MassPRIM reports fund has highest assets in historyLast last week, the MassPRIM Board reported that the pension fund crossed the $100 billion threshold for the first time in history.
NAGE's own Executive Vice President Theresa McGoldrick holds a seat on the PRIM board, and is proud of the work that has been done over the past year.
“In the history of the State Pension Fund, there has never been a more successful year than 2021. Breaking $100 billion is the most clear-cut illustration of this achievement. The success and the growth of the Fund gives me confidence that we are doing the best for the beneficiaries and ensuring that their pension is there for them when they retire.”
Thank you to Theresa and the entire board for your dedication, keep up the excellent work!
MassPRIM reports fund now has $101 Billion under management
Thanks to record-returns, the fund now has the highest amount of assets in its history
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Dec 02, 2021, 12:38 ET
BOSTON, Dec. 2, 2021 /PRNewswire/ -- The Massachusetts Pension Reserves Investment Management Board (MassPRIM) today announced that the pension fund crossed the $100 billion threshold for the first time – now totaling $101 billion as of the most recent figures available.
With the latest valuation at the end of October, the PRIT Fund reached a record $101 billion, having more than doubled in size over the past 10 years. The historic result follows the fund's record-breaking performance in FY 2021, where the fund returned 29.5 percent and outperformed its benchmark by 8.9 percent, net of fees. For the one-year as of October 31, 2021, the PRIT Fund was up 29.4%, outperforming the total core benchmark of 20.6% by 880 basis points, net of fees.
The fund pays $1.2 billion in pension benefits annually.
MassPRIM's record-setting performance equates to a net investment gain of $23.1 billion for the October 2020 – October 2021 time-period, $6.9 billion (net) above benchmark.
"This $101 billion milestone is historic in nature. It reflects the execution of a pragmatic focused strategy combined with excellent internal evaluation and analysis capabilities in both up and down markets," said Massachusetts State Treasurer and Receiver General Deborah B. Goldberg, Chair of the MassPRIM Board. "It also goes without saying, that this success would have not been possible without the talented and committed PRIM staff, whose work has not only benefitted the over 300,000 pension beneficiaries but the taxpayers of the Commonwealth as well."
Six of seven major asset classes outperformed their respective benchmarks. Private Equity helped fuel the success for the quarter with a return of 13.7 percent. Real estate was up 6.6 percent, followed by value-added fixed income at 2.8 percent.
"I want to thank everyone -staff, committee and Board members -- for their hard work and dedication that have allowed us to reach this momentous milestone," said Michael G. Trotsky, CFA, Executive Director and Chief Investment Officer of MassPRIM. "This number is a hallmark of outstanding performance and an important sign of stability for our beneficiaries in a very turbulent and difficult time."
About The Massachusetts Pension Reserves Investment Management Board
The Massachusetts Pension Reserves Investment Management (PRIM) Board serves as a professional investment service for the retirement assets of Massachusetts teachers and many state and municipal employees. PRIM's mission is to provide a professional investment service for retirees that maximizes the return on investment within acceptable levels of risk and cost. PRIM broadly diversifies its investment portfolio, capitalizing on economies of scale to achieve cost-effective, high quality, innovative investment management strategies and results. Learn more at http://www.mapension.com/.