 30, 2023)
Fiscal year	Percent funded	Unfunded liabilities	Total assets
2023	75.2%	$7,065,466	$21,465,000

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 Mississippi Supplemental Legislative Retirement Plan

The Mississippi Supplemental Legislative Retirement Plan (SLRP) is a sub-fund of the Public Employees' Retirement System of Mississippi (PERS). PERS administers SLRP, among other retirement and benefit plans for the governmental workers of Mississippi. SLRP does not contract with its own AMCs; the AMCs for PERS account for all the pension plans it administers.

PERS contracted with 58 asset management companies (AMCs) as of June 30, 2024. Of those companies or funds, thirteen were investor participants in Climate Action 100+, and thirteen were members of NZAM as of October 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with PERS:

Mississippi Supplemental Legislative Retirement Plan (SLRP) asset management companies Click on a column header below to sort the list of asset managers.
AMC name	Investment type	Assets under management	Percentage of total fund assets	NZAM Initiative signatory as of October 2024	Climate Action 100+ signatory as of October 2024
Northern Trust Asset Management	Equity Securities: Passive Large Cap (S&P 500 Index);	$74,281	0.000%	No	No
Northern Trust Asset Management	Equity Securities: MSCI World Ex-US;	$36,392,946	0.115%	No	No
Acadian Asset Management LLC	Equity Securities: Global;	$28,386,376	0.090%	Yes	Yes
Epoch Investment Partners Inc	Equity Securities: Global;		17.64%	No	Yes
Harding Loevner, LP	Equity Securities: Global;		6.96%	No	No
Eagle Capital Management	Equity Securities: Large Cap;		3.27%	No	No
LSV Asset Management	Equity Securities: Global;		3.16%	No	No
Marathon Asset Management, LLP	Equity Securities: ACWI Ex-US;		2.89%	No	No
Arrowstreet Capital, LP	Equity Securities: ACWI Ex-US;		2.79%	No	No
Baillie Gifford & Company	Equity Securities: ACWI Ex-US;		2.62%	Yes	Yes
Lazard Asset Management LLC	Equity Securities: Emerging Markets;		2.59%	Yes	Yes
Fisher Investments	Equity Securities: Emerging Markets;		2.50%	No	Yes
Victory Capital Management, Inc.	Equity Securities: Domestic Mid Cap Value;		2.28%	No	No
Artisan Partners, LP	Equity Securities: Domestic Mid Cap Growth;		2.24%	No	No
Principal Global Investors, LLC	Equity Securities: International Small Cap;		1.98%	No	No
Wellington Management Company LLP	Equity Securities: Domestic Small Cap Core;		1.72%	Yes	Yes
Dimensional Fund Advisors, Inc.	Equity Securities: Small Cap Value;		1.33%	No	No
Mondrian Investment Partners Limited	Equity Securities: International Small Cap;		1.12%	No	No
Riverbridge Partners, LLC	Equity Securities: Small Cap Growth;		1.04%	No	No
Loomis Sayles & Company, LP	Debt Securities: Core Plus;		0.99%	No	No
Prudential Financial, Inc.	Debt Securities: Core Plus;		0.99%	No	No
AllianceBernstein LP	Debt Securities: Global;		0.96%	Yes	Yes
Pacific Investment Management Company	Debt Securities: Global;		3.47%	No	No
Pacific Investment Management Company	Debt Securities: Domestic Core;		3.47%	No	No
Manulife Investment Management	Debt Securities: Domestic Core;		2.30%	No	Yes
Wellington Management Company LLP	Debt Securities: Emerging Market;		2.29%	Yes	Yes
Northern Trust Asset Investment	Debt Securities: Passive Domestic Core (BB Agg Index);		2.03%	No	No
Principal Global Investors, LLC	Real Estate: Core;		2.02%	No	No
JP Morgan Investment Management Inc	Real Estate: Core;		2.00%	Yes	No
UBS Realty Investors LLC	Real Estate: TPF Core;		1.09%	Yes	Yes
