Oklahoma Firefighters Pension and Retirement System
| Oklahoma Firefighters Pension and Retirement System | |
 | |
| Basic facts | |
| Location: | Oklahoma City, Oklahoma |
| Top official: | Tony Lopez, chair |
| Year founded: | 1980 |
| Website: | Official website |
| Total assets under management | |
| 2023: | $3,547,691,672 |
- See also: Public pensions in Oklahoma
The Oklahoma Firefighters Pension and Retirement System(OFPRS) is an Oklahoma state pension fund that provides retirement, disability, and survivor benefits to the state's firefighters. The Oklahoma Firefighters Pension and Retirement System had $3,547,691,672 ($3.5 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 Oklahoma Firefighters Pension and Retirement System.
- Pension performance overview: Overview of the funding level and assets managed by the Oklahoma Firefighters Pension and Retirement System.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with Oklahoma Firefighters Pension and 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 Oklahoma Firefighters Pension and Retirement System's oversight board, including members and selection.
Background
- See also: Public pensions
The Oklahoma Firefighters Pension and Retirement System, founded in 1980, invests the assets of and provides funding for active and retired Oklahoma firefighters based on a formula established by state law. These plans—based on the employee's length of service and salary—provide retirement, disability, and survivor benefits to the state's public employees and their families.[2]
Pension performance overview
The following table features information about the funding level and assets managed by the Oklahoma Firefighters Pension and Retirement System as of June 30, 2023:[1]
| Oklahoma Firefighters Pension and Retirement System pension performance (June 30, 2023) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets[3] |
| 2023 | 88.4% | $411,009,939 | $3,547,691,672 |
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.[4][5]
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.”[6]
List of AMCs contracting with the Oklahoma Firefighters Pension and Retirement System
The Oklahoma Firefighters Pension and Retirement System contracted with 61 asset management companies (AMCs) or specific funds as of June 30, 2023. Of those companies, eight were investor participants in Climate Action 100+, and six were members of NZAM, as of October 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the Oklahoma Firefighters Pension and Retirement System:[7]
| Oklahoma Firefighters Pension and 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[8] | Climate Action 100+ signatory as of October 2024 |
| Chautauqua Capital Management | International Equity | $2,331,984 | 2.668% | No | No |
| Chautauqua International Growth Requity OP Fund. LP | International Equity | $3,747,804 | 4.288% | No | No |
| WCM Investment Management | International Equity | $4,949,189 | 5.663% | No | No |
| SSGA MSCI-ACWI US - NL (LICLP) | International Equity | $217,000.00 | 0.006% | No | No |
| RBC GAM Emerging Markets | International Equity | $158,051,000.00 | 4.455% | No | Yes |
| Wellington Emerging Markets | International Equity | $165,152,000.00 | 4.655% | Yes | Yes |
| Artio Global Management LLC | International Equity | $62,783,000.00 | 1.770% | No | No |
| Intech | Domestic Equity | $57,021,000.00 | 1.607% | No | No |
| Aristotle Value Equity | Domestic Equity | $51,172,000.00 | 1.442% | No | Yes |
| Beutel Goodman & Company | Domestic Equity | $0.00 | 0.000% | No | Yes |
| Fred Alger Management, Inc. | Domestic Equity | $228,429,000.00 | 6.439% | No | No |
| SSGA S&P 500- NL (LJQP) | Domestic Equity | $129,060,000.00 | 3.638% | No | No |
| SSGA S&P Equal Weighted - NL (LIQP) | Domestic Equity | $125,179,000.00 | 3.528% | No | No |
| Earnest Partners | Domestic Equity | $255,939,000.00 | 7.214% | No | No |
| River Road Management | Domestic Equity | $281,674,000.00 | 7.940% | No | No |
| Jackson Square Partners | Domestic Equity | $0.00 | 0.000% | No | No |
| Lord Abbett & Co. | Domestic Equity | $88,962,000.00 | 2.508% | No | No |
| SSGA Small CAP Completeness - NI (LIOP) | Domestic Equity; | $88,128,000.00 | 2.484% | No | No |
| APE Fund IV | Other Equity | $86,233,000.00 | 2.431% | No | No |
| APE Fund V | Other Equity | $88,492,000.00 | 2.494% | No | No |
| LGTCCO III | Other Equity | $85,564,000.00 | 2.412% | No | No |
| Schroders PEGD III | Other Equity | $24,871,000.00 | 0.701% | No | Yes |
| Adams Street Co-Inv V A | Other Equity | $10,686,000.00 | 0.301% | No | No |
| Riverside Micro-Cap Fund VI | Other Equity | $20,948,000.00 | 0.590% | No | No |
| Garcia Hamilton &Associates | Domestic Fixed Income | $36,818,000.00 | 1.038% | No | No |
| Orleans Capital | Domestic Fixed Income | $13,494,000.00 | 0.380% | No | No |
| SSGA BB US Aggregate - NL | Domestic Fixed Income | $5,535,000.00 | 0.156% | No | No |
| Brandywine Global Fixed | Global Fixed Income | $87,875,000.00 | 2.477% | Yes | Yes |
