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New York State Teachers' Retirement System
| New York State Teachers' Retirement System (NYSTRS) | |
 | |
| Basic facts | |
| Location: | Albany, New York |
| Top official: | Thomas Lee, executive director & chief investment officer |
| Year founded: | 1921 |
| Active members: | 268,058 |
| Website: | Official website |
| Total assets under management | |
| 2022: | $137,977,390,000 |
- See also: Public pensions in New York
The New York State Teachers' Retirement System (NYSTRS) is a New York state pension fund that provides retirement, disability, and survivor benefits to the state's public school teachers and administrators, excluding those in New York City, NY. NYSTRS had $137,977,390,000 ($137.9 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 NYSTRS.
- Pension performance overview: Overview of the funding level and assets managed by NYSTRS.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with NYSTRS, 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 NYSTRS's oversight board, including members and selection.
Background
- See also: Public pensions
The New York State Teachers' Retirement System (NYSTRS), founded in 1921, invests the assets of and provides funding for the state’s public school teachers and administrators, excluding those in New York City, NY. The plan operates as a defined benefit plan, funded by investments, employer contributions, and member contributions.[2]
NYSTRS served over 268,058 active members and approximately 180,727 retirees and beneficiaries as of March 2024.[2]
Pension performance overview
The following table features information about the funding level and assets managed by the New York State Teachers' Retirement System as of June 30, 2023:[1]
| New York State Teachers' Retirement System pension performance (June 30, 2023) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets[3] |
| 2023 | 99.3% | $13,482,692,000 | $137,977,390,000 |
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.[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 New York State Teachers' Retirement System
The New York State Teachers' Retirement System (NYSTRS) contracted with 84 asset management companies (AMCs) or specific funds as of June 30, 2021. Of those companies, eight were investor participants in Climate Action 100+, and 14 were members of NZAM, as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with NYSTRS:[7]
- Adelante Capital Management LLC
- AEW Capital Management LP
- AQR Capital Management LLC
- Ariel Investments LLC
- Arrowstreet Capital LP
- Arrowstreet Capital LP
- Baillie Gifford Overseas Ltd. (NZAM, Climate Action 100+)
- BentallGreenOak (NZAM)
- BlackRock Financial Management Inc. (NZAM, Climate Action 100+)
- BlackRock Institutional Trust Co. NA (NZAM, Climate Action 100+)
- Brookfield Public Securities Group LLC (NZAM)
- Cabot Properties LP
- CBRE Global Investors (NZAM)
- Clarion Partners
- Cohen & Steers Capital Management Inc.
- Columbia Management Investment Advisers, LLC (Climate Action 100+)
- Dimensional Fund Advisors
- Dimensional Fund Advisors
- Forest Investment Associates
- Goldman Sachs Asset Management LP (Climate Action 100+)
- Harding Loevner LP
- Heitman Real Estate Securities LLC
- Invesco Advisors Inc. - Industrial (NZAM)
- Invesco Advisors Inc. - Multifamily (NZAM)
- Iridian Asset Management LLC
- J.P. Morgan Asset Management (NZAM)
- J.P. Morgan Investment Management Inc. (NZAM)
- Leading Edge Investment Advisors
- Loomis, Sayles & Company LP
- LSV Asset Management
- LSV Asset Management
- Marathon Asset Management LLP
- Nomura Corp. Research and Asset Mgt. Inc. (NZAM, Climate Action 100+)
- Prima Capital Advisors LLC
- Raith Capital Partners LLC
- Rhumbline Advisors Limited Partnership
- Sentinel Real Estate Corporation
- State Street Global Advisors (NZAM)
- T. Rowe Price Associates Inc (NZAM)
- Wellington Management Company LLP (NZAM, Climate Action 100+)
- William Blair Investment Management LLC (Climate Action 100+)
- Xponance Inc. (formerly FIS Group Inc.)
Governance and accountability
This section features information about the 10-member board of trustees that oversees the New York State Teachers' Retirement System (NYSTRS). The board is specific to oversight of NYSTRS and does not exercise oversight duties for other state funds.[8][2]
Board selection method
The board of trustees that oversees NYSTRS is made up of 10 members. The board includes three teacher members elected from the membership; one NYSTRS retiree elected by a mail vote of all retired members; two school administrators appointed by the NYS Commissioner of Education; two present or former school board members, experienced in the fields of finance and investment, elected by the NYS Board of Regents from recommendations of the NYS School Boards Association, with one or more of these individuals having experience as an executive of an insurance company; one present or former bank executive elected by the Board of Regents; and the State Comptroller or designee.[2]
Board of trustees membership
A 10-member board of trustees oversees the operation and administration of NYSTRS. The following individuals served on the board as of May 2024:[8]
- David P. Keefe, president
- L. Oliver Robinson, vice president
- Juliet C. Benaquisto
- Paul J. Farfaglia
- Phyllis S. Harrington
- Eric J. Iberger
- Jennifer J. Longtin
- Ruth Mahoney
- Nicholas Smirensky
See also
- Public pensions in New York
- 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 New York State Teachers’ Retirement System, “Annual Comprehensive Financial Report,” May 7, 2024
- ↑ 2.0 2.1 2.2 2.3 New York State Teachers’ Retirement System, “Active Members’ Handbook,” May 7, 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
- ↑ 8.0 8.1 New York State Teachers’ Retirement System, “Board Members,” May 7, 2024
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