Indiana Legislators' Retirement System

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Indiana Legislators' Retirement System
Basic facts
Location:	Indianapolis, Indiana
Top official:	Bret Swanson, chair
Year founded:	1989
Active members:	3
Website:	Official website
Total assets under management
2023:	$3,167,000

See also: Public pensions in Indiana

The Indiana Legislators' Retirement System (LRS) is a Indiana state pension fund that provides retirement, disability, and survivor benefits to the state's legislators. LRS had $3,167,000 ($3.2 million) in total assets under management as of June 30, 2023.

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 LRS.
• Pension performance overview: Overview of the funding level and assets managed by LRS.
• Assets and asset management: Information about the asset management companies (AMCs) that contract with LRS, 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 LRS's oversight board, including members and selection.

Background

See also: Public pensions

The Indiana Legislators' Retirement System (LRS), founded in 1989, is part of the Indiana Public Retirement System (INPRS). It invests the assets of and provides funding for the retirement of Indiana's General Assembly members. It operates a defined benefit plan and a defined contribution plan; the defined benefit plan includes those appointed or elected to Indiana's General Assembly before April 30, 1989, while the defined contribution plan serves those who were appointed or elected on or after April 30, 1989. The defined benefit plan no longer accepted members as of April 30, 1989.

LRS Defined Benefit Plan served over 3 active members and approximately 74 retirees and beneficiaries as of June 30, 2023. Research regarding membership for the Defined Contribution Plan is pending.

Pension performance overview

The following table features information about the funding level and assets managed by the Indiana Legislators' Retirement System (LRS) Defined Benefit Plan as of June 30, 2023. The information regarding the LRS Defined Contribution Plan was unavailable as of July 2024:

Indiana Legislators' Retirement System pension performance (June 30, 2023)
Fiscal year	Percent funded	Unfunded liabilities	Total assets
2023	118.4%	$491,000	$3,167,000

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 Indiana Legislators' Retirement System

The Indiana Legislators' Retirement System (LRS) is a sub-fund within the Indiana Public Retirement System (INPRS). INPRS administers LRS, among other retirement and benefit plans for the governmental workers of Illinois. LRS does not contract with its own AMCs; the AMCs for INPRS account for all the pension plans it administers.

INPRS contracted with 246 asset management companies (AMCs) or specific funds as of June 30, 2021. Of those companies, 36 were investor participants in Climate Action 100+, and 30 were members of NZAM, as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with INPRS:

• 352 Capital
• 400 Capital Management
• A.M. Pappas & Associates
• Abacus Capital Group, LLC
• ABRY Partners
• Accel-KKR
• Accent Equity Partners AB
• Actis Capital (NZAM)
• Advanced Technology Ventures
• Advent International
• Aeolus Capital Management
• AHL Partners (Man Group)
• Aisling Capital
• AlpInvest Partners
• Altrinsic Global Advisors
• Altrinsic Global Advisors, LLC
• Angelo Gordon LP
• Apax Partners
• Apollo Management
• AQR Capital Management
• ARCH Venture Partners
• Ardian
• Ares Management
• Arrowstreet Capital, LP
• Artisan Partners Limited Partnership
• Asana Partners, LP
• Ascribe Capital
• Austin Ventures
• Baillie Gifford & Company (NZAM, Climate Action 100+)
• Bain Capital Partners
• Bank of New York Mellon
• Baring Private Equity Asia (BPEA)
• Bay Partners
• Bertram Capital
• Black Diamond Capital Management
• Black Rock Institutional Trust 1
• BlackFin Capital Partners
• BlackRock (NZAM, Climate Action 100+)
• BlackRock Financial Management (NZAM, Climate Action 100+)
• BlackRock Inc (NZAM, Climate Action 100+)
• BlackRock Institutional Trust (NZAM, Climate Action 100+)
• Blackstone Group
• Bregal Sagemount (NZAM)
• Brentwood Associates
• Bridgewater Associates, Inc
• Butterfly Equity Partners
• Caltius Capital Management
• Cardinal Partners
• Carlyle Group
• Centerfield Capital Partners
• CenterSquare Investment Management (Climate Action 100+)
• Cerberus Capital Management
• Charterhouse Capital Partners
• CID Capital
• Cinven
• Coller Capital
• Columbia Capital
• CoreCommodity Management (Climate Action 100+)
• Crescent Capital Group (Climate Action 100+)
• Crestview Partners
• CVC Capital Partners
• D.E. Shaw & Co
• Davidson Kempner Capital Management
• Digital Bridge
• Disciplined Growth Investors
• Dodge & Cox (Fund Sub-Advisor)
• Doll Capital Management (DCM)
• Eisler Capital
• Elevation Partners
• EnCap Investments
• Energy Capital Partners
• Escalate Capital Partners
• Exeter Property Group, LLC
• Falcon Investment Advisors
• First Reserve Corporation
• Forbion Capital Partners
• Fortress Investment Group
• Francisco Partners
• Galliard Capital Management (Fund Advisor)
• Gamut Capital Management
• Garda Capital Partners
• Gilde Buyout Partners
• Globespan Capital Partners
• Goldman Sachs Asset Management, LP (Climate Action 100+)
• Goldman Sachs Merchant Bank (Climate Action 100+)
• Greenfield Partners, LLC
• Gresham Investment Management, LLC
• GSO Capital Partners
• GTCR Golder Rauner
• H/2 Capital Partners
• H2 Equity Partners
• Hackman
• Hamilton Lane
• Hammond Kennedy Whitney & Co
• Harrison Street Real Estate Capital, LLC
• Hellman & Friedman
• Herkules Capital
• High Road Capital Partners
• Horsley Bridge
• HPS Investments Partners
• Hudson Structured Capital Management
• ICG (NZAM)
• Income Research + Management (Fund Sub-Advisor)
• InfraVia
• Insight Partners (Climate Action 100+)
• Institutional Venture Partners (IVP)
• Intermediate Capital Group (ICG)
• JDM Partners
• Jennison Associates (Fund Sub-Advisor) (Climate Action 100+)
• JFM Management
• Jordan Company (TJC)
• Kailai Investments
• Kayne Anderson
• Kennedy Lewis Investment Management
• Khosla Ventures
• King Street Capital Management
• Kirkoswald Capital Partners LLP
• Kohlberg Kravis Roberts & Co (KKR)
• KPS Capital Partners
• Landmark Partners
• Leading Edge Investment Advisors
• Leonard Green & Partners
• Lexington Partners
• Lightyear Capital
• LimeTree Capital Advisors
• Lindsay Goldberg
• Lion Capital
• Lone Star Management Co.
• Loomis Sayles & Company, LP
• Mack Real Estate Group
• Mariner Investments Group LLC
• MBK Partners
• Merit Capital Partners
• Mesa West Capital
• Mill Road Capital
• Nephila Capital
• Neuberger Berman (NZAM, Climate Action 100+)
• New Enterprise Associates
• New Mountain Capital
• NGP Energy Capital Management
• Noble Investment Group
• Northern Trust Global Investments (Climate Action 100+)
• Northern Trust Global Investments 1 (Climate Action 100+)
• Oak Hill Advisors
• Oak Hill Advisors, LP
• Oak Hill Capital Management
• Oak Investment Partners
• Oak Tree Capital Management, LP
• Oaktree Capital Management
• Opus Capital Venture Partners
• PAAMCO
• Pacific Investment Management Company (PIMCO)
• PanAgora
• Panda Power Funds
• Parametric
• Parthenon Capital Partners
• Pathlight Capital
• Peninsula Capital Partners
• Perella Weinberg Partners
• Permira Advisers
• Pharo Management
• Platinum Equity
• Portfolio Advisors
• Prologis
• Related Fund Management LLC
• Rho Capital Partners
• RhumbLine Advisers
• RJD Partners
• Rockpoint Group LLC
• Rokos Global Macro
• SAIF Management
• Scale Venture Partners
• Schroders (Climate Action 100+)
• Silver Cup
• Silver Lake Partners
• Sixth Street Partners
• Sixth Street Partners (TSSP)
• SLR Investment Corp
• Solar Capital Partners
• State Street Global Advisors (NZAM)
• StepStone Group
• Stockbridge Capital Group
• Stone Harbor Investment Partners LP (NZAM)
• Stride Consumer Partners
• Sumeru Equity Partners
• Sun Capital Partners
• TA Associates
• TA Realty Associates
• TCG
• TCW (Fund Sub-Advisor)
• TCW Capital Partners
• Technology Crossover Ventures
• Technology Partners
• Tenaron Capital Management
• Terra Firma Capital Partners (NZAM)
• Tilden Park Associates
• Times Square Capital Management, LLC
• TimesSquare Capital Management, LLC
• TowerBrook Financial
• TPG Capital
• Trilantic Capital Partners
• Trinity Ventures
• Triton Partners
• True Ventures
• TSG Consumer Partners
• Two Sigma Advisers
• Veritas Capital Management
• Veronis Suhler Stevenson (VSS)
• Vestar Capital Partners
• Vintage Venture Partners
• Vision Capital
• Vista Equity Partners (NZAM)
• Voloridge
• Walden Group of Venture Capital Funds
• Walton Street Capital, LLC
• Warburg Pincus
• Warwick Energy Investment Group
• Waterfall Asset Management
• Wayzata Investment Partners
• Wellington Management Company, LLP (NZAM, Climate Action 100+)
• Weston Presidio Capital
• WestRiver Capital, LLC
• White Deer Management
• Whitebox
• Windjammer
• WL Ross & Co.
• Xenon Private Equity
• York Capital Management

Governance and accountability

This section features information about the nine-member board of trustees that oversees the Indiana Legislators' Retirement System (LRS), titled the Indiana Public Retirement System (INPRS). The board is not specific to oversight of LRS and exercises oversight duties for other state funds.

Board selection method

The INPRS Board of Trustees that oversees LRS comprises nine members. The trustees not appointed by the governor serve on the board ex-officio, or by nature of holding their office in the state government.

Board of trustees membership

A nine-member board of trustees oversees the operation and administration of LRS. The following individuals served on the board as of July 2024:

• Bret Swanson, chair
• Brian Abbott, vice chair
• Daniel Elliot
• David Frick
• Barry Gardner
• Cristopher Johnston
• Elise Nieshalla
• Michael Pinkham
• Vivienne Ross

See also

• Public pensions in Indiana
• 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

External links

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