Missouri State Employees Retirement System Judicial Plan
| Missouri State Employees Retirement System Judicial Plan | |
 | |
| Basic facts | |
| Location: | Jefferson City, Missouri |
| Top official: | Crystal Wessing, chair |
| Year founded: | 1957 |
| Active members: | 415 |
| Website: | Official website |
| Total assets under management | |
| 2023: | $ 283,002,488 |
- See also: Public pensions in Missouri
The Missouri State Employees Retirement System Judicial Plan is a Missouri state pension fund that provides retirement, disability, and survivor benefits to the state's judges, justices, commissioners, and deputy commissioners. The Missouri State Employees Retirement System Judicial Plan had $ 283,002,488 ($ 283.0 million) 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 State Employees Retirement System Judicial Plan.
- Pension performance overview: Overview of the funding level and assets managed by the Missouri State Employees Retirement System Judicial Plan.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with Missouri State Employees Retirement System Judicial Plan, 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 State Employees Retirement System Judicial Plan's oversight board, including members and selection.
Background
- See also: Public pensions
The Missouri State Employees Retirement System Judicial Plan, founded in 1957, is a sub-fund under the Missouri State Employees Retirement System (MOSERS). It invests the assets of and provides funding for the judges and commissioners of the supreme court or the court of appeals, judges of any circuit court, probate court, magistrate court, court of common pleas, court of criminal corrections, justices of the peace, commissioners or deputy commissioners of the probate division of the circuit court, commissioners of the juvenile division of the circuit court, commissioners of the drug court, commissioners of any family court in the state of Missouri, and their families.The Missouri State Employees Retirement System Judicial Plan operates as 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 employees and their families.[2][1]
The Missouri State Employees Retirement System Judicial Plan served over 415 active members and approximately 619 retirees and beneficiaries as of March 2024.[1]
Pension performance overview
The following table features information about the funding level and assets managed by the Missouri State Employees Retirement System Judicial Plan as of June 30, 2023:[1]
| Missouri State Employees Retirement System Judicial Plan pension performance (June 30, 2023) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets |
| 2023 | 31.7% | $ 447,157,120 | $ 283,002,488 |
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 State Employees Retirement System Judicial Plan
The Missouri State Employees Retirement System Judicial Plan contracted with 81 asset management companies (AMCs) or specific funds as of June 20, 2024. Of those companies, three were investor participants in Climate Action 100+, and nine 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 State Employees Retirement System Judicial Plan:[6]
| Missouri State Employees Retirement System Judicial Plan 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 |
| Artisan International Value Fund | Equity; | 11,079,234 | 0.085% | No | No |
| Baillie Gifford Intl. Alpha Private Equity | Equity; | $10,186,494 | 0.078% | Yes | Yes |
| Baillie Gifford EM Private Equity | Equity; | 9,205,800 | 0.071% | Yes | Yes |
| NS Partners Emerging Markets | Equity; | $194,845,623 | 1.494% | No | Yes |
| Silchester International Investors | Equity; | 191,449,654 | 1.468% | No | No |
| BlackRock Inc | Fixed Income; | 64,353,224 | 0.494% | Yes | No |
| NISA Investment Advisors | Multi-asset; | 158,730,678 | 1.217% | No | No |
| Aberdeen Standard Investments | Alternatives; | 344,708,543 | 2.644% | No | No |
| Aberdeen Davi Alpha | Alternatives; | 248,073,214 | 1.903% | No | No |
| Actis Emerging Markets 3 | Alternatives; | 1,812,694,270 | 13.903% | Yes | No |
| Actis Emerging Markets 4 | Alternatives; | 357,308,300 | 2.740% | Yes | No |
| Altas Partners Holdings III L.P. | Alternatives; | 166,838,160 | 1.280% | No | No |
| Appian Natural Resources Fund III | Alternatives; | 411,000 | 0.003% | No | No |
| Appian Petra Co-Investment | Alternatives; | 20,659,000 | 0.158% | No | No |
| Arlington Capital Partners VI, L.P. | Alternatives; | 11,593,845 | 0.089% | No | No |
| Avista Healthcare Partners VI, L.P. | Alternatives; | 1,350,413 | 0.010% | No | No |
| Axiom Asia Private Capital Fund II, L.P. | Alternatives; | 7,617,265 | 0.058% | No | No |
| Axiom Asia Private Capital Fund III, L.P. | Alternatives; | 38,426,526 | 0.295% | No | No |
| Axiom Asia Fund 6, L.P. | Alternatives; | 46,878,933 | 0.360% | No | No |
| Axxon Brazil Private Equity Fund II B, L.P. | Alternatives; | 12,613,298 | 0.097% | No | No |
| BlackRock Private Equity CoInvestments 2021 LP | Alternatives; | 54,779,180 | 0.420% | Yes | No |
| Blackstone Real Estate Partners IV | Alternatives; | 29,561,159 | 0.227% | No | No |
| Blackstone Real Estate Partners V | Alternatives; | 5,712,018 | 0.044% | No | No |
| Blackstone Real Estate Partners VI | Alternatives; | 100,408,158 | 0.770% | No | No |
| Blackstone Real Estate Partners VII | Alternatives; | 392,852 | 0.003% | No | No |
| Blackstone Topaz Fund, L.P. | Alternatives; | 115,288 | 0.001% | No | No |
| Blackstone Topaz Private Credit | Alternatives; | 56,257 | 0.000% | No | No |
| Blue Diamond Non-Directional Fund | Alternatives; | 10,859,355 | 0.083% | No | No |
| Brevan Howard Alpha Strategies Fund, L.P. | Alternatives; | 406,699,700 | 3.119% | No | No |
| Catalyst Fund Limited Partnership III | Alternatives; | 303,459,047 | 2.327% | No | No |
| Catalyst Fund Limited Partnership IV | Alternatives; | 94,339,354 | 0.724% | No | No |
| Catalyst Fund Limited Partnership V | Alternatives; | 234,110,310 | 1.796% | No | No |
| CBRE US Core Partners LP | Alternatives; | 7,086,605 | 0.054% | Yes | No |
| Centiva Capital | Alternatives; | 3,096,962 | 0.024% | No | No |
| Comvest Credit Partners 2023, L.P. | Alternatives; | 61,882,756 | 0.475% | No | No |
| Cornwall Domestic, L.P. | Alternatives; | 107,256,396 | 0.823% | No | No |
| DE Shaw Diopter Fund, LLC | Alternatives; | 142,109,577 | 1.090% | No | No |
| EIG Energy Fund XIV, L.P. | Alternatives; | 28,217,928 | 0.216% | No | No |
| EIG Energy Fund XV, L.P. | Alternatives; | $1 | 0.000% | No | No |
| EIG Energy Fund XVI, L.P. | Alternatives; | 100,483,468 | 0.771% | No | No |
| EIG Co-Investment | Alternatives; | 1,733,098 | 0.013% | No | No |
| Eilser Multi-Strategy Fund, L.P. | Alternatives; | 3,150,924 | 0.024% | No | No |
| Elliott International Limited | Alternatives; | 18,283,247 | 0.140% | No | No |
| Exodus Point Partners Fund | Alternatives; | 6,459 | 0.000% | No | No |
| Farallon Capital Institutional Partners, L.P. | Alternatives; | 199,192,230 | 1.528% | No | No |
| Gateway Energy & Resource Holdings, LLC | Alternatives; | 285,026,386 | 2.186% | No | No |
| Global Forest Partners GTI7 Institutional Investors Company Limited | Alternatives; | 169,158,374 | 1.297% | No | No |
| Gryphon Partners VI, L.P. | Alternatives; | 538,549 | 0.004% | No | No |
| Harrison Street Real Estate Core Property Fund, L.P. | Alternatives; | 2,276,655 | 0.017% | No | No |
| HBK Merger Strategies Offshore Fund, Ltd. | Alternatives; | 1 | 0.000% | No | No |
| HIG Middle Mkt LBO Fund IV, L.P. | Alternatives; | 93,514,739 | 0.717% | No | No |
| JLL Partners Fund V, L.P. | Alternatives; | 54,075,400 | 0.415% | No | No |
| JLL Partners Fund VI, L.P. | Alternatives; | 120,096,791 | 0.921% | No | No |
| King Street Capital, L.P. | Alternatives; | 1,914,296 | 0.015% | No | No |
| LaSalle Property Fund | Alternatives; | 3,520,959 | 0.027% | Yes | No |
| Linden Capital Partners II, L.P. | Alternatives; | 1,209,879 | 0.009% | No | No |
| Mercato Partners Traverse IV, L.P. | Alternatives; | 1,044,508 | 0.008% | No | No |
| Merit Energy Partners F-II, L.P. | Alternatives; | 70,488,667 | 0.541% | No | No |
| MGG Evergreen Cardinal Fund, L.P. | Alternatives; | 14,276,873 | 0.109% | No | No |
| MHR Institutional Partners IIA, L.P. | Alternatives; | 47,125,624 | 0.361% | No | No |
| MHR Institutional Partners III, L.P. | Alternatives; | 274,909 | 0.002% | No | No |
| MHR Institutional Partners IV, L.P. | Alternatives; | 72,532,186 | 0.556% | No | No |
| Millennium USA L.P. | Alternatives; | 9,565,521 | 0.073% | No | No |
| Millennium Technology Value Partners II | Alternatives; | 12,873,033 | 0.099% | No | No |
| Oaktree Real Estate Income Fund, L.P. | Alternatives; | 62,893,433 | 0.482% | No | No |
| OCM Opportunities Fund VIIb, L.P. | Alternatives; | 0 | 0.000% | No | No |
| OCM Opportunities Fund VIIIb, L.P. | Alternatives; | 10,117,767 | 0.078% | No | No |
| OCM Power Opportunities Fund III, L.P. | Alternatives; | 44,092,804 | 0.338% | No | No |
| Partners Group Direct Equity IV A, L.P. | Alternatives; | 1 | 0.000% | No | No |
| Partners Group Direct Equity V A, L.P. | Alternatives; | 3,213,026 | 0.025% | No | No |
| Portfolio Advisors Secondary Fund IV, L.P. | Alternatives; | 103,900 | 0.001% | No | No |
| Silver Creek Special Opportunities Fund I, L.P. | Alternatives; | 87,966,087 | 0.675% | No | No |
| Silver Creek Special Opportunities Fund II, L.P. | Alternatives; | 8,892,211 | 0.068% | No | No |
| Standard Investment Research Hedged Equity Fund | Alternatives; | 149,371,275 | 1.146% | No | No |
| Stockbridge Core & Value Advisors, LLC | Alternatives; | 2,400,034 | 0.018% | No | No |
| TA Realty Core Property Fund, L.P. | Alternatives; | 4,995,106 | 0.038% | No | No |
| Thomas H. Lee Partners L.P. | Alternatives; | 179,802,085 | 1.379% | No | No |
| Vista Equity Partners VIII LP | Alternatives; | 46,728,816 | 0.358% | Yes | No |
| Voleon Institutional Strategies Fund L.P. | Alternatives; | $80,154,094 | 0.615% | No | No |
| Voleon Investors Fund LP | Alternatives; | 59,777,426 | 0.458% | No | No |
| Warren Equity Partners VI, L.P. | Alternatives; | 31,550,162 | 0.242% | No | No |
Governance and accountability
This section features information about the 11-member board of trustees that oversees the Missouri State Employees Retirement System. The board is specific to oversight of the Missouri State 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 State Employees Retirement System is made up of 11 members. The board is composed of two members of the Senate appointed by the President Pro Tempore of the Senate, two members of the House of Representatives appointed by the Speaker of the House, two members appointed by the governor, the State Treasurer, the Commissioner of Administration, and three system members, two of whom are active members elected by the active and inactive-vested members, and the last of whom is a retiree elected by the retired members. The members of the Senate and the House of Representatives serve as trustees until they resign, are no longer members of the General Assembly, or are replaced by new appointments. The members who are appointed by the governor serve on the board until they resign or are replaced by new appointments. The State Treasurer and the Commissioner of Administration serve on the board for their term in their respective office. The elected members serve four-year terms.[1]
Board of trustees membership
A 11-member board of trustees oversees the operation and administration of Missouri State Employees Retirement System. The following individuals served on the board as of October 2024:[8]
- Crystal Wessing, chair
- Jenny Jacobs, vice chair
- Sen. Doug Beck (D)
- Sen. Rusty Black (R)
- Rep. Dirk Deaton (R)
- Gary Findlay
- Joe Keifer
- Treasurer Vivek Malek (R)
- Rep. Don Mayhew (R)
- Gary Metzger
- Commissioner Ken Zellers
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 1.3 1.4 MOSERS, Annual Comprehensive Financial Report 2023, accessed October 22, 2024
- ↑ MOSERS, About, accessed October 22, 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 MOSERS, Board of Trustees, accessed October 22, 2024
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