MARCH 25, 2019: This week, retired and active state employees began to receive ballots to cast a vote to elect your representative to the state’s Pension Reserves Investment Management (PRIM) Board. Mass Retirees Executive Vice President Paul Shanley is the current elected member and is seeking reelection as your representative. Our Association has endorsed Paul and fully supports his reelection to this very important position.
MARCH 25, 2019: This week, retired and active state employees began to receive ballots to cast a vote to elect your representative to the state’s Pension Reserves Investment Management (PRIM) Board. Mass Retirees Executive Vice President Paul Shanley is the current elected member and is seeking reelection as your representative. Our Association has endorsed Paul and fully supports his reelection to this very important position.
We believe Paul Shanley has done an excellent job representing the interests of our members. He not only has the qualfications and experience needed for this position, he has demonstrated his ability to get the job done over the past twelve years. Your retirement is more secure due to Paul’s work.
The following is an open letter from Paul Shanley reporting on how our pension system is weathering the current financial storm resulting from the coronavirus crisis. Paul also respectfully asks for the support of retired and active state employees in his reelection
Dear Retired and Active State Employees:
My name is Paul Shanley and I am your elected representative on the Commonwealth’s Pension Reserves Investment Management (PRIM) Board and the Executive Vice President of the Mass Retirees Association. I’m also a State Retiree, having retired from the office of the Treasurer and Receiver General.
I know it is a very difficult time to focus on anything but the well-being of yourself and family members. And in the midst of all our thoughts being consumed with social distancing, proper hygiene and staying up with all the events of these crazy times many retirees are concerned about the well-being of our pensions.
Before I go any further, let me reassure you that your retirement benefits and our pension fund is safe and secure. Yes we are all concerned about the financial markets and these have been stressful weeks, particularly for those public employees tasked with the safe keeping of our pension assets. Thankfully, the Pension Reserves Investment Trust (PRIT) Fund is structured to be able to weather the storm. We will get through this crisis. When we do, PRIT is well positioned to make a quick recovery as the economy bounces back.
I am confident of this because we have been down this road before. Beginning on the first day I was elected as your representative 12 years ago, I was faced with the uncertainty of our pension security with the market crash of 2008. Since that time, I have gained a tremendous understanding of investment policies and practices needed to protect, rebuild and improve our assets during the worst market conditions. Since 2008, PRIM has taken the necessary steps to reduce overall risk, diversify our investments and prepare, as best possible, for difficult times.
Over the past few days you may have received a ballot in the mail for the PRIM Board election. Given what we are now facing, this may seem like an odd time to hold an election. This process began last fall, before any of us knew of the coronavirus. By the time the crisis hit our shores, the election was already well underway.
Under the circumstances I hate to ask, but I would deeply appreciate your vote for reelection to the PRIM Board. With my background and experience, I believe I am well suited to represent your interests and keep our pensions as safe as possible. And as your Mass Retirees Vice President, I know just how important the success of our pension system is to the Association’s efforts to raise the COLA base and improve retirement benefits.
Again, I ask you to please take the time to vote, and I ask for your vote to continue serving as your PRIM Board representative. You may
Vote Online by clicking here or By Mail, using the ballot that was sent to you.
Respectfully,
Paul Shanley, Esq
Elected State PRIM Board Member
Executive VP Mass Retirees Association
