Ohio Public Employees Retirement System Traditional Pension Plan

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Ohio Public Employee Retirement System Traditional Pension Plan
Basic facts
Location:	Columbus, Ohio
Top official:	Chris Mabe, board chair
Year founded:	1935
Active members:	290,320
Website:	Official website
Total assets under management
2022:	$117,957,019,603

See also: Public pensions in Ohio

The Ohio Public Employees Retirement System Traditional Pension Plan is a Ohio state pension fund that provides retirement, disability, and survivor benefits to public employees throughout the state who are not covered by another state or local retirement system. The Ohio Public Employees Retiremenst System had $117,957,019,603 ($117.9 billion) in total assets under management as of December 31, 2022.

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 Public Employees Retirement System.
• Pension performance overview: Overview of the funding level and assets managed by the Ohio Public Employees Retirement System Traditional Pension Plan.
• Assets and asset management: Information about the asset management companies (AMCs) that contract with the Ohio Public Employees Retirement System Traditional Pension Plan, 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 Public Employees Retirements system's oversight board, including members and selection.

Background

See also: Public pensions

The Ohio Public Employees Retirements System Traditional Pension Plan, founded in 1935, invests the assets of and provides funding for the 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 active, inactive, and retired Ohio public employees.

The Ohio Public Employees Retirement System Traditional Pension Plan served over 290,320 active members and approximately 219,062 retirees and beneficiaries as of March 2024.

Pension performance overview

The following table features information about the funding level and assets managed by the Ohio Public Employees Retirement System Traditional Pension Plan as of December 31, 2022:

Ohio Public Employees Retirement System pension performance (December 31, 2022)
Fiscal year	Percent funded	Unfunded liabilities	Total assets
2022	94.7%	$11,177,769,205	$117,957,019,603

Assets and asset management

Asset management companies (AMCs) contract with pension funds to manage asset investment. Some pension funds contract with multiple AMCs, some contract with a single AMC, and others make their own investment decisions without contracting with an AMC.

More than 300 AMCs as of December 2022 were members of the Net Zero Asset Managers Initiative (NZAM), and 362 asset managers as of June 2023 were investor participants in the Climate Action 100+ initiative. Both international asset manager initiatives aim to align signatory investment decisions with the goal of achieving net zero greenhouse gas emissions by 2050.

List of AMCs contracting with the Ohio Public Employees Retirement System Traditional Pension Plan

The Ohio Public Employees Retirement System contracted with 122 asset management companies (AMCs) or specific funds as of June 30, 2022. Of those companies or funds, two were investor participants in Climate Action 100+, and one was a member of NZAM. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the Ohio Public Employees Retirement System as of June 30, 2022:

• Aberdeen EMD Plus
• Acadian Asset Management LLC
• Acadian Emg Mkts EQ
• Acadian Non-U.S. ACWI x U.S.
• Acadian Non-U.S. Small Cap
• AFL-CIO Open End Mortgage Fund
• AQR Capital Management LLC
• AQR Capital Mgmt DMSC
• AQR Risk Parity - 15 Vol
• Ariel International (DM/EM)
• Ariel Investments, LLC
• Arrowgrass Partnership
• Arrowgrass Partnership LP
• Arrowstreet
• Arrowstreet Capital LP
• Ashmore EMD
• Atlanta Capital Management Co
• Atlanta Capital Management Company LLC
• Baillie Gifford (Climate Action 100+, NZAM)
• Beach Point Capital Management
• Beach Point Fund II, LP
• BlackRock - Risk Parity 15v
• Blackrock Enh ACWI xU.S.
• BlackRock Financial Management Inc.
• BlackRock Financial Management Inc.
• Bloomberg U.S. Aggregate Bond Index
• Bloomberg U.S. Aggregate Bond Index
• Bridgewater All Weather 15v
• Bridgewater Associates
• Cap Guardian Emg Market Debt
• Channing Glbl EAFE
• Core Corporates
• Core FHLMC GNMA and TBA
• Core Fixed Govt Bonds and Cash
• Core FNMA
• Dimensional
• Dimensional Fund Advisors
• DoubleLine Total Return
• Fisher Investments
• Fisher Investments
• Fort Washington
• Franklin Templeton Emerging
• Frontier Glbl EAFE
• Haven Glbl EAFE
• Int Act Midcap Core
• Internal US High Yield
• Internal US Small Co Tilt
• J O Hambro Capital Management Ltd.
• J.P. Morgan Investment Management
• Jacobs Levy Equity Management Inc.
• Jacobs Levy Small Cap Value
• JO Hambro
• JP Morgan Non-U.S. EAFE+
• Kayne Anderson ISC
• Kayne Anderson Rudnick
• Key Sec Lending Collateral
• KLS Diversified Asset Management
• Lazard Asset Management LLC
• Lazard Emg Mkts Closed End
• Logan Circle High Yield
• LSV EMSC
• LSV Non-U.S. Value
• Manning and Napier
• MSCI EAFE & Can Fct
• MSCI EAFE & Can Sm
• MSCI EAFE & Canada
• MSCI EAFE & Canada SC Tilt
• MSCI EM Small Cap
• MSCI Emerging Markets
• MSCI Emerging Markets SC Tilt
• MSCI Tilt Strategy
• MSCI US Multifactor
• Neuberger Berman High Yield
• New South
• NewSouth Capital Management
• Nomura High Yield
• Non-U.S. Equity Transition
• Non-US Equity Liquidity
• Oceanwood
• Oceanwood Capital Management LLP
• P/E Global LLC
• Panagora Asset Management
• Panagora Risk Parity
• Payden and Rygel EMD
• Post High Yield
• Promethos Cap EAFE
• Redwood Inv EAFE
• Reits
• Russell 200 Index
• Russell 2000 Index
• Russell 2000 Quant
• Russell 800 Index
• Russell 800 Quant
• Russell US Multifactor
• Schroder Investment Management NA Inc
• Schroders (Climate Action 100+)
• Securitized Debt
• Solstein Cap EAFE
• Stone Harbor Global High Yield
• Strategic Global Advisors
• Strategic Global Advisors, LLC
• T-Rowe Price Emerging Mkts EQ
• T. Rowe Price International Ltd.
• Taconic Opportunity
• Trivalent Capital Management
• Trivalent Intl SC
• US Equity Liquidity
• US High Yield Transition
• US Treas Liquidity Reserves
• US Treasury
• Visium Asset Management, LP
• Vontobel
• Vontobel Asset Management
• Walter Scott & Partners
• Walter Scott Non-U.S. Core
• Wasatch Advisors Inc
• Wasatch Advisors Inc
• Wasatch Advisors Inc.
• Wasatch EMSC
• Westwood Management Corp.
• Westwood Small Cap Value

Governance and accountability

This section features information about the 11-member board of trustees that oversees the Ohio Public Employees Retirement System. The board is specific to oversight of the Ohio Public Employee Retirement System Traditional Pension Plan and does not exercise oversight duties for other state funds.

Board selection method

The board of trustees that oversees the Ohio Public Employee Retirement System is made up of 11 members. Seven members are elected by their respective membership groups, one member is appointed by the governor, one member is appointed by the state treasurer, one member is appointed by the speaker of the house and the president of the senate and one member is the director of the Department of Administrative Services.

Board of trustees membership

A 11-member board of trustees oversees the operation and administration of the Ohio Public Employees Retirement System Traditional Pension Plan. The following individuals served on the board as of March 2024:

• Chris Mabe, board chair
• Stewart Smith, vice chair
• Julia Albers
• Randy Desposito
• Tim Steitz
• Ken Thomas
• Steve Toth
• Kathleen Madden
• James Kunk
• Scott Richter
• James Tilling

See also

• Public pensions in Ohio
• Environmental, social, and corporate governance (ESG)
• Areas of inquiry and disagreement related to 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

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