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How to Invest with PRIM?

A "Participating System" transfers title and control of all assets to PRIM. Following an affirmative vote to join the PRIT Fund, the local retirement board must notify the Chief Executive Officer and Legislative Body having jurisdiction over the retirement system of its decision on or before May 1 of each calendar year. The decision is deemed to be approved unless both the Chief Executive Officer and the Legislative Body act to disapprove the decision by July 1. A system's decision to participate under this provision may not be revoked for five years. Participating systems are also eligible to receive any money appropriated by the state for the purpose of reducing unfunded pension liabilities (M.G.L., c.32 § 22B).

A "Purchasing System" may invest all or a portion of its assets in the PRIT Core simply by an affirmative vote of the retirement board. A purchasing system may make additional payments to or withdrawals from the Core at any time, and is not bound by the five-year participation requirement. The retirement board must provide thirty (30) days notice to the PRIM Board of its intention to withdraw funds from the PRIT Core. A purchasing system is not eligible for the state appropriation.  This election is most widely used by all new systems making both "Full" and "Segmented" investments.