Prim Ends Fy24 With $105.3 Billion in Assets
Last month, the state’s PRIM investment committee reported a record $105.3 Billion in assets at the end of Fiscal Year 2024 (June 30). Briefly, the PRIM (Pension Reserves Investment Management) Board manages the assets of the Pension Reserves Investment Trust (PRIT) for public employee pension benefits on behalf of the Massachusetts State Employees and Teachers’ Retirement Systems, as well as Boston teachers and local participating retirement systems throughout the Commonwealth that have elected to invest with PRIM.
Association Executive Vice President Paul Shanley serves on PRIM as one of two elected members and is also a longstanding member of its investment committee. Paul has the following comments regarding this accomplishment. “PRIM’s Executive Director & Chief Investment Officer Michael Trotsky and staff deserve a tremendous amount of credit for their solid performance in achieving this record during a turbulent market that goes back to the last six months of 2022.”
Association President Frank Valeri added, “This very positive news from PRIM comes on the heels of the creation of the COLA Study Commission (see page 1) on which I’m planning to serve as the Mass Retirees representative. “PRIM’s strong performance will undoubtedly help me make the case for better COLAs before the Commission.”