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Pennsylvania Municipal Retirement System
| Pennsylvania Municipal Retirement System (PMRS) | |
 | |
| Basic facts | |
| Location: | Harrisburg, Pennsylvania |
| Top official: | Timothy Reese, chief executive officer |
| Year founded: | 1974 |
| Active members: | 9,619 |
| Website: | Official website |
| Total assets under management | |
| 2022: | $3,528,592,000 |
- See also: Public pensions in Pennsylvania
The Pennsylvania Municipal Retirement System (PMRS) is a Pennsylvania state pension fund that provides retirement, disability, and survivor benefits to the state's local government employees. PMRS had $3,528,592,000 ($3.5 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: Information about the structure and functions of PMRS.
- Pension performance overview: Overview of the funding level and assets managed by PMRS.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with PMRS, 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 PMRS' oversight board, including members and selection.
Background
- See also: Public pensions
The Pennsylvania Municipal Retirement System (PMRS), founded in 1974, invests the assets of and provides funding for the state's local government employees. PMRS offers a defined benefit plan, a cash balance plan, and a hybrid plan that includes elements of both.[2]
PMRS served over 9,619 active members and approximately 6,295 retirees and beneficiaries as of March 2024.[1]
Pension performance overview
The following table features information about the funding level and assets managed by the Pennsylvania Municipal Retirement System (PMRS) as of January 1, 2022:[1]
| Pennsylvania Municipal Retirement System pension performance (January 1, 2022) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets[3] |
| 2022 | 100.2% | $7.1 million surplus | $3,528,592,000 |
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 Pennsylvania Municipal Retirement System
The Pennsylvania Municipal Retirement System (PMRS) contracted with 15 asset management companies (AMCs) or specific funds as of March 31, 2020. Of those companies, was an investor participant in Climate Action 100+, and one was a member of NZAM, as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with PMRS:[7]
- AMI Asset Management
- Copeland Capital Management
- Eagle Capital Management
- Emerald Advisers
- Federated Investors
- Forest Investment Associates
- Hardman Johnston Global Advisors
- HGK Asset Management
- LSV Asset Management
- Nuveen Real Estate (Climate Action 100+)
- Polen Capital Management
- Prudential Financial
- Smith, Graham & Co.
- State Street Global Advisors (NZAM)
- Unallocated Cash
Governance and accountability
This section features information about the 11-member board of trustees that oversees the Pennsylvania Municipal Retirement System (PMRS). The board is specific to oversight of PMRS and does not exercise oversight duties for other state funds.[8]
Board selection method
The board of trustees that oversees PMRS is made up of 11 members. The board comprises the state treasurer, the secretary of the commonwealth, eight governor-appointed members of the retirement system, and one governor-appointed system retiree.[8]
Board of trustees membership
An 11-member board of trustees oversees the operation and administration of PMRS. The following individuals served on the board as of April 2024:[8]
- Barry Sherman, chairman
- Tom Deitzler, vice chairman
- Stacy Garrity
- Al Schmidt
- Robert McCarron
- Joshua Hull
- Amy Rockwell
- Cory S. Adams
- Randy Phiel
- Jody Rebarchak
- vacant
See also
- Public pensions in Pennsylvania
- 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 Pennsylvania Municipal Retirement System, "Pennsylvania Municipal Retirement System Actuarial Valuation as of January 1, 2022," April 4, 2024
- ↑ Pennsylvania Municipal Retirement System, "Members," April 4, 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 8.2 Pennsylvania Municipal Retirement System, "PMRS Board of Trustees," April 4, 2024
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