Ohio School Employees Retirement System
- ️Thu Nov 23 2023
From Ballotpedia
| Ohio School Employees Retirement | |
 | |
| Basic facts | |
| Location: | Columbus, Ohio |
| Top official: | Frank Weglarz, chair |
| Year founded: | 1937 |
| Active members: | 129,000 |
| Website: | Official website |
| Total assets under management | |
| 2023: | $17,895,149,279 |
The Ohio School Employees Retirement System is a Ohio state pension fund that provides retirement, disability, and survivor benefits to the state's public school employees. The Ohio Public School Retirement System had $17,895,149,279 ($17.9 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 the Ohio Shcool Employees Retirement System.
- Pension performance overview: Overview of the funding level and assets managed by the Ohio School Employees Retirement System.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with Ohio School Employees Retirement System, 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 the Ohio School Employees Retirement System oversight board, including members and selection.
Background
- See also: Public pensions
The Ohio School Employees Retirement, founded in 1937 , invests the assets of and provides funding for the Ohio School Employees Retirement System (SERS) pension plan pension plan. SERS operates as defined benefit pension plans based on a formula established by Ohio state law. These plans—based on the employee's length of service and salary— provide retirement, disability, and survivor benefits to the state's public school employees and their families.[2][3]
The Ohio School Employees Retirement System served over 159,000 active members and approximately 89,000 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 Ohio School Employees Retirement System as of June 30, 2023:[4]
| Ohio School Employees Retirement System pension performance (June 30, 2023) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets[5] |
| 2023 | 76.61% | $5,398.7 million | $17,895,149,279 |
Assets and asset management
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 Ohio School Employees Retirement System
The Ohio School Employees Retirement Fund contracted with 206 asset management companies (AMCs) as of July 31, 2021. Of those companies, tw were investor participants 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 the Ohio Police and Fire Pension Fund:[1]
- AEGIS SMART Alpha
- Almanac Realty Securities VII
- Almanac Realty Securities VIII
- Alpha Overlay Cash
- Altas Partners Holdings II
- AMP GIF
- Apollo Origination Partnership
- Arcmont Direct Lending III
- Arcmont PC SMA
- Ares Pvt Credit Solutions II
- Aristeia International
- Arrowstreet Capital
- Arrowstreet Emerging
- Arrowstreet GEAE
- Axiom EM
- Barings AB Income Fund
- Barings Euro Priv Loan Fd III
- Barings GSSC 2
- Barings GSSC 3
- Blackrock Diversifying Assets
- BlackRock Securitized Investor
- BlackRock US REIT
- BlackRock World xUS ATS
- BNYM Newton NSL Dynamic US Eq
- Bridgepoint Dev Capital III
- Bridgepoint Dev Capital IV
- Bridgepoint Europe IV
- Bridgepoint Europe V
- Bridgepoint Europe VI
- Brown Capital Management
- C.S. McKee
- Capital Solutions II
- Carlyle Asia Partners GR II
- Carlyle Credit Opp Fund II
- Carlyle Direct Lending Fund IV
- Carlyle Property Investors
- Carlyle Realty Partners VIII
- CBRE US Core Partners
- Charterhouse Capital IX
- Charterhouse Capital X
- Cinven Fund Fifth
- Cinven Fund Seventh
- Cinven Fund Sixth
- City of London
- Clarion Lion Industrial Trust
- Clarion Lion Properties Fund
- Coho Relative Value
- Coller International VI
- Coller International VII
- Coller International VIII
- DBP II - Vertical Bridge
- DE Shaw Composite Intl
- DigitalBridge Partners II, LP
- Dodge & Cox Core
- EagleCrest Infrastructure Fund
- Fixed Income Misc Income
- Ford Financial Fund
- FP Credit Coinvest Zocdoc
- FP Credit Partners
- FP IV Dell Co-Invest
- FP V LogMein Co-Invest
- FP V Perforce Co-Invest
- FP V Renaissance Coinvest
- Francisco Partners Agility
- Francisco Partners Agility II
- Francisco Partners Credit Fund
- Francisco Partners III
- Francisco Partners IV
- Francisco Partners V
- Francisco Partners VI
- FS Equity Partners VI
- FS Equity Partners VII
- FS Equity Partners VIII
- FS Equity VII CRH Coinvest
- FS Equity VIII NearU Coinvest
- FS Equity VIII USME Coinvest
- FS Equity VIII Whitewater Co
- GEI VI ASM Co-Invest
- Genesis Emerging Markets
- Globeflex Micro Cap
- GoldenTree DF
- GoldenTree DF Coinvest III
- GoldenTree DF III
- GoldenTree DF IV
- GoldenTree Offshore Fund
- GoldenTree Struc Prod Fund VII
- GoldenTree Structured Products
- Goldman Sachs Core Plus
- Graham Partners IV
- Graham Partners V
- Green Equity Investors VI
- Green Equity Investors VII
- Green Equity Investors VIII
- Green Equity V Cont Fund
- Harrison Street SIF
- Highclere SMID Fund
- HPS SLF 2016
- HPS SLF V
- ICG Europe VIII
- IFM Global Infrastructure
