# Michigan Judges' Retirement System (MJRS)

Michigan Judges' Retirement System (MJRS) is a Public Pension Fund based in Lansing, United States.

## Overview

- **Organization type:** Public Pension Fund
- **Headquarters:** Lansing, United States
- **Region:** North America
- **Address:** Lansing, MI, United States
- **Assets under management:** Undisclosed
- **Website:** michigan.gov/orsjudges

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Public Equities
- Private Equity
- Fixed Income
- Real Estate
- Infrastructure
- Absolute Return

## People

- 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

## 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.

### 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.

## Related profiles

- [Michigan Electrical Employees Pension Fund](https://altss.com/profile/michigan-electrical-employees-pension-fund)
- [Michigan Municipal Employees' Retirement System (MERS)](https://altss.com/profile/michigan-municipal-employees-retirement-system-mers)

---

Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/michigan-judges-retirement-system-mjrs

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology