Nevada Public Employees' Retirement System

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Nevada Public Employees' Retirement System
Basic facts
Location:	Carson City, Nevada
Top official:	Mark Stevens, chair
Year founded:	1947
Active members:	112,019
Website:	Official website
Total assets under management
2023:	$57,769,000,000

See also: Public pensions in Nevada

The Nevada Public Employees' Retirement System (NVPERS) is a Nevada state pension fund that provides retirement, disability, and survivor benefits to the state's public employees and their families. NVPERS had $57,769,000,000 ($57.8 billion) 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 NVPERS.
• Pension performance overview: Overview of the funding level and assets managed by NVPERS.
• Assets and asset management: Information about the asset management companies (AMCs) that contract with NVPERS, 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 NVPERS' oversight board, including members and selection.

Background

See also: Public pensions

The Nevada Public Employees' Retirement System (NVPERS), founded in 1947, operates two sub-funds, the Regular System and the Police and Firefighter System. It operates as a defined benefit plan based on a formula established by Nevada 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 employees (including police and firefighters) and their families.

NVPERS served over 112,019 active members and approximately 76,128 retirees and beneficiaries as of June 30, 2023.

Pension performance overview

The following table features information about the funding level and assets managed by the Nevada Public Employees' Retirement System as of June 30, 2023:

Nevada Public Employees' Retirement System performance (June 30, 2023)
Fiscal year	Percent funded	Unfunded liabilities	Total assets
2023	75.4%	$18,799,000,000	$57,769,000,000

Note: The unfunded liabilities for the individual subfunds are as follows:

Regular - $14,395,000,000

Police and Firefighters - $4,404,000,000

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 Nevada Public Employees' Retirement System

The Nevada Public Employees' Retirement System (NVPERS) contracted with nine asset management companies (AMCs) as of March 31, 2022. Of those companies or funds, one was an investor participant in Climate Action 100+, and five were members of NZAM as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with NVPERS:

• AEW
• AllianceBernstein (NZAM)
• BlackRock (NZAM, Climate Action 100+)
• BNY Mellon
• Invesco Realty Advisors (NZAM)
• Mellon Capital
• Pathway Capital
• Payden & Rygel (NZAM)
• SSgA (NZAM)

Governance and accountability

This section features information about the seven-member board of trustees that oversees the Nevada Public Employees' Retirement. The board is not specific to oversight of the Nevada Public Employees' Retirement System and does exercise oversight duties for other state funds.

Board selection method

The board of trustees that oversees NVPERS is made up of seven governor-appointed members.

Board of trustees membership

A seven-member board of trustees oversees the operation and administration of NVPERS. The following individuals served on the board as of November 2024:

• Mark Stevens, chair
• Brian A. Wallace, vice-chair
• Dawn Huckaby
• Todd Ingalsbee
• Norma Santoyo
• Jessica Colvin
• Cameron Wagner

See also

• Public pensions in Nevada
• 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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