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Transit Management of Southeast Louisiana Retirement Income Plan
The Transit Management of Southeast Louisiana, INC. Retirement Income Plan was established in 1983 to provide defined benefits for employees of the Regional...
Transit Management of Southeast Louisiana Retirement Income Plan
The Transit Management of Southeast Louisiana, INC. Retirement Income Plan was established in 1983 to provide defined benefits for employees of the Regional Transit Authority's operating contractor. The New Orleans Regional Transit Authority is the plan's sole owner and a non-employer contributing entity. The fund froze benefit accruals in 2009 when Transdev Services, Inc., then known as Veolia Transportation, assumed management of area transit operations, converting the plan from an active pension to a runoff liability pool. The frozen plan maintains a diversified asset base split across public equities, fixed income, real estate, and private equity allocations. Its real estate exposure includes mixed-use properties in the United States, while the private equity book spans buyout, expansion-stage, fund-of-funds, and special-situations mandates. Trustee oversight, rather than a dedicated internal investment staff, directs these allocations. The plan's trustee group participates actively in the Louisiana Trustee Education Council, a professional network focused on fiduciary training for public and quasi-public plan overseers. Trustee Frank L. Jobert, Jr. also serves as Executive Director of LATEC, placing the plan at the center of Louisiana's trustee education infrastructure. Former Vice Chairman Jarrett Cohen went on to found JECohen, an investment consulting practice. The plan's trustee bench remains small, with Mike Treadway and Jobert identified as current fiduciaries in public records. The fund does not publicly report staff headcount, quarterly performance, or detailed asset-level holdings. The plan's genuine structural differentiator is its frozen runoff status paired with embedded trustee relationships inside LATEC. Unlike active public pensions that must manage contributions and benefit accruals, TMSEL operates as a closed system — no new members, no new accruals, and a mandate centered on capital preservation to meet legacy obligations. Its governance arc, which produced both an investment consultancy founder and LATEC's executive leadership, anchors its influence in the Louisiana fiduciary ecosystem rather than in portfolio scale or performance optics.
General information
Firm type
Pension Fund
Year founded
1983
Location
Region
North America
Country
United States
City
New Orleans
Corporate office
New Orleans, Louisiana, United States
Principals
Frank L. Jobert, Jr.
Trustee
Mike Treadway
Trustee
Jarrett Cohen
Former Trustee and Vice Chairman
Sector focus
Frequently asked questions
Why is the TMSEL Retirement Plan classified as a frozen pension?
The plan stopped accruing new benefits in 2009. That year, Transdev Services, Inc. — operating as Veolia Transportation at the time — assumed management of New Orleans area transit operations. Since then, no new participants have entered and existing participants no longer earn additional service credits, marking a permanent shift to runoff status.
Who makes investment decisions for the plan?
A trustee board governs the plan's investments. Public records identify Frank L. Jobert, Jr. and Mike Treadway as current trustees. There is no publicly disclosed internal investment staff, meaning the board likely delegates through external managers or consultants for asset-class execution.
What is the relationship between the plan and the New Orleans Regional Transit Authority?
The Regional Transit Authority wholly owns Transit Management of Southeast Louisiana, INC., making it a non-employer contributing entity to the retirement plan. RTA does not directly sponsor the plan, but its ownership of TMSEL creates a structural obligation for the plan's liabilities.
Does the plan invest directly in private equity or through funds?
The plan's private equity allocation includes both direct investments and a fund-of-funds approach. Public records indicate exposure to buyout, expansion-stage, and special-situations strategies, suggesting a hybrid model of fund commitments and co-investments rather than a pure direct-investing posture.
How is the plan connected to the Louisiana Trustee Education Council?
TMSEL trustees are active leaders within LATEC, with Frank L. Jobert, Jr. serving as its Executive Director. This positions the plan's fiduciaries at the center of trustee education in Louisiana, giving them unusual peer-network depth for a frozen single-plan entity.
What types of real estate does the plan hold?
The plan's real estate allocation includes mixed-use properties in the United States. Specific property-level detail is not publicly disclosed, but the mixed-use classification suggests exposure to both commercial and residential income streams.
Is the plan open to new participants or contributions?
No. The plan is frozen, meaning no new employees can join and existing participants do not accrue additional benefits. Its sole function now is to manage existing assets to pay scheduled benefits to legacy members.
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