Missouri Local Government Employees Retirement System
| Missouri Local Government Employees Retirement System (LAGERS) | |
 | |
| Basic facts | |
| Location: | Jefferson City, Missouri |
| Top official: | Joan Leary, chair |
| Year founded: | 1967 |
| Active members: | 36,453 |
| Website: | Official website |
| Total assets under management | |
| 2023: | $10,141,171,396 |
- See also: Public pensions in Missouri
The Missouri Local Government Employees Retirement System (LAGERS) is a Missouri state pension fund that provides retirement, disability, and survivor benefits to the state's local government employees such as firefighters, police officers, utility workers, EMTs, public works personnel, librarians, and others. The Missouri Local Government Employees Retirement System had $10,141,171,396 ($10.1 billion) in total assets under management as of June 30, 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 Missouri Local Government Employees Retirement System.
- Pension performance overview: Overview of the funding level and assets managed by the Missouri Local Government Employees Retirement System.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with Missouri Local Government 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 Missouri Local Government Employees Retirement System's oversight board, including members and selection.
Background
- See also: Public pensions
The Missouri Local Government Employees Retirement System, founded in 1967, is a defined benefit pension plan based on a formula established by Missouri state law. This plan—based on the employee's length of service and salary— provides retirement, disability, and survivor benefits to the state's local government employees such as firefighters, police officers, utility workers, EMTs, public works personnel, librarians, and others.[2]
The Missouri Local Government Employees Retirement System served over 36,453 active members and approximately 29,536 retirees and beneficiaries as of June 30, 2023.[1]
Pension performance overview
The following table features information about the funding level and assets managed by the Missouri Local Government Employees Retirement System as of June 30, 2023:[1]
| Missouri Local Government Employees Retirement System pension performance (June 30, 2023) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets |
| 2023 | 95.1 % | $ 518,141,998 | $ 10,141,171,396 |
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 Missouri Local Government Employees Retirement System
The Missouri Local Government Employees Retirement System contracted with 56 asset management companies (AMCs) or specific funds as of June 30, 2024. Of those companies, three were investor participants in Climate Action 100+, and five were members of NZAM as of October 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the Missouri Local Government Employees Retirement System:[6]
| Missouri Local Government Employees Retirement System 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[7] | Climate Action 100+ signatory as of October 2024 |
| AJO Vista, LLC | Equity, Fixed Income, Real Assets, Strategic; | 27,387,000 | 3.308% | No | No |
| Dimensional Fund Advisors | Equity; | 15,136,000 | 1.828% | No | No |
| Russell | Equity, Fixed Income; | 3,600,000 | 0.435% | Yes | Yes |
| Alchemy Partners | Equity, Fixed Income; | No | No | ||
| Federated MDT Advisors | Equity; | No | No | ||
| Seizert Capital Partners | Equity; | No | No | ||
| Allspring Global | Equity; | No | Yes | ||
| FSN Capital Partners | Equity; | Yes | No | ||
| Silvercrest Asset Management Group | Equity; | No | No | ||
| Borromin Capital | Equity; | No | No | ||
| Jennison Associates | Equity; | No | Yes | ||
| Tailwind Capital | Equity, Fixed Income; | No | No | ||
| Brentwood Associates | Equity, Fixed Income; | No | No | ||
| Pamlico Capital | Equity; | No | No | ||
| Timberland Investment Resources | Equity, Real Assets; | No | No | ||
| Catterton Partners | Equity; | No | No | ||
| Portfolio Advisors | Equity, Fixed Income, Real Assets; | No | No | ||
| Walter Scott & Partners Limited | Equity; | No | No | ||
