Fund Records 9.07% Investment Gain in 2024
Another strong year in 2024 investment returns has been reported from the PRIT (Pension Reserves Investment Trust) Fund, that contains the pension funds for both the State and Teachers’ Retirement Systems. According to the PRIM (Pension Reserves Investment Management) Board that manages PRIT, as well as all or a portion of the investment funds for 97 of the 102 local retirement boards (95% of the total). The Fund realized another very strong performance on its investments in 2024, achieving a robust return of 9.07% net of expenses. This return follows their outstanding return of 2023, which yielded a 11.2% for the fund.
Association President Frank Valeri responded to the news as follows. “This is a very welcome string of positive returns, which has exceeded our actuarial expectation four out of the last five years! As we entered 2024, there appeared to be some favorable signs, but with the focus on a potential recession, no one predicted the strong performance that we experienced throughout the year. Our Association applauds the PRIM Board, chaired by State Treasurer Deb Goldberg, its Executive Director/CIO Michael Trotsky, and staff for all their hard work in achieving this result.”
Also, it’s significant that with last year’s net asset gain of $9.24 billion and the prior 2023 gains of $ 8.9 billion, PRIT has reached a total of $110 billion plus in total assets. “PRIT’s value has grown significantly over the past ten years – basically from $60 billion to $110 billion,” continues Valeri; “Just over the past two years, the $18.1 billion asset gain represents excess earnings of more than $4.69 billion OVER the assumed 7% rate of investment return.”
Valeri concludes, “When it comes to improving the Cost-of-Living Adjustment (COLA), Mass Retirees has always believed that the investment success of a retirement system should be shared with its retirees and survivors with better COLAs. Since July 2022, our core belief has been adopted by all 102 local retirement systems improving their COLA with two exceptions, Amesbury and Fall River. Thank you and we’ll be there with you to do even more. “
PRIT’s success also will be of tremendous help in Mass Retirees’ ongoing campaign to improve the State & Teacher COLA. Our work on this is unwavering, and we remain confident, will produce positive results.”