UBS Realty Investors LLC	Real Estate: TPG Core Plus;		3.00%	Yes	Yes
Invesco LP	Real Estate: Core;		1.54%	Yes	No
CenterSquare Investment Management	Real Estate: Domestic REITs;		1.33%	No	Yes
T.A. Associates Realty	Real Estate: Fund XII - value added;		0.90%	No	No
Cohen & Steers Capital Management, Inc.	Real Estate: Global REITs;		0.59%	No	No
Invesco LP	Real Estate: Fund V - value added;		0.39%	Yes	No
AEW Capital Management, LP	Real Estate: Fund IX - value added;		0.36%	No	No
Angelo Gordon & Company	Real Estate: Fund X - value added;		0.31%	No	No
Manulife Investment Management	Real Estate: Timber;		0.24%	No	Yes
Heitman, LLC	Real Estate: Fund IV - value added;		0.19%	No	No
T.A. Associates Realty	Real Estate: Fund XI - value added;		0.18%	No	No
Heitman, LLC	Real Estate: Fund V - value added;		0.15%	No	No
Invesco LP	Real Estate: Fund VI - value added;		0.14%	Yes	No
Westbrook Partners	Real Estate: Fund XI - value added;		0.11%	No	No
Angelo Gordon & Company	Real Estate: Fund IV - value added;		0.11%	No	No
Westbrook Partners	Real Estate: Fund X - value added;		0.11%	No	No
T.A. Associates Realty	Real Estate: Fund X - value added;		0.10%	No	No
AEW Capital Management, LP	Real Estate: Fund VIII - value added;		0.07%	No	No
Angelo Gordon & Company	Real Estate: Fund XI - value added;		0.07%	No	No
AEW Capital Management, LP	Real Estate: Fund VII - value added;		0.05%	No	No
Invesco LP	Real Estate: Fund IV - value added;		0.05%	Yes	No
Pathway Capital Management, LLC	Private Equity: Series 2016 Diversified;		0.02%	No	No
Pathway Capital Management, LLC	Private Equity: Series 2013 Diversified;		0.01%	No	No
GCM Grosvenor Diversified Partners, LP	Private Equity: Series 2014 Diversified;		0.01%	No	No
GCM Grosvenor Diversified Partners, LP	Private Equity: Series 2018 Diversified;		3.99%	No	No
Pathway Capital Management, LLC	Private Equity: Series 2008 Diversified;		2.53%	No	No
Pathway Capital Management, LLC	Private Equity: Series 2021 Diversified;		2.30%	No	No
GCM Grosvenor Diversified Partners, LP	Private Equity: Series 2009 Diversified;		1.24%	No	No

Governance and accountability

This section features information about the 10-member board of trustees that oversees the Mississippi Supplemental Legislative Retirement Plan (SLRP), titled the Public Employees' Retirement System of Mississippi (PERS) Board of Trustees. The board is not specific to oversight of SLRP and exercises oversight duties for other state funds.

Board selection method

The board of trustees that oversees SLRP, titled the PERS Board of Trustees, is made up of 10 members. The members include the state treasurer, one gubernatorial appointee who is a member of PERS, two state employees, two PERS retirees, one representative of public schools and community/junior colleges, one representative of the state’s institutions of higher learning, one representative of the participating municipalities, and one representative of the participating counties.

Board of trustees membership

A 10-member board of trustees, called the PERS Board of Trustees, oversees the operation and administration of SLRP. The following individuals served on the board as of October 2024:

• Kelly Breland, board chair
• Bill Benson, board vice chair
• George Dale
• Chris Graham
• Kimberly Hanna
• Randy D. McCoy
• David McRae
• Brian Rutledge
• Jay Smith
• Terrance Yarbrough

See also

• Public pensions in Mississippi
• 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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