Public Employee Retirement System of Idaho
| Public Employee Retirement System of Idaho (PERSI) | |
 | |
| Basic facts | |
| Location: | Boise, Idaho |
| Top official: | Jeff Cilek, chairman |
| Year founded: | 1963 |
| Active members: | 77,668 |
| Website: | Official website |
| Total assets under management | |
| 2023: | $20,828,185,649 |
- See also: Public pensions in Idaho
The Public Employee Retirement System of Idaho (PERSI) is a Idaho state pension fund that provides retirement, disability, and survivor benefits to the state's public employees. PERSI had $20,828,185,649 ($20.8 billion) in total assets under management as of July 1, 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 PERSI.
- Pension performance overview: Overview of the funding level and assets managed by PERSI.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with PERSI, 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 PERSI's oversight board, including members and selection.
Background
- See also: Public pensions
The Public Employee Retirement System of Idaho (PERSI), founded in 1963, invests the assets of and provides funding for Idaho’s public employees. The plan operates as a defined benefit plan wherein employers and employees both contribute toward each employee’s retirement.[2][3][4]
PERSI served over 77,668 active members and approximately 54,680 retirees and beneficiaries as of July 1, 2023.[2][1]
Pension performance overview
The following table features information about the funding level and assets managed by the Public Employee Retirement System of Idaho as of July 1, 2023:[1]
| Public Employee Retirement System of Idaho pension performance (July 1, 2023) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets[5] |
| 2023 | 83.83% | $3,990,670,563 | $20,828,185,649 |
Assets and asset management
| Environmental, social, and corporate governance |
|---|
|
| • 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.[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 Public Employee Retirement System of Idaho
The Public Employee Retirement System of Idaho (PERSI) contracted with 36 asset management companies (AMCs) or specific funds as of June 28, 2024. Of those companies, one was an investor participant in Climate Action 100+, and three were members of NZAM, as of October 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with PERSI:[9]
| Public Employee Retirement System of Idaho (PERSI) 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[10] | Climate Action 100+ signatory as of October 2024 |
| MCM R1000 | U.S. EQUITY; | $2,635,644,309 | 11.043% | No | No |
| Peregrine | U.S. EQUITY; | $688,796,559 | 2.886% | No | No |
| US Transition | U.S. EQUITY; | $2,988 | 0.000% | No | No |
| MCM R2000 | U.S. EQUITY; | $134,470,821 | 0.563% | No | No |
| Atlanta | U.S. EQUITY; | $681,082,439 | 2.854% | No | No |
| Mtn Pac | U.S. EQUITY; | $714,714,986 | 2.995% | No | No |
| Donald Smith | U.S. EQUITY; | $770,301,616 | 3.227% | No | No |
| Adelante | U.S. EQUITY; | $454,064,127 | 1.902% | No | No |
| MCM REIT | U.S. EQUITY; | $281,396,203 | 1.179% | No | No |
| Private RE | U.S. EQUITY; | $1,083,739,880 | 4.541% | No | No |
| Private Eq | U.S. EQUITY; | $1,829,797,853 | 7.666% | No | No |
| AB | GLOBAL EQUITY; | $616,159,956 | 2.582% | No | No |
| BLS | GLOBAL EQUITY; | $575,788,768 | 2.412% | No | No |
| Brandes | GLOBAL EQUITY; | $613,060,860 | 2.569% | No | No |
| PineStone | GLOBAL EQUITY; | $604,414,628 | 2.532% | No | No |
| Fiera | GLOBAL EQUITY; | $2,657,771 | 0.011% | Yes | Yes |
| Longview | GLOBAL EQUITY; | $606,356,710 | 2.541% | No | No |
| Pzena | GLOBAL EQUITY; | $585,656,221 | 2.454% | Yes | No |
| Walter Scott | GLOBAL EQUITY; | $596,282,826 | 2.498% | No | No |
| Global Transition | GLOBAL EQUITY; | $791,628 | 0.003% | No | No |
| MCM EAFE | INT EQUITY; | $309,513,729 | 1.297% | No | No |
| C Worldwide | INT EQUITY; | $410,868,452 | 1.721% | No | No |
| Mondrian | INT EQUITY; | $420,067,233 | 1.760% | No | No |
| Sprucegrove | INT EQUITY; | $404,501,749 | 1.695% | Yes | No |
| EAFE Transition | INT EQUITY; | $36,533 | 0.000% | No | No |
| MCM EM | INT EQUITY; | $766,402,795 | 3.211% | No | No |
| WCM | INT EQUITY; | $502,000,000 | 2.103% | No | No |
| Wasatch | INT EQUITY; | $500,760,433 | 2.098% | No | No |
| SSgM IEMG ETF | INT EQUITY; | $5,736 | 0.000% | No | No |
| SSgA G/C | FIXED INCOME; | $3,078,236,275 | 12.897% | No | No |
| IR+M | FIXED INCOME; | $225,752,787 | 0.946% | No | No |
| Western | FIXED INCOME; | $294,046,461 | 1.232% | No | No |
| DBF MBS | FIXED INCOME; | $168,320,821 | 0.705% | No | No |
| Clearwater | FIXED INCOME; | $219,115,916 | 0.918% | No | No |
| ID Mortgages | FIXED INCOME; | $825,632,265 | 3.459% | No | No |
| SSgA TIPS | FIXED INCOME; | $2,212,704,489 | 9.271% | No | No |
Governance and accountability
This section features information about the five-member board of trustees that oversees the Public Employee Retirement System of Idaho (PERSI). The board is specific to oversight of PERSI and exercises oversight duties for the sub-funds that comprise PERSI.[11]
Board selection method
The board of trustees that oversees PERSI is made up of five members. The members are appointed by the governor and confirmed by the Idaho State Senate. Two board members are members of the retirement system with at least ten years of service, while three are citizens of Idaho and are not members of PERSI.[11]
Board of trustees membership
A five-member board of trustees oversees the operation and administration of PERSI. The following individuals served on the board as of June 2024:[11]
- Jeff Cilek, chairman
- Joy Fisher
- Lori Wolff
- Park Price
- Darin DeAngeli
See also
- Public pensions in Idaho
- 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 Public Employee Retirement System of Idaho, “Public Employee Retirement System of Idaho GASB 67 and 68 DISCLOSURE Fiscal Year: July 1, 2022, to June 30, 2023,” June 17, 2024
- ↑ 2.0 2.1 Public Employee Retirement System of Idaho, “PERSI,” June 17, 2024
- ↑ National Association of State Retirement Administrators, “History of PERSI,” June 17, 2024
- ↑ Public Employee Retirement System of Idaho, “Financial Statements June 30, 2023 Public Employee Retirement System of Idaho,” June 17, 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.
- ↑ 11.0 11.1 11.2 Public Employee Retirement System of Idaho, “Retirement Board,” June 17, 2024
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