| Copeland Capital Management | Equity; | No | No | ||
| RFE Investment Partners | Equity, Fixed Income; | No | No | ||
| AQR Capital Management | Alpha; | No | No | ||
| BlackRock | Alpha; | Yes | No | ||
| Bridgewater Associates | Alpha; | No | No | ||
| Aberdeen Standard Investments | Fixed Income; | No | No | ||
| Garrison Investment Group | Fixed Income, Real Assets; | No | No | ||
| Resource Capital Funds | Fixed Income, Real Assets, Strategic; | No | No | ||
| Global Infrastructure Partners | Fixed Income, Real Assets; | No | No | ||
| HBG Advisors | Fixed Income; | No | No | ||
| Hoisington Investment Management | Fixed Income; | No | No | ||
| Sound Mark Partners | Fixed Income, Real Assets, Strategic; | No | No | ||
| Eagle Private Capital | Fixed Income; | No | No | ||
| Pacific Investment Management Co. | Fixed Income, Real Assets; | No | No | ||
| Star Mountain Capital | Fixed Income; | No | No | ||
| EIG Global Energy Partners | Fixed Income, Real Assets; | No | No | ||
| Stonepeak | Fixed Income, Real Assets; | Yes | No | ||
| Fidelity Institutional Asset Management | Fixed Income; | No | No | ||
| Related Fund Management | Fixed Income, Real Assets; | No | No | ||
| Fireside Financial | Fixed Income, Real Assets; | No | No | ||
| Prudential Real Estate Investors | Real assets; | No | No | ||
| Avenue Capital Group | Real assets, Strategic; | No | No | ||
| Glenmont Partners | Real assets; | No | No | ||
| Redcar Fund Management | Real assets; | No | No | ||
| BentalGreenOak | Real assets; | No | No | ||
| Blue Vista Capital Management | Real assets; | No | No | ||
| I Squared Capital Advisors | Real assets; | No | No | ||
| CBRE Investors | Real assets; | Yes | No | ||
| Lease Corporation International | Real assets; | No | No | ||
| Sole Shipping | Real assets; | No | No | ||
| Crow Holdings | Real assets; | No | No | ||
| Machine Investment Group | Real assets, Strategic; | No | No | ||
| Noble Investment Group | Real assets; | No | No | ||
| Europa Capital Partners | Real assets; | No | No | ||
| Dock Square Capital | Strategic; | No | No | ||
| Allegro | Strategic; | No | No | ||
| Healthcare Royalty Partners | Strategic; | No | No | ||
| Soryn IP GP I | Strategic; | No | No | ||
Governance and accountability
This section features information about the seven-member board of trustees that oversees the Missouri Local Government Employees Retirement System. The board is specific to oversight of the Missouri Local Government Employees Retirement System and does not exercise oversight duties for other state funds.[8]
Board selection method
The board of trustees that oversees the Missouri Local Government Employees Retirement System is made up of seven members who serve four-year terms. There are three Member Trustees, who are active employee members of LAGERS, three Employer Trustees, who are elected or appointed officials of a LAGERS participating employer but are not members of the system, and one Citizen Trustee, who is neither an active member nor an employer official. The three Member Trustees and the three Employer Trustees are elected at the LAGERS Annual Meeting. The Citizen Trustee is appointed by the governor.[8]
Board of trustees membership
A seven-member board of trustees oversees the operation and administration of Missouri Local Government Employees Retirement System. The following individuals served on the board as of September 2024:[8]
- Joan Leary, chair
- Frank Buck, vice chair
- Sandy Walker
- Mark Perkins
- Tony Kelley
- Chad Munsey
- Claire West
See also
- Public pensions in Missouri
- 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 LAGERS, 55th Annual Comprehensive Financial Report for the fiscal year ended June 30, 2023, accessed September 17, 2024
- ↑ LAGERS, What is a Defined Benefit Plan? accessed September 18, 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
- ↑ Note: NZAM announced on January 13, 2025, that it was suspending operations and removing the commitment statement and list of signatories from its website.
- ↑ 8.0 8.1 8.2 LAGERS, "LAGERS Board of Trustees," accessed September 18, 2024
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