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Washington School Employees' Retirement System

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Washington School Employees' Retirement System
Basic facts
Location:Olympia, Washington
Top official:Tracy Guerin, chair
Year founded:1996
Active members:16,955
Website:Official website
Total assets under management
2022:$21,254,000,000
See also: Public pensions in Washington

The Washington School Employees' Retirement System (SERS) is a Washington state pension fund that provides retirement, disability, and survivor benefits for some teachers–depending on their hire date–and their families. The Washington School Employees' Retirement System had $21,254,000,000 ($21.3 billion) in total assets under management as of June 30, 2022.[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 Washington School Employees' Retirement System (SERS), founded in 1996, operates as a defined benefit plan based on a formula established by Washington state law, and is a subfund of the Washington State Investment Board (WSIB). These plans—based on the employee's length of service and salary—provide retirement, disability, and survivor benefits for some teachers–depending on their hire date–and their families.[1]

The Washington School Employees' Retirement System served 16,955 active members and 15,131 retirees and beneficiaries as of 2023.[1]

Pension performance overview

The following table features information about the funding level and assets managed by the Washington School Employees' Retirement System as of June 2022:[1]

Washington School Employees' Retirement System performance (June 2022)
Fiscal year Percent funded Unfunded liabilities Total assets
2022 92% $1,941,000,000 $21,254,000,000

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.[2][3]

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.”[4]

List of AMCs contracting with the Washington School Employees' Retirement System

The Washington School Employees' Retirement System, as a subfund of the Washington State Investment Board (WSIB), contracted with 177 asset management companies (AMCs) as of June 2022. Of those companies or funds, 43 were investor participants in Climate Action 100+, and 42 were members of NZAM as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the Washington School Employees' Retirement System:[5]

