Retirement board backs manager search for cash fund

Other Committee · Meeting of October 29, 2026

ANDOVER — A Massachusetts retirement board heard its portfolio returned 14.4 percent over the year ending June 30 and agreed to invite three finalist managers to a virtual presentation in November as part of a short-term cash manager search. An outside investment consultant told the board the fund was up an estimated 8.7 percent year to date through late October, "well in excess" of its 5.75 percent actuarial rate and nearing full funding. PRIM representatives reported the PRIT Fund returned 12.7 percent over the trailing year with every asset class posting positive results.

The board approved October payroll of $1,881,712.08, four wire transfers, and the retirement of Karen Spinelli, and heard that two employees have filed appeals with the Division of Administrative Law Appeals over working-foreman shift-differential pay. The consultant recommended extending cash-fund duration to pick up "60 to 75 basis points in yield," worth roughly $100,000 a year, and finalists Federated Hermes, IRM and a third firm called "Whites" will present virtually November 19.

In the full story:

• PRIM Annual Investment Review
• Outside Consultant's Portfolio Review and Market Outlook
• Short-Term Fixed Income Manager Search
• Working Foreman Pay Differential Dispute
• Routine Financial and Administrative Business
• Who Was There
• Organizations And Documents Referenced
• The complete report: 2,467 words

Source: the Other Committee meeting of October 29, 2026, reported from the official video recording and transcript.

Checked against the record: before publication this article was automatically compared with the meeting transcript. It was corrected where it differed.