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Michigan Judges' Retirement System (MJRS)
The Michigan Judges' Retirement System (MJRS) is a defined benefit public pension fund providing retirement, disability, and survivor benefits to Michigan's...
Michigan Judges' Retirement System (MJRS)
The Michigan Judges' Retirement System (MJRS) is a defined benefit public pension fund providing retirement, disability, and survivor benefits to Michigan's state judges. Governed by the State of Michigan Retirement Board, the system's investments are managed collectively through the State of Michigan Bureau of Investments, a structure enabling cost efficiencies across multiple state retirement systems. State Treasurer Rachael Eubanks chairs the State of Michigan Investment Board, which sets broad policy; day-to-day portfolio management falls to CIO Jon Braeutigam and the Bureau's Lansing-based team. The Bureau deploys MJRS assets across seven internally managed pools: Domestic Equity, Private Equity, Fixed Income, International Equity, Absolute Return, Real Estate and Infrastructure, and Real Return and Opportunistic. This multi-asset architecture mirrors the broader state pension allocation model, with private markets exposure built over direct co-investments, fund commitments, and separate accounts. Michigan's Bureau of Investments has historically been a significant LP in North American and European private equity funds and a direct investor in domestic real assets. MJRS participates in pooled industry networks including the Public Pension Coordinating Council and the Government Finance Officers Association, aligning its governance and transparency practices with major state retirement systems. The Retirement Board, chaired by Lauri Schmidt, meets publicly to review actuarial valuations, asset-allocation targets, and manager performance annually. Board members are appointed by Governor Gretchen Whitmer, embedding Michigan's executive branch in the system's oversight structure. The pooled Bureau of Investments model differentiates MJRS structurally — rather than maintaining a separate investment office for its judicial members, the system gains implementation leverage and fee compression by investing alongside Michigan's much larger public-school and state-employee retirement assets.
General information
Firm type
Public Pension Fund
Location
Region
North America
Country
United States
City
Lansing
Corporate office
Lansing, MI, United States
Principals
Rachael Eubanks
State Treasurer, Chair of the State of Michigan Investment Board
Jon Braeutigam
Chief Investment Officer, Bureau of Investments
Lauri Schmidt
Chair of the State of Michigan Retirement Board
Sector focus
Frequently asked questions
Who runs investment decisions at MJRS?
Investment management is delegated to the State of Michigan Bureau of Investments under CIO Jon Braeutigam. The Bureau executes across seven asset pools — Domestic Equity, Private Equity, Fixed Income, International Equity, Absolute Return, Real Estate and Infrastructure, and Real Return and Opportunistic — under policy direction from the State of Michigan Investment Board, chaired by State Treasurer Rachael Eubanks. The Michigan State Retirement Board provides fiduciary oversight specific to the Judges' plan.
How is MJRS structured relative to other Michigan state pension funds?
MJRS is one of several state retirement systems that pool assets through the Bureau of Investments in Lansing. This structure means MJRS benefits from the Bureau's centralized manager selection, due diligence, and fee negotiation, rather than operating a standalone investment office. The Bureau's larger scale across the state's combined retirement assets gives MJRS access to institutional share classes and private-market commitments it could not secure independently.
Does MJRS participate in private market investments?
Yes. The Bureau allocates to Private Equity and to Real Estate and Infrastructure through dedicated pools. Investments typically include buyout and venture fund commitments alongside direct co-investments and real-asset separate accounts. The private-markets program has historically been a consistent allocator to middle-market and large-cap North American and European funds.
What is the governance structure of MJRS?
The State of Michigan Retirement Board, chaired by Lauri Schmidt, serves as fiduciary for MJRS. Board members are appointed by the Governor and oversee actuarial assumptions, benefit administration, and asset-allocation policy. The Investment Board, chaired by the State Treasurer, directs the Bureau of Investments on tactical and strategic investment matters.
Does MJRS disclose its AUM publicly?
MJRS does not publish a standalone AUM figure independently from the broader State of Michigan Retirement Systems annual reporting. The Bureau reports aggregate data across all participating state retirement plans, and MJRS's specific asset allocation is available through Michigan's publicly accessible pension transparency portal.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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