# Municipal Retirement Systems of Mississippi

Municipal Retirement Systems of Mississippi is a Pension Fund based in Jackson, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Jackson, United States
- **Region:** North America
- **Address:** Jackson, MS, United States
- **Assets under management:** Undisclosed
- **Website:** pers.ms.gov

## Regulatory record

- **Reports private funds:** No

## About

Municipal Retirement Systems of Mississippi (MRS) provides retirement, disability, and survivor benefits for municipal employees across the state. The system is administered by the Public Employees' Retirement System of Mississippi (PERS), which oversees investment policy, manager selection, and actuarial management for MRS alongside other statewide retirement plans. The State Treasurer serves ex officio on the PERS Board of Trustees, creating a direct line to Jackson's fiscal apparatus. MRS deploys capital across a diversified institutional portfolio spanning public equities, fixed income, private real estate, private credit, and real assets including timberland. The private-markets sleeve operates through commitments to external commingled funds rather than co-investments or directs — documented positions include TA Realty Value-Add Fund XIV, Heitman Value Partners VI, AEW Partners Real Estate Fund X, and an Invesco-managed real estate vehicle. On the real-assets side, the system maintains a domestic timberland allocation. Geographic exposure tilts heavily domestic, with select global real estate exposure through the AEW and Invesco relationships. PERS operates from Jackson with investment oversight flowing through Chief Investment Officer Charles Nielsen and Executive Director Ray Higgins Jr. The system participates in Climate Action 100+, the investor-led engagement initiative focused on greenhouse-gas emitters, signaling environmental stewardship priorities within the public-equities book. Mississippi does not disclose aggregated MRS asset totals independently of the broader PERS composite, making precise scale opaque to external observers. The system's defining structural feature is its embeddedness within PERS — MRS does not maintain a separate investment staff, board, or asset pool. Manager selection, risk budgeting, and actuarial assumptions all run through the unified PERS machinery, which means MRS benefits from the parent system's scale and staff depth but cannot independently deviate from board-level strategy.

## Sectors

- Real Estate
- Infrastructure
- Private Credit
- Public Equities
- Fixed Income

## People

- Charles Nielsen — Chief Investment Officer
- Ray Higgins Jr. — Executive Director
- David McRae — State Treasurer, ex-officio Board member

## Questions

### Who sets investment policy for MRS?

The Board of Trustees of the Public Employees' Retirement System of Mississippi (PERS) sets investment policy for MRS. The board includes the State Treasurer as an ex officio member. Day-to-day investment operations fall under PERS Chief Investment Officer Charles Nielsen and Executive Director Ray Higgins Jr.

### Does MRS invest directly in private companies or real estate?

No. MRS accesses private markets almost exclusively through external commingled fund commitments. The system does not operate a direct-investment or co-investment program. Real estate exposure comes through blind-pool value-add and opportunistic funds managed by firms such as TA Realty, Heitman, AEW, and Invesco.

### Is MRS's AUM reported separately from PERS?

Mississippi combines MRS assets with other state retirement plans under the PERS administrative umbrella for reporting purposes. A standalone MRS figure is not publicly disclosed on an ongoing basis.

### How is MRS related to the Mississippi State Treasurer?

The State Treasurer holds an ex officio seat on the PERS Board of Trustees, which governs MRS alongside the other state-administered retirement systems. The Treasurer does not direct day-to-day investments but participates in board-level oversight and governance.

## Related profiles

- [Municipal Excess Liability Joint Insurance Fund (MEL)](https://altss.com/profile/municipal-excess-liability-joint-insurance-fund-mel)
- [Museum of Science and Industry, Chicago (MSI)](https://altss.com/profile/museum-of-science-and-industry-chicago-msi)

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

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