  • ABN Amro Clearig Bank N.V. (NZAM, Climate Action 100+)
  • Adcent International GPE IX LP
  • Aevitas Property Partners LLC
  • Banco Itau SA
  • Banco Pactual SA
  • Bank of America Securities, Inc.
  • Bank of Nova Scotia
  • Barclays Capital
  • Barclays Capital Inc./LE
  • Barclays Capital LE
  • BCS Prime Brokerage Ltd.
  • Bell Potter Securities Ltd.
  • Bernstein Autonomous LLP
  • BGI Money Market Fund
  • BlackRock Liquidity Funds (NZAM, Climate Action 100+)
  • BlackRock MSCI EM IMI Index Fund (NZAM, Climate Action 100+)
  • BlackRock MSCI U.S. IMI (NZAM, Climate Action 100+)
  • BMO Capital Markets (NZAM, Climate Action 100+)
  • BMO Capital Markets Corp. (NZAM, Climate Action 100+)
  • BNP Paribas Securities Services (NZAM, Climate Action 100+)
  • BNP Paribas Securities Services SA (NZAM, Climate Action 100+)
  • BNY Barclays Cap Securities Ltd. Sbl PB
  • Bradesco SA CTVM
  • BTIG LLC
  • Calzada Capital Partners LLC
  • Canadian Imperial Bank of Commerce
  • Cantor Fitzgerald & Co
  • Carlyle Partners VII LP
  • China Intl. Capital Co.
  • CIMB Securities USA Inc.
  • Citibank, N.A.
  • Citigroup Global Market Korea Securities Ltd.
  • Citigroup Global Markets Australia Pty.
  • Citigroup Global Markets Europe Ag
  • Citigroup Global Markets Inc.
  • Citigroup Global Markets India
  • Citigroup Global Markets Ltd.
  • Citigroup Global Markets Taiwan
  • CL Securities Taiwan Company Ltd.
  • CLSA Singapore Pte. Ltd.
  • Cowen & Co. LLC
  • Cowen Execution Services LLC
  • Crane Capital Partners LLC
  • Credit Lyonnais Securities (Asia)
  • Credit Lyonnais Securities India
  • Credit Suisse First Boston (NZAM, Climate Action 100+)
  • Credit Suisse First Boston SA CTVM (NZAM, Climate Action 100+)
  • Credit Suisse Securities (Europe) Ltd. (NZAM, Climate Action 100+)
  • Credit Suisse Securities (USA) LLC (NZAM, Climate Action 100+)
  • CSFB Australia Equities Ltd.
  • Daiwa Securities (Hong Kong) Ltd. (NZAM, Climate Action 100+)
  • DSP Merrill Lynch Ltd. (Climate Action 100+)
  • Emerging Market Fund of Funds II
  • Euroclear Bank SA/NV
  • Evercore Group LLC
  • Evergreen Park Investment Fund LP
  • Evergreen Real Estate Partners LP
  • Exane SA
  • Fillmore Strategic Investors
  • Fisher Lynch Co-Investment Partnership III LP
  • Fisher Lynch Co-Investment Partnership IV LP
  • Goldman Sachs (Asia) LLC (Climate Action 100+)
  • Goldman Sachs (India) (Climate Action 100+)
  • Goldman Sachs & Co. (Climate Action 100+)
  • Goldman Sachs Australia Pty. Ltd. (Climate Action 100+)
  • Goldman Sachs Intl (Climate Action 100+)
  • Goodbody Stockbrokers
  • Hellman & Friedman Capital Partners IX LP
  • Hellman & Friedman Capital Partners VIII LP
  • Hongkong & Shanghai Banking Corp.
  • HSBC Bank PLC (NZAM, Climate Action 100+)
  • HSBC Brokerage (USA) Inc. (NZAM, Climate Action 100+)
  • HSBC Securities (USA) Inc. (NZAM, Climate Action 100+)
  • Hyundai Securities
  • ICICI Brokerage Services
  • IM Trust SA Corredores De Bolsa
  • Industrial & Commercial Bank of China
  • Instinet
  • Instinet Australia Clearing Services Pty. Ltd.
  • Instinet LLC
  • Instinet Pacific Ltd
  • Instinet UK Ltd.
  • Investec Markets (Proprietary) Ltd. (Climate Action 100+)
  • Investment Technology Group Inc.
  • ITG Inc.
  • Jefferies Hong Kong Ltd.
  • Jefferies India Private Ltd.
  • Jefferies Intl. Ltd.
  • Jefferies LLC
  • Joh. Berenberg, Gossler & Co.
  • JPMorgan Securities (Asia Pacific) Ltd. (NZAM)
  • JPMorgan Securities (Far East) Ltd. Seoul (NZAM)
  • JPMorgan Securities (Taiwan) Ltd. (NZAM)
  • JPMorgan Securities Australia Ltd. (NZAM)
  • JPMorgan Securities Inc. (NZAM)
  • JPMorgan Securities LLC (NZAM)
  • JPMorgan Securities Ltd. (NZAM)
  • JPMorgan Securities PLC (NZAM)
  • Kepler Cheuvreux
  • Kim Eng Securities (HK) Ltd.
  • KKR Americas Fund XII LP
  • Kotak Securities Ltd. (Climate Action 100+)
  • Kraneshares CSI China Internet
  • Larrain Vial (Climate Action 100+)
  • Liquidnet Europe Ltd.
  • Liquidnet Inc.
  • Macquarie Bank Ltd. (NZAM, Climate Action 100+)
  • Macquarie Capital Securities S (NZAM, Climate Action 100+)
  • Macquarie Securities (India) Pvt. Ltd. (NZAM, Climate Action 100+)
  • Macquarie Securities (Singapore) (NZAM, Climate Action 100+)
  • Macquarie Securities Korea Ltd. (NZAM, Climate Action 100+)
  • Merrill Lynch Intl.
  • Merrill Lynch SA CVTM
  • Merrill Lynch, Pierce, Fenner & Smith Inc.
  • Mirae Asset Daewoo Co. Ltd. (NZAM, Climate Action 100+)
  • Mizuho Securities USA Inc
  • MKM Partners LLC
  • Monarch Capital Partners V LP
  • Morgan Stan Intl. Ltd.
  • Morgan Stanley & Co. Intl.
  • Morgan Stanley & Co. Intl. PLC
  • Morgan Stanley Co. Inc.
  • Morgan Stanley DW Australia
  • Morgan Stanley DW Inc.
  • Morgan Stanley India Co. Pvt. Ltd.
  • Motilal Oswal Securities Ltd.
  • National Financial Services Corp.
  • Nomura Financial Investment Korea Co. Ltd. (NZAM, Climate Action 100+)
  • OHA Artesian Customized Credit Fund I LP
  • PacTrust Realty Association
  • Parel
  • Partners Enterprise Capital Holdings
  • Pershing LLC
  • Pershing Securities Ltd.
  • Piper Jaffray & Co.
  • Proprium Real Estate Special Situation
  • Raymond James & Associates
  • Raymond James & Associates Inc.
  • RBC Capital Markets LLC (Climate Action 100+)
  • RBC Dominion Securities Corp. (Climate Action 100+)
  • Redburn (Europe) Ltd.
  • Renaissance Capital Ltd
  • Renaissance Securities (Cyprus) Ltd.
  • Royal Bank of Canada Europe Ltd. (Climate Action 100+)
  • Samsung Securities Co. Ltd.
  • Sanford C. Bernstein Co. LLC
  • SG Americas Securities LLC
  • SG Asia Securities (Inoia) Pvt. Ltd
  • SG Securities (HK) Ltd
  • SG Securities HK
  • SMBC Nikko Capital Markets Ltd.
  • SMBC Nikko Securities (Honk Kong) Ltd.
  • Societe Generale (NZAM)
  • Societe Generale London Branch (NZAM)
  • State Street Bank & Trust (NZAM)
  • Stifel, Nicolaus & Co. Inc.
  • The Rise Fund II LP
  • The Rise Fund LP
  • Toronto Dominion Securities Inc.
  • Troika Dialog USA, Inc.
  • U.S. Large Cap Equity Index
  • U.S. Small Cap Value Equity Index
  • UBS AG (NZAM, Climate Action 100+)
  • UBS AG London (NZAM, Climate Action 100+)
  • UBS Securities Asia Ltd. (NZAM, Climate Action 100+)
  • UBS Securities LLC (NZAM, Climate Action 100+)
  • UBS Securities Pte. Ltd. (NZAM, Climate Action 100+)
  • UBS Securities Pte. Ltd. Seoul (NZAM, Climate Action 100+)
  • UBS Switzerland AG (NZAM, Climate Action 100+)
  • UBS Warburg Australia Equities (NZAM, Climate Action 100+)
  • Union Square LLC
  • Virtu Americas LLC
  • Virtu Itg Europe Ltd.
  • Warburg Pincus Global Growth LP
  • Warburg Pincus Private Equity XII LP
  • Washington State Bond Fun
  • XP Investimentos CCTVM SA

Governance and accountability

This section features information about the 15-member board of trustees that oversees the Washington State Investment Board (WSIB). The board is not specific to oversight of the Washington School Employees' Retirement System and does exercise oversight duties for other state funds.[1]

Board selection method

The board of trustees that oversees the Washington State Investment Board (WSIB) is made up of 15 members:[1]

ten voting members:

  • the State Treasurer
  • the Director of the Department of Retirement Systems
  • the Director of Department of Labor and Industries
  • one state representative
  • one state treasurer
  • one LEOFF member
  • one SERS member
  • one PERS member
  • one TRS member
  • one retired member

five nonvoting members:

  • five investment professionals

Board of trustees membership

A 15-member board of trustees oversees the operation and administration of the Washington State Investment Board (WSIB). The following individuals served on the board as of June 2024:[1]

ten voting members:

  • Tracy Guerin, chair
  • Greg Markley, vice chair
  • Mike Pellicciotti
  • Rep. Timm Ormsby
  • Sen. Mark Mullet
  • Joel Sacks
  • Yona Makowski
  • Liz Lewis
  • Sara Ketelsen
  • Judy Kuschel

five nonvoting members:

  • William A. Longbrake
  • Ada Healey
  • George Zinn
  • David Nierenberg
  • Mary Pugh

See also

External links

Footnotes

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 DRS.WA.gov, Washington State Department of Retirement Systems: Annual Comprehensive Financial Report, Pension Trust Funds of the State of Washington for the Year Ended June 30, 2023," accessed September 6, 2023
  2. ↑ The Net Zero Asset Managers Initiative, "The Net Zero Asset Managers Initiative," accessed January 26, 2023
  3. ↑ Climate Action 100+, "The Three Goals," accessed June 20, 2023
  4. ↑ Pensions and Investments, "Net Zero Asset Managers initiative to suspend activities in wake of BlackRock departure," accessed January 15, 2024
  5. ↑ Ballotpedia, "Ballotpedia: Asset management data for state-administered pension funds across the 50 states," March 2023
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