| Brandywine Global Opportunistic Fl CI A | Global Fixed Income | $62,198,000.00 | 1.753% | Yes | Yes |
| Medley Opportunity Fund II | Other Fixed Income | $80,797,000.00 | 2.277% | No | No |
| PIMCOCOF II | Other Fixed Income | $0.00 | 0.000% | No | No |
| PIMCO Bravo III | Other Fixed Income | $203,117,000.00 | 5.725% | No | No |
| PIMCO Bravo IV | Other Fixed Income | $2,025,000.00 | 0.057% | No | No |
| PIMCO Private income Fund Cl A & B | Other Fixed Income | $15,011,000.00 | 0.423% | No | No |
| ComVest Capital Partners Fund VI | Other Fixed Income | $43,221,000.00 | 1.218% | No | No |
| JP Morgan Strategic Property Fund | Real Estate | $38,271,000.00 | 1.079% | Yes | No |
| JP Morgan Special Situation Property Fund | Real Estate | $98,518,000.00 | 2.777% | Yes | No |
| Portfolio Advisors Real Estate III | Real Estate | $21,327,000.00 | 0.601% | No | No |
| Portfolio Advisors Flea! Estae IV | Real Estate | $112,913,000.00 | 3.183% | No | No |
| Portfolio Advisors Real Estate V | Real Estate | $62,766,000.00 | 1.769% | No | No |
| Portfolio Advisors Real Estate VI | Real Estate | $2,117,000.00 | 0.060% | No | No |
| AG Net Lease Realty III | Real Estate | $682,000.00 | 0.019% | No | No |
| AG Realty Value Fund %I | Real Estate | $3,333,000.00 | 0.094% | No | No |
| Mesirow Financial Real Estate Fund II | Real Estate | $16,371,000.00 | 0.461% | No | No |
| Mesirow RE Value Fund IV | Real Estate | $21,408,000.00 | 0.603% | No | No |
| Dune Real Estate Fund III | Real Estate | $4,312,000.00 | 0.122% | No | No |
| Dune Real Estate Fund IV, LP | Real Estate | $4,044,000.00 | 0.114% | No | No |
| Landmark Real Estate Partners VII, LP | Real Estate | $35,370,000.00 | 0.997% | No | No |
| Hall Capital III | Real Estate | $8,859,000.00 | 0.250% | No | No |
| Hall Real Estate Fund II | Real Estate | $39,585,000.00 | 1.116% | No | No |
| TerraCap Partners V, LP | Real Estate | $3,722,000.00 | 0.105% | No | No |
| Centerbridge Partners RE Fund II, LP | Real Estate | $5,436,000.00 | 0.153% | No | No |
| Pomona Capital Fund VIII | Other Assets | $10,391,000.00 | 0.293% | No | No |
| Pomona Capital Fund IX | Other Assets | $52,815,000.00 | 1.489% | No | No |
| Pomona Capital Fund X | Other Assets | $14,301,000.00 | 0.403% | No | No |
| Ardian Secondary Fund VI | Other Assets | $2,946,000.00 | 0.083% | No | No |
| Ardian Early Secondary Fund VI | Other Assets | $25,139,000.00 | 0.709% | No | No |
| ASF VIII L.P. | Other Assets | $19,732,000.00 | 0.556% | No | No |
| Capital Dynamics Global Secondaries Funds IV | Other Assets | $5,818,000.00 | 0.164% | No | No |
| Capital Dynamics Global Secondaries Funds VI | Other Assets | $36,289,000.00 | 1.023% | No | No |
| IFM Global Infrastructure (US) LP | Other Assets | $49,153,000.00 | 1.385% | Yes | Yes |
Governance and accountability
This section features information about the 13-member board of trustees that oversees the Oklahoma Firefighters Pension and Retirement System. The board is specific to oversight of the Oklahoma Firefighters Pension and Retirement System and does not exercise oversight duties for other state funds.[9]
Board selection method
The board of trustees that oversees the Oklahoma Firefighters Pension and Retirement System is made up of 13 appointed members. Five members shall be the board of trustees of the Oklahoma State Firefighters Association, a 5-year term. One member shall be the president of the Professional Firefighters of Oklahoma or their designee. One member shall be the president of the Oklahoma State Retired Firefighters Association or their designee. Speaker of the House of Representatives shall appoint one member to serve a 4-year term. One member shall be appointed by the president pro tempore of the Senate for a 4-year term. Two members shall be appointed by the president of the Oklahoma Municipal League for a 4-year term. One member shall be the state insurance commissioner or their designee. One member shall be the director of the Office of Management and Enterprise Services or their designee.[9]
Board of trustees membership
A 13-member board of trustees oversees the operation and administration of Oklahoma Firefighters Pension and Retirement System. The following individuals served on the board as of April 2024:[9]
- Tony Lopez, chair
- Donald Bennett Jr.
- Cary Provence
- Tom A. Marcum
- Jim Ed Nimmo
- Michael Duncan
- Brent Baggett
- Brent Bryant
- Janet Kohls
- Matthew Lay
- Teresa Green
- Dana Cramer
- John Laws
See also
- Public pensions in Oklahoma
- 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 ‘’Oklahoma Firefighters Pension and Retirement Plan’’, “Financial Statements,” accessed April 15, 2024
- ↑ ‘’Oklahoma Firefighters Pension and Retirement Fund’’, “About,” accessed April 15, 2024
- ↑ 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.
- ↑ 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.
- ↑ 9.0 9.1 9.2 ‘’Oklahoma Firefighters Pension and Retirement System’’, “Our Board,” accessed April 15, 2024
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