WELCOME FROM TREASURER AND CHAIR
STEVEN GROSSMAN

 

Welcome to the Pension Reserves Investment Management Board’s (PRIM) website, which we have designed to better serve the needs of our clients: retirement systems, pension funds, their members, and the people of Massachusetts. PRIM is committed to the highest level of quality, value, service, and professionalism in our dealings with you.

While the Pensions Reserves Management Trust (PRIT) recorded a 22.3% return for the fiscal year ending in June 2011, we do not rest on our laurels or take anything for granted. Markets have been highly volatile this year and the economic outlook has been mixed as we continue to deal with a slow recovery from the Great Recession of 2008. The Commonwealth’s unfunded pension liabilities were down to $18.6 billion in January, 2011, but are projected to increase in the next two years as the actuarial impact of the 2008 crash continues to be felt.

We have adopted a variety of initiatives that seek to stabilize and enhance PRIT’s performance. A new asset allocation strategy will steer our investments in a direction that lowers risk. A pilot program of direct investments in hedge funds is expected to reduce management fees. Expanded relationships with emerging managers will give PRIT access to additional high performing investment funds. And our highly successful Venture Capital and Private Equity portfolio will add high caliber funds that will invest in growth companies in Massachusetts and internationally.

In all of these actions our overarching goal is to earn your trust and support every day. In the weeks ahead, we look forward to sharing with you news about the progress we continue to make at PRIM in protecting the public’s money and the assets of our pension systems. 

Official website of the Treasurer and Receiver General

 

Sincerely,
Steven Grossman