# City of Revere OPEB Trust Fund

City of Revere OPEB Trust Fund is a Trust / Investment Trust based in Revere, United States.

## Overview

- **Organization type:** Trust / Investment Trust
- **Headquarters:** Revere, United States
- **Region:** North America
- **Address:** Revere, MA, United States
- **Founded:** 1846
- **Assets under management:** Undisclosed
- **Website:** https://www.revere.org/boards-and-commissions/affordable-housing-trust-fund
- **LinkedIn:** https://www.linkedin.com/company/cityofrevere

## Regulatory record

- **Reports private funds:** No

## About

The City of Revere OPEB Trust Fund was created by the municipal government of Revere, Massachusetts, to prefund other post-employment benefits (OPEB) liