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New York State and Local Police and Fire Retirement System

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New York State and Local Police and Fire Retirement System (PFRS)
Nyslrs-logotype.png
Basic facts
Location:Albany, New York
Top official:Stephen J. Acquario, executive director
Year founded:1966
Active members:32,603
Website:Official website
Total assets under management
2022:$42,977,337,000
See also: Public pensions in New York

The New York State and Local Police and Fire Retirement System (PFRS) is a New York state pension fund that provides retirement, disability, and survivor benefits to the state's police officers and paid firefighters. PFRS had $42,977,337,000 ($42.9 billion) in total assets under management as of March 31, 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

See also: Public pensions

The New York State and Local Police and Fire Retirement System (PFRS), founded in 1966, invests the assets of and provides funding for the retirement of New York’s police officers and paid firefighters. PFRS is a sub-fund of the New York State and Local Retirement System and operates as a defined benefit plan, wherein employees receive pension based on a formula calculated at retirement.[2][3][4]

PFRS served over 32,603 active members and approximately 40,068 retirees and beneficiaries as of March 2023.[1]

Pension performance overview

The following table features information about the funding level and assets managed by the New York State and Local Police and Fire Retirement System (PFRS) as of March 31, 2023:[1]

New York State and Local Police and Fire Retirement System pension performance (March 31, 2023)
Fiscal year Percent funded Unfunded liabilities Total assets[5]
2023 87.43% N/A* $42,977,337,000


Note: The unfunded liabilities calculations in the actuarial valuation report from March 31, 2023, account for the retirement system as a whole. To view unfunded liabilities for the New York State and Local Retirement System (NYSLRS), click here.


Assets and asset management

Environmental, social, and corporate governance
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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.[6][7]

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.”[8]

List of AMCs contracting with the New York State and Local Employees' Retirement System

The New York State and Local Police and Fire Retirement System (PFRS) is a sub-fund within the New York State and Local Retirement System (NYSLRS). NYSLRS administers PFRS, among other retirement and benefit plans for the governmental workers of New York. PFRS does not contract with its own AMCs; the AMCs for NYSLRS account for all the pension plans it administers.[9]

The New York State and Local Retirement System (NYSLRS) contracted with 266asset management companies (AMCs) or specific funds as of March 31, 2021. Of those companies, 23 were investor participants in Climate Action 100+, and 32 were members of NZAM, as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with NYSLRS:[10]

  • 57 Stars, LLC
  • ACA Advisors (Aetos)
  • Acadian Asset Management, LLC (NZAM, Climate Action 100+)
  • Access Capital Advisors, LLC
  • ACON Investments, LLC
  • Activate Venture Partners
  • ADV Partners Capital Management, Ltd
  • Advent Capital Management, LLC
  • Affinity Equity Partners
  • African Capital Alliance Limited
  • Aksia, LLC
  • Albourne America, LLC
  • Angelo, Gordon & Company, LP
  • Apollo Management, LP
  • AQR Capital Management, LLC
  • ARA Fund Management, Ltd.
  • ARA Fund Management, Ltd.
  • ARES Management
  • ARES Management
  • Ares Management, LP
  • Ares SSG Capital Management
  • Ariel Investments, LLC
  • Armory Square Ventures, LP
  • Artemis Real Estate Partners, LLC (NZAM, Climate Action 100+)
  • Artisan Partners, LP
  • Asana Partners, LP
  • Ascent Biomedical Ventures
  • Asia Alternatives Management, LLC
  • Avanath Capital Management, LLC, Series C
  • Avanath Capital Management, LLC, Series C
  • Avenue Capital Group
  • Baillie Gifford Overseas, Ltd. (NZAM, Climate Action 100+)
  • Bain Capital Public Equity, LP
  • Baring International Investment, Ltd.
  • BCK Capital Management, LP
  • BCP Strategic Partners (Beacon)
  • Black Creek Industrial Fund GP, LLC
  • Blackrock Inc (NZAM, Climate Action 100+)
  • BlackRock Institutional Trust Company, NA (NZAM, Climate Action 100+)
  • Blackstone Group, LP
  • Blackstone Group, LP
  • Blackstone Group, LP
  • Blackstone Real Estate Advisors
  • Blackstone Real Estate Advisors
  • Blantyre Capital, Ltd
  • Brandes Investment Partners, LP
  • Bridgepoint Capital, Ltd
  • Bridgepoint Capital, Ltd.
  • Bridgepoint Capital, Ltd.
  • Bridgewater Associates, LP
  • Brigade Capital Management, LLC
  • Brightwood Capital Advisors, LLC
  • Brookfield Asset Management (NZAM)
  • Brookfield Asset Management (NZAM)
  • Brookfield Asset Management, Inc. (NZAM)
  • Brown Capital Management, Inc.
  • Callan, LLC
  • Calvert Research and Management (NZAM, Climate Action 100+)
  • Capital Guardian Trust Company
  • Carlyle Group
  • Caspian Capital, LP
  • Castlelake, LP
  • CCMP Capital Advisors
  • Centerbridge Partners, LP
  • Cerberus Capital Management, LP
  • Cevian Capital, LLP
  • Channing Capital Management, LLC
  • Cherokee Advisers, LLC
  • CIF-H GP, LLC (Cayuga Lake Fund, LP)
  • CIM Group, LP
  • Cinven Capital Management
  • Clarion Partners
  • Clarion Partners
  • Clearlake Capital Group, LP
  • Clearlake Capital Group, LP
  • Colony Advisors, LLC
  • Consilium Frontier Equity Fund, LP
  • Contour Venture Partners
  • Cortland Partners, LLC
  • Cowen Investment Management, LLC
  • CVC Capital Partners
  • D.E. Shaw and Company, LP
  • DeltaPoint Capital Management, LLC
  • DoubleLine Capital, LP
  • Dyal Capital Partners
  • Eagle Capital Management, LLC
  • EARNEST Partners, LLC
  • EQT Fund Management S.a.r.l. (NZAM)
  • EQT Partners (NZAM)
  • Excelsior Capital
  • Exeter Europe
  • Fairview Capital Partners, Inc.
  • Farol Asset Management, LP
  • Fiera Capital, Inc. (NZAM, Climate Action 100+)
  • Fortress Investment Group, LLC
  • Founders Equity, Inc.
  • FountainVest Partners (Asia), Ltd.
  • Francisco Partners Management, LP
  • Francisco Partners, L.P.
  • Franklin Templeton Institutional, LLC (Lake Montauk) (NZAM, Climate Action 100+)
  • Freeman, Spogli & Company
  • FX Transparency, LLC
  • GCM Grosvenor
  • GCM Grosvenor
  • Generation Investment Management, LLP (NZAM, Climate Action 100+)
  • Genesis Investment Management, LLP
  • GenNx360 Capital Partners
  • Gilde, LP
  • Global Alpha Capital Management, Ltd.
  • Global Infrastructure Management, LLC
  • Goldman Sachs Asset Management (Climate Action 100+)
  • Goldman Sachs Asset Management * (Climate Action 100+)
  • GQG Partners, LLC
  • Grain Management, LLC
  • Graticule Asset Management Asia, LP
  • GreenOak Real Estate Advisors
  • GSO Capital Partners
  • Hamilton Lane Advisors, LLC
  • Hamilton Lane Advisors, LLC
  • Hamilton Lane Advisors, LLC
  • HarbourVest Partners, LLC
  • HarbourVest Partners, LLC
  • HBK Capital Management, LP
  • Heitman Capital Management, LLC
  • Heitman Capital Management, LLC
  • Helios Investment Partners
  • Hellman & Friedman Investors, Inc.
  • High Peaks Venture Partners
  • Highland Capital Management, LP
  • Hollis Park Partners, LP
  • Hollis Park Partners, LP
  • Hony Capital
  • Horizon Asset, LLP
  • I Squared Capital Advisors (US), LLC
  • ICV Partners, LLC
  • IFM Investors, Ltd. (NZAM, Climate Action 100+)
  • IK Investment Partners
  • Insight Partners, LLC (Climate Action 100+)
  • Insight Venture Management, LLC (Climate Action 100+)
  • Institutional Venture Partners
  • Iridian Asset Management, LLC
  • ITE Management
  • ITE Management, LP
  • J.P. Morgan Asset Management, Inc (NZAM)
  • J.P. Morgan Investment Management, Inc. (NZAM)
  • J.P. Morgan Investment Management, Inc. (NZAM)
  • J.P. Morgan Partners, LLC (NZAM)
  • Jamestown Premier GP, LP
  • JMI Equity
  • Kayne Anderson Capital Advisors, LP
  • Kimex
  • King Street Capital Management, LP
  • KKR & Company, LP
  • KKR & Company, LP
  • Knighthead Capital Management, LLC
  • KSL Capital Partners, LLC
  • Landmark
  • Landmark Partners, LLC
  • Landmark Partners, LLC
  • Lansdowne Partners, Ltd
  • LaSalle Investment Management, Inc. (NZAM)
  • Leading Edge Investment Advisors, LP *
  • Leonard Green & Partners, LP
  • Leonard Green & Partners, LP
  • Lindsay Goldberg & Company, LLC
  • Lion Capital, LLP
  • LSV Asset Management
  • Mariner Investment Group, LLC
  • Marshall Wace, LLP (Climate Action 100+)
  • Martin Currie, Inc. (NZAM, Climate Action 100+)
  • MCL Associates, Inc.
  • Meketa Investment Group
  • Mercer Investments
  • Meridiam Infrastructure North America Corporation (NZAM)
  • Mesa West Capital
  • MetLife Investment Advisors, LLC
  • MetLife Investment Management, LLC
  • Mezzacappa Management, LLC
  • Mondrian Investment Partners, Inc.
  • Morgan Stanley Emerging Markets Fund, Inc.
  • Morgan Stanley Group
  • Morgan Stanley Investment Management, Ltd.
  • Muller & Monroe Asset Management, LLC
  • NCH Capital, Inc.
  • Neuberger Berman Group, LLC (NZAM, Climate Action 100+)
  • Neuberger Berman Group, LLC (NZAM, Climate Action 100+)
  • New Century Advisors, LLC
  • NIAM AB
  • NIAM AB
  • Nordic Capital
  • NREP
  • Nuveen (Climate Action 100+)
  • Oak Hill Advisors, LP
  • Oaktree Capital Management, LP
  • Orchard Global Asset Management, LLP
  • Pacific Alternative Asset Management Company, LLC
  • Paladin Capital Group
  • Palisade Capital Management, LLC
  • Palladium Equity Partners
  • Pantheon Ventures, LP
  • Patria Investments, Ltd.
  • Pearl Diver Capital, LLP
  • Penn Capital Management Company, Inc.
  • Performance Equity Management, LLC
  • PGIM Fund Management, Ltd.
  • Pharo Management, LLC
  • Pine Brook Road Partners, LLC
  • Primary Venture Partners
  • Progress Investment Management Company *
  • Prologis, LP
  • Providence Equity Partners, LLC
  • Quadrangle Group, LLC
  • Quantitative Management Associates, LLC
  • Rock Creek Group, LP
  • Rock Creek Group, LP
  • Rock Creek Group, LP *
  • Rockefeller & Company Asset Management (NZAM, Climate Action 100+)
  • Rockpoint Real Estate Funds
  • RRJ Capital
  • RRJ Capital
  • Russell Investments Group, LLC (NZAM, Climate Action 100+)
  • RV Kuhns & Associates, Inc.
  • SAIF Partners
  • Schultze Asset Management, LLC
  • Searchlight Capital Partners
  • Semper Capital Management, LP
  • Siris Capital Group, LLC
  • Sixth Street Partners, LLC
  • Snow Phipps Group, LLC
  • SoftBank Capital
  • SoftBank Capital
  • Stellex Capital Management, LP
  • Stellex Capital Management, LP
  • Stepstone Group, LP
  • Stockbridge Real Estate Funds
  • Stockbridge Risk Management, Inc
  • Stonepeak Partners, LP (NZAM)
  • Strategic Value Partners, LLC
  • Summer Street Capital Partners, LLC
  • Summer Street Capital Partners, LLC
  • Systematica Investments, Ltd
  • T. Rowe Price Associates, Inc. (NZAM)
  • TA Associates Management, LP
  • Teachers Advisors, LLC (Nuveen)
  • Templeton Investment Counsel, LLC
  • The Townsend Group
  • Thoma Bravo, LLC
  • Tilden Park Capital Management, LP
  • Towerbrook Capital Partners
  • TPG Capital, LP
  • Trian Fund Management, LP
  • Tribeca Venture Partners
  • Tribeca Venture Partners, LLC
  • Trillium Group, LLC (NZAM)
  • UBS Realty Investors, LLC (NZAM, Climate Action 100+)
  • ValueAct Capital Management, LP
  • Varde Management, LP
  • VCFA Group
  • Vista Equity Partners, LLC (NZAM)
  • Vivo Capital, LLC
  • Warburg Pincus, LLC
  • Warburg Pincus, LLC
  • Wellington Management Company, LLP (NZAM, Climate Action 100+)
  • Westbrook Realty Management
  • Whitehorse Liquidity Partners
  • Xponance, Inc.

