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State of Hawaii Employees’ Retirement System

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State of Hawaii Employees’ Retirement System (ERS)
Hawaii ERS logo.png
Basic facts
Location:Honolulu, Hawaii
Top official:Emmit Kane, chair
Year founded:1925
Active members:64,243
Website:Official website
Total assets under management
2023:$22,515 million
See also: Public pensions in Hawaii

The State of Hawaii Employees’ Retirement System (ERS) is a Hawaii state pension fund that provides retirement, disability, and survivor benefits to Hawaii’s eligible full- and part-time state and county employees and their beneficiaries. ERS had $22,515,000,000 ($22.5 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

See also: Public pensions

The State of Hawaii Employees’ Retirement System (ERS), founded in 1925, invests the assets of and provides funding for Hawaii’s full- and part-time eligible state and county employees and their beneficiaries. ERS operates a defined benefit plan.[2]

ERS served over 64,243 active members and approximately 54,973 retirees and beneficiaries as of June 30, 2023.[2][1]

Pension performance overview

The following table features information about the funding level and assets managed by the State of Hawaii Employees’ Retirement System as of June 30, 2023:[1]

State of Hawaii Employees’ Retirement System pension performance (June 30, 2023)
Fiscal year Percent funded Unfunded liabilities Total assets[3]
2023 62.2% $13,710,000,000 $22,515,000,000

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.[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 State of Hawaii Employees’ Retirement System

The State of Hawaii Employees’ Retirement System (ERS) contracted with 199 asset management companies (AMCs) or specific funds as of June 20, 2020. Of those companies, 41 were investor participants in Climate Action 100+, and 52 were members of NZAM, as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with ERS:[7]

  • AllianceBernstein AQR (NZAM, Climate Action 100+)
  • Almanac
  • Angelo Gordon
  • AQR
  • Bank of Hawaii Hamilton Lane
  • Blackrock (NZAM, Climate Action 100+)
  • Blackrock (NZAM, Climate Action 100+)
  • Blacksand Capital
  • Blackstone Realty
  • Cabot Industrial
  • Carval Credit Kayne Anderson
  • CB Richard Ellis
  • Cerebus
  • CIBC WORLD MKTS INC, TORONTO (WGDB)
  • CIMB GK SECURITIES PTE LTD, SINGAPORE
  • CITADEL SECURITIES INSTL LLC, CHICAGO
  • CITATION GROUP BCC CLRG, NEW YORK
  • CITIBANK NA, LONDON
  • CITIBANK NY (MER)
  • CITIGROUP GBL MKTS INC, TAIPEI
  • CITIGROUP GBL MKTS/SALOMON, NEW YORK
  • CITIGROUP GLOBAL MARKETS LTD, LONDON
  • CITIGROUP GLOBAL MARKETS, INC., NEW YORK
  • CLSA AUSTRALIA PTY LTD, SYDNEY
  • COWEN AND CO LLC, NEW YORK
  • CREDIT LYONNAIS SEC, SEOUL
  • CREDIT LYONNAIS SECS (ASIA), HONG KONG
  • CREDIT LYONNAIS SECS ASIA LTD, TAIPEI
  • CREDIT LYONNAIS SECS, SINGAPORE
  • CREDIT SUISSE (EUROPE), LONDON (NZAM, Climate Action 100+)
  • CREDIT SUISSE (EUROPE), SEOUL (NZAM, Climate Action 100+)
  • CREDIT SUISSE (HK) LIMITED, HONG KONG (NZAM, Climate Action 100+)
  • CREDIT SUISSE, NEW YORK (CSUS) (NZAM, Climate Action 100+)
  • CREDIT SUISSE, TAIPEI (NZAM, Climate Action 100+)
  • D CARNEGIE AB, STOCKHOLM
  • DAIWA SECS (HK) LTD, HONG KONG (NZAM, Climate Action 100+)
  • DAIWA SECS AMER INC, NEW YORK (NZAM, Climate Action 100+)
  • DAIWA SECS SMBC CATHAY CO, TAIPEI (NZAM, Climate Action 100+)
  • DRA
  • EJF
  • EXANE, PARIS (EXANFRPP)
  • FIDELITY CAPITAL MARKETS, NEW YORK
  • First Hawaiian Bank I Squared
  • Fortress Japan
  • Gateway
  • Geode
  • GOLDMAN SACHS & CO, NY (Climate Action 100+)
  • GOLDMAN SACHS INTL, LONDON (GSILGB2X) (Climate Action 100+)
  • GOLDMAN SACHS INTL, NY (Climate Action 100+)
  • GOODBODY STOCKBROKERS, DUBLIN
  • GUGGENHEIM CAPITAL MARKETS LLC, NEW YORK
  • H/2
  • HAITONG INTL SEC CO LTD, HONG KONG
  • Hamilton Lane
  • Heitman Capital Management
  • Heitman Capital Management
  • HPS Credit Kohlberg Kravis Roberts
  • HSBC BANK PLC (MIDLAND BK)(JAC), LONDON (NZAM, Climate Action 100+)
  • HSBC BANK PLC (MIDLAND BK)(XXX), LONDON (NZAM, Climate Action 100+)
  • HSBC SECS INC, NEW YORK (NZAM, Climate Action 100+)
  • HSBC SECURITIES (USA) INC, NEW YORK (NZAM, Climate Action 100+)
  • I Squared
  • ICBC FINCL SVCS, NEW YORK
  • INSTINET AUSTRALIA CLEARING SERV, SYDNEY
  • INSTINET CLEARING SER INC, NEW YORK
  • INSTINET CORP, NEW YORK
  • INSTINET EUROPE LIMITED, LONDON
  • INSTINET PACIFIC LTD, HONG KONG
  • Invesco Realty Advisors (NZAM)
  • INVESTMENT TECH GROUP INC, NEW YORK
  • INVESTMENT TECHNOLOGY GROUP LTD,DUBLIN
  • ISI GROUP INC, NEW YORK
  • ITG AUSTRALIA LTD, MELBOURNE
  • ITG INC, NEW YORK
  • J P MORGAN SEC LTD/STOCK LENDING, LONDON (NZAM)
  • J P MORGAN SEC, SYDNEY (NZAM)
  • J P MORGAN SECS INC, NEW YORK (NZAM)
  • J P MORGAN SECS LTD, LONDON (NZAM)
  • J P MORGAN SECURITIES INC, BROOKLYN (NZAM)
  • J.P MORGAN SECURITIES INC, NEW YORK (NZAM)
  • J.P. MORGAN SECURITIES LLC, NEW YORK (NZAM)
  • J.P. MORGAN SECURITIES, HONG KONG (NZAM)
  • J.P.MORGAN AG, FRANKFURT (NZAM)
  • JANE STREET EXECUTION SERVICES, NEW YORK
  • JANNEY MONTGOMERY SCOTT, PHILADELPHIA
  • JEFFERIES & CO INC, NEW YORK
  • JEFFERIES & CO LTD, LONDON
  • JMP SECURITIES, SAN FRANCISCO
  • JONESTRADING INST SVCS LLC, NEW YORK
  • JP MORGAN BROKING (HK) LTD, HONG KONG (NZAM)
  • JP MORGAN SECS (FAR EAST) LTD, SEOUL (NZAM)
  • JP MORGAN SECS (TAIWAN) LTD, TAIWAN (NZAM)
  • JP MORGAN SECS, SINGAPORE (NZAM)
  • JPMORGAN SECURITIES INC, NEW YORK (NZAM)
  • Kayne Anderson
  • KEEFE BRUYETTE + WOODS INC, NEW YORK
  • KEYBANC CAPITAL MARKETS INC, NEW YORK
  • KIM ENG SEC LTD, HONG KONG
  • KNIGHT EQUITY MARKETS LP, NEW YORK
  • Kohlberg Kravis Roberts
  • Kohlberg Kravis Roberts
  • Landmark
  • LaSalle Investment Management (NZAM)
  • Legal and General Investment Management (NZAM, Climate Action 100+)
  • LIQUIDNET ASIA LTD, HONG KONG
  • LIQUIDNET EUROPE LIMITED, LONDON
  • LIQUIDNET INC, NEW YORK
  • Lone Star
  • Longview Gateway
  • LOOP CAPITAL MARKETS, JERSEY CITY
  • Lowe Enterprises
  • LUMINEX TRADING AND ANALYTICS, BOSTON
  • MACQUARIE BANK LIMITED, SYDNEY (NZAM, Climate Action 100+)
  • MACQUARIE BANK LTD, HONG KONG (NZAM, Climate Action 100+)
  • MACQUARIE CAPITAL LTD, LONDON (NZAM, Climate Action 100+)
  • MACQUARIE SECS USA INC, NEW YORK (NZAM, Climate Action 100+)
  • MACQUARIE SECURITIES LIMITED, HONG KONG (NZAM, Climate Action 100+)
  • MERRILL LYNCH & CO INC ATLAS GLOBAL, NY
  • MERRILL LYNCH GILTS LTD, LONDON
  • MERRILL LYNCH INTL LONDON EQUITIES
  • MERRILL LYNCH PIERCE FENNER SMITH INC NY
  • MERRILL LYNCH PIERCE FENNER, TAIWAN
  • MERRILL LYNCH PIERCE FENNER, WILMINGTON
  • MERRILL LYNCH, SYDNEY
  • Mesa West Capital
  • MIRAE ASSET SECURITIES, SEOUL (NZAM, Climate Action 100+)
  • MITSUBISHI UFJ SECURITIES, NEW YORK
  • MIZUHO SECURITIES USA INC. NEW YORK
  • MORGAN STANLEY & CO INC, NY
  • MORGAN STANLEY & CO INTL LTD, SEOUL
  • MORGAN STANLEY & CO INTL LTD, TAPEI
  • MORGAN STANLEY & CO, LONDON (MSLNGB2X)
  • MORGAN STANLEY EUROPE SE, FRANKFURT
  • NATIONAL FINL SVCS CORP, NEW YORK
  • NEEDHAM & CO, NEW YORK
  • NESBITT BURNS, TORONTO (NTDT)
  • Neuberger (NZAM, Climate Action 100+)
  • Neuberger Berman (NZAM, Climate Action 100+)
  • NUMIS SECURITIES LTD, LONDON
  • ODDO ET CIE, PARIS (Climate Action 100+)
  • OLIVETREE SECURITIES LTD, LONDON
  • OPPENHEIMER & CO INC, NEW YORK
  • OTHER
  • Pacific Investment Management Company LaSalle Investment Management
  • PERSHING LLC, JERSEY CITY
  • PERSHING SECURITIES LTD, LONDON
  • PIPER JAFFRAY & CO., JERSEY CITY
  • Prudential
  • RAYMOND JAMES & ASSOC INC, ST PETERSBURG
  • RBC CAPITAL MARKETS LLC, NEW YORK (Climate Action 100+)
  • RBC DOMINION SECS INC, TORONTO (DOMA) (Climate Action 100+)
  • REDBURN PARTNERS LLP, LONDON
  • Robeco Starwood (NZAM, Climate Action 100+)
  • ROYAL BANK OF CANADA EUROPE LTD, LONDON
  • S G WARBURG, SEOUL
  • SAMSUNG SECS, SEOUL
  • SANFORD C BERNSTEIN & CO INC, LONDON
  • SCOTIA CAPITAL (USA) INC, NEW YORK
  • SCOTIA CAPITAL INC, NEW YORK
  • SCOTIA CAPITAL MKTS, TORONTO
  • SG AMERICAS SECURITIES LLC, NEW YORK
  • SG SEC (LONDON) LTD, LONDON
  • SG SEC (LONDON) LTD, TAIPEI
  • SG SECURITIES, HONG KONG
  • SIDOTI AND COMPANY LLC, NEW YORK
  • Silverrock Credit Lone Star
  • SKANDINAVISKA ENSKILDA BANKEN, COPENHAGE
  • SMBC SECURITIES, INC NEW YORK
  • SOCIETE GENERALE LONDON BRANCH, LONDON (NZAM)
  • SOCIETE GENERALE, PARIS (NZAM)
  • Stafford Partners (NZAM)
  • Starwood
  • STEPHENS INC, LITTLE ROCK
  • STIFEL NICOLAUS
  • SVENSKA HANDELSBANKEN, STOCKHOLM
  • TOBAM
  • Torchlight
  • TORONTO DOMINION SEC, TORONTO
  • UBS AG LONDON BRANCH, LONDON (NZAM, Climate Action 100+)
  • UBS EQUITIES, LONDON (NZAM, Climate Action 100+)
  • UBS EUROPE SE, FRANKFURT AM MAIN (NZAM, Climate Action 100+)
  • UBS SECURITIES CANADA, TORONTO (BWIT) (NZAM, Climate Action 100+)
  • UBS SECURITIES LLC, STAMFORD (NZAM, Climate Action 100+)
  • UBS WARBURG ASIA LTD, HONG KONG (NZAM, Climate Action 100+)
  • UBS WARBURG AUSTRALIA EQUITIES, SYDNEY (NZAM, Climate Action 100+)
  • UBS WARBURG SEC,TAIWAN (NZAM, Climate Action 100+)
  • VIRTU AMERICAS LLC, JERSEY CITY
  • WALL ST ACCESS, NEW YORK
  • WALL STREET ACCESS, JERSEY CITY
  • Wasatch Geode
  • WEEDEN & CO, NEW YORK
  • Wellington Neuberger Berman (NZAM, Climate Action 100+)
  • WELLS FARGO SECURITIES LLC, CHARLOTTE
  • WELLS FARGO SECURITIES, LLC, NEW YORK
  • Western Asset Management Company
  • WILLIAM BLAIR & CO, CHICAGO (Climate Action 100+)
  • WILLIAMS CAPITAL GROUP LP, JERSEY CITY
  • WOORI INVESTMENT & SECURITIES, SEOUL
  • XP INVESTIMENTOS CCTVM SA,RIO DE JANEIRO


Governance and accountability

This section features information about the eight-member board of trustees that oversees the State of Hawaii Employees’ Retirement System (ERS). The board is specific to oversight of ERS and does not exercise oversight duties for other state funds.[8]

Board selection method

The board of trustees that oversees ERS is made up of eight members. Four members are elected by the system membership, with two being general employees, one being a teacher, and the other being a retiree. Three members are citizens of Hawaii appointed by the governor, with one being a bank officer authorized to do business in Hawaii or a person of similar experience. The final trustee is the Hawaii state director of finance, who serves on the board ex-officio.[8]

Board of trustees membership

An eight-member board of trustees oversees the operation and administration of ERS. The following individuals served on the board as of June 2024:[8]


  • Mr. Emmit Kane, chair
  • Dr. Catherine Chan
  • Dr. Genevieve Gines Ley
  • Mr. Bennett Yap
  • Mr. Vincent Barfield
  • Mr. Lance Mizumoto
  • Mr. Luis Salaveria
  • holdover

See also

External links

Footnotes

  1. ↑ 1.0 1.1 1.2 Employees’ Retirement System of the State of Hawaii, “Employees’ Retirement System of the State of Hawaii Report to the Board of Trustees on the 98th Annual Actuarial Valuation for the Year Ending June 30, 2023,” June 12, 2024
  2. ↑ 2.0 2.1 Employees’ Retirement System of the State of Hawaii, “About the ERS,” June 12, 2024
  3. ↑ 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.
  4. ↑ The Net Zero Asset Managers Initiative, "The Net Zero Asset Managers Initiative," accessed January 26, 2023
  5. ↑ Climate Action 100+, "The Three Goals," accessed June 20, 2023
  6. ↑ Pensions and Investments, "Net Zero Asset Managers initiative to suspend activities in wake of BlackRock departure," accessed January 15, 2024
  7. ↑ Ballotpedia, "Ballotpedia: Asset management data for state-administered pension funds across the 50 states," March 2023
  8. ↑ 8.0 8.1 8.2 Employees’ Retirement System of the State of Hawaii, “Trustees,” June 12, 2024
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