- Invesco Credit Fund II
- Jade Equity Investors
- Johnson Core
- JP Morgan China A EQ
- JP Morgan Core
- JP Morgan Corporate High Yield
- JP Morgan GTI Fund
- JP Morgan Strategic Properties
- KKR Dislocation Opportunities
- Kohlberg Investors IX
- Kohlberg Investors VIII
- Kohlberg VII Cont Fund
- LBC Credit Partners IV
- LBC Credit Partners V
- Levine Leichtman LMM III
- Levine Leichtman V
- Levine Leichtman VI
- Levine LMM III Coinvest
- Lightspeed Opp Fund II
- Loomis Sayles Core
- Loomis Sayles Core Plus
- LSV International
- Lubert-Adler Real Estate VI-B
- Lubert-Adler Real Estate VII
- Lubert-Adler Recovery & Enhanc
- Lubert-Adler UNF
- Marathon Healthcare Fin Fund
- Martingale Large Cap
- MAS LIQ & MISC
- Mason Wells Buyout Fund IV
- Mesa West Core Lending Fund
- MFS International Equity
- Monomoy Capital IV
- Monomoy Capital Partners II
- Neumeier Poma Inv Counsel
- NGP Natural Resources XI
- NGP Natural Resources XII
- Ninety One Emerging Mkt Debt
- Non-US Equity Misc Income
- NUSE Cash
- NUSE Devlpd Cash Eq
- NUSE Emging Cash Eq
- NUSE Illiquid Securities
- OakTree Principal Fund V
- OakTree Special Situations II
- Oceanwood Global Opportunities
- Odyssey Investment Prtnrs V
- Odyssey Investment Prtnrs VI
- Opportunistic Liquid & Misc
- OWS Credit Opp Fund Offshore
- P/E Global Active Currency
- P/E Global Cash Reserved
- PanAgora Div Risk Multi Asset
- Patrizia TransEuropean VI
- PE LIQ & MISC
- PEG European CF III
- PEG European CF IV
- PEG Venture Capital III
- PEG Venture Capital IV
- Pharo Macro Fund
- PIMCO BRAVO Fund II
- PIMCO BRAVO Fund III
- PIMCO DISCO III
- Pretium Single Family Rental 3
- Primus Capital Fund VI
- Primus Capital Fund VII
- Primus Capital Fund VIII
- Primus Capital IX
- Private Credit Liq & Misc
- Prudential RISA
- Prudential RISA II
- RA LIQ & MISC
- RREEF America REIT II
- Russell Enhanced Alloc Overlay
- Schroders Diversified Growth
- SERS Short-Term Cash
- Silver Lake Partners III
- Silver Lake Partners IV
- Silver Lake Partners V
- Sole Source Capital II
- SSgA MSCI EAFE + Canada
- SSgA R1000 US LC
- SSgA Russell 1000 Growth
- SSGA Russell 1000 Value Index
- StepStone VC Secondaries V
- Stone Harbor EMD
- Strategic Value Special Sit V
- Swander Pace Prtnrs IV
- Swander Pace Prtnrs V
- Swander Pace Prtnrs VI
- TPG Capital Rise Climate
- UBS Trumbull Income Fund
- UBS Trumbull Property Fund
- US Equity Cash Eq
- US Equity Misc Income
- Viking Global Equities III
- Walter Scott & Partners
- Warburg Pincus Energy
- Warburg Pincus PE X
- Warburg Pincus PE XI
- Warburg Pincus PE XII
- WCM Intl Small Cap Growth
- WCM US Small Cap Growth
- Wellington Commodities Fund II
- West Street Strategic SF I
- Western Core Plus
Governance and accountability
| Environmental, social, and corporate governance |
|---|
|
| • What is ESG? • Enacted ESG legislation • Arguments for and against ESG • Opposition to ESG • Federal ESG rules • Economy and Society: Ballotpedia's weekly ESG newsletter |
This section features information about the nine-member board of trustees that oversees the Ohio School Employees Retirement System. The board is specific to oversight of the Ohio School Employees Retirement System and does not exercise oversight duties for other state funds.[9]
Board selection method
The board of trustees that oversees the Ohio School Employee Retirement System is made up of nine members. Four elected employee members, two elected retiree members, and three appointed investment expert members. One investment expert is appointed by the governor, a second one by the treasurer of state, and the third one jointly by the speaker of the House and president of the Senate.[9]
Board of trustees membership
A nine-member board of trustees oversees the operation and administration of SERS. The following individuals served on the board as of March 2024:[9]
- Frank Welgarz, chair
- Matthew King, vice chair
- Jeffrey T. DeLeone
- James Haller
- Catherine P. Moss
- Barbara M. Phillips
- James Rossler Jr.
- Aimee Russell
- Daniel L. Wilson
See also
- Public pensions in Ohio
- 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 Ballotpedia, "Ballotpedia: Asset management data for state-administered pension funds across the 50 states," March 2023
- ↑ 2.0 2.1 SERS, "About us," accessed March 29, 2024
- ↑ Ohio.gov, "Ohio Revised Code Chapter 3309," accessed March 29, 2024
- ↑ [https://www.ohsers.org/wp-content/uploads/2023/11/2023-Basic-Benefits-Actuarial-Valuation.pdf SERS, "Report on the Annual Basic Benefits Valuation of the School Employees Retirement System of Ohio," accessed March 29, 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
- ↑ 9.0 9.1 9.2 SERS, "Board of Trustees," accessed January 27, 2023
| Environmental, social, and corporate governance (ESG) | |
|---|---|
| Index | |
| Overviews | |
| Legislation | |
| Terms | |
| Influencers | |
| Public pensions | |
| Newsletter |