Governance and accountability

This section features information about the 20-member advisory council that oversees the New York State and Local Retirement System (NYSLRS). The council is specific to oversight of NYSLRS and exercises oversight duties for the New York Employees’ Retirement System (ERS) and the New York Police and Fire Retirement System (PFRS).[11]

Board selection method

The Advisory Council for the retirement system that oversees NYSLRS and its sub-funds comprises 20 members. Council members are elected by the state comptroller, including five employee representatives, four municipal representatives, two state and agency representatives, a pensioner representative, two business representatives, four labor and business representatives, and two non-voting legislative representatives.[11][12]

Board of trustees membership

A 20-member advisory council oversees the operation and administration of NYSLRS. The following individuals served on the board as of May 2024:[11]

  • Stephen J. Acquario
  • Charles W. Murphy
  • Heather Briccetti Mulligan
  • Melinda Person
  • Mario Cilento
  • Christopher Summers
  • Sam Fresina
  • Raymond Santander
  • Gerry Geist
  • Michael O'Meara
  • Hon. Robert Jackson
  • Hon. Stacey Pheffer Amato
  • Fran Turner
  • Wayne Spence
  • Robert Schneider
  • Ronald J. Walsh, Jr.
  • Bryant Kolner
  • Barbara Van Epps
  • Diana Hinchcliff
  • Barbara Zaron

See also

External links

Footnotes

  1. ↑ 1.0 1.1 1.2 New York State and Local Retirement System, “2023 Annual Comprehensive Financial Report for Fiscal Year Ended March 31, 2023,” May 13, 2024
  2. ↑ New York State and Local Retirement System, “What is a defined benefit plan?” May 8, 2024
  3. ↑ New York State and Local Retirement System, “About the Retirement System,” May 13, 2024
  4. ↑ New York State and Local Retirement System, “NYSLRS Fact Sheet,” May 8, 2024
  5. ↑ Note: By default, this refers to the actuarial valuation of total assets. In some cases, the total market value of assets is shown instead. See the cited source for details.
  6. ↑ The Net Zero Asset Managers Initiative, "The Net Zero Asset Managers Initiative," accessed January 26, 2023
  7. ↑ Climate Action 100+, "The Three Goals," accessed June 20, 2023
  8. ↑ Pensions and Investments, "Net Zero Asset Managers initiative to suspend activities in wake of BlackRock departure," accessed January 15, 2024
  9. ↑ This information is sourced from research performed by Ballotpedia staff.
  10. ↑ Ballotpedia, "Ballotpedia: Asset management data for state-administered pension funds across the 50 states," March 2023
  11. ↑ 11.0 11.1 11.2 Office of the New York State Comptroller, “Advisory Council for the Retirement System,” May 7, 2024
  12. ↑ Legal Information Institute, “N.Y. Comp. Codes R. & Regs. Tit. 2 § 320.2 - Membership,” May 7, 2024
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