Chris Gabrieli on Social Security

Invest state pension reserve in stock & bond portfolio

The Massachusetts Pension Reserve Investment Trust (PRIT) is an investment fund established to invest the assets of Massachusetts public employers. The PRIT Fund was created by the Legislature in 1983 and its goal is to reduce the Commonwealth's unfunded pension liability and to assist local communities in meeting their pension obligations. The net assets of the Fund currently total over $32 billion.

The Fund seeks to reduce the liability by investing these funds in a diversified portfolio of investments ranging from real estate to stocks and bonds, and international investments.

In 2003, working with State Treasurer Timothy Cahill, and a team of investment experts from McKinsey and Co. Chris led a project to determine whether the state pension fund could apply a small portion of its assets toward economic development projects in our Commonwealth without hurting investment performance or sacrificing returns.

Source: Campaign website, www.gabrieli.org, "on the issues" Jun 4, 2006

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