Massachusetts Pension Reserves Investment Management Board

Overview

The Massachusetts Pension Reserves Investment Management Board (PRIM) is responsible for managing the assets of the Pension Reserves Investment Trust (PRIT) Fund, which serves public employee pension benefits in Massachusetts. The PRIT Fund is a pooled investment fund that invests the assets of the Massachusetts Teachers’ and State Employees’ Retirement Systems, as well as county, authority, district, and municipal retirement systems that choose to invest in the PRIT Fund. The nine-member PRIM Board acts as trustee for each retirement system that invests assets in the PRIT Fund. PRIM's mission is to provide a professional investment service that maximizes the return on investment within acceptable levels of risk by broadly diversifying its investment portfolio, capitalizing on economies of scale to achieve cost-effective operations, and providing access to high-quality, innovative investment management firms. The Board employs a diversified investment strategy, allocating assets across various classes, including global equity, core fixed income, value-added fixed income, private equity, real estate, timberland, and portfolio completion strategies. This approach aims to achieve strong risk-adjusted returns to meet the Commonwealth's pension obligations. The PRIM Board is governed by a nine-member board of trustees, including the State Treasurer, ex officio, or her designee, who serves as the board chair; the Governor, ex officio, or his designee; a private citizen experienced in investment or financial management, appointed by the State Treasurer; an employee or retiree from the Massachusetts Teachers’ Retirement System, elected by its members; an employee or retiree from the Massachusetts State Employees’ Retirement System, elected by its members; an elected member of the Massachusetts State Retirement Board; an elected member of the Massachusetts Teachers’ Retirement Board; a person not employed by the Commonwealth, appointed by the Governor; and a public safety union representative, appointed by the Governor. This governance structure ensures a broad range of expertise and perspectives in overseeing the management of the PRIT Fund.

Investment Focus

• Investments must align with the PRIT Fund's asset allocation targets and investment policies.