Pension Reserves Investment Management (PRIM) Board recognized as one of the nation’s top public sector institutional investors
From Jeff Wulfson, Chairman of the Massachusetts Teachers’ Retirement Board
The financial health of our pension system depends on three sources of income: employee contributions, employer contributions (which are paid by the Commonwealth on behalf of local school districts), and investment income. MTRS has more than $28 billion in its investment accounts, which are managed by the state’s Pension Reserves Investment Management (PRIM) Board. PRIM also manages the investments for the State Employees Retirement System and many local retirement boards.
PRIM’s investment activities are handled by a small professional staff headed by executive director Michael Trotsky. Michael reports to a nine-member board, which is chaired by Treasurer Deborah Goldberg. The PRIM Board also includes two MTRS representatives: Bob Brousseau, a retiree of the Wareham public schools who was elected by the MTRS membership; and, Dennis Naughton, a retiree of the Millis public schools, who was selected by the MTRS Board.
PRIM is widely regarded as one of the nation’s top public sector institutional investors, with above-market returns and a strong emphasis on risk management, and that’s good news for us. In contrast, 401K retirement plans rely on each worker’s ability to manage their own investments, and it’s pretty clear that most of us don’t have those skills.
We want to acknowledge and thank the entire PRIM team for their outstanding work and their invaluable support to the Teachers’ Retirement System.
My best wishes to you and your families for a healthy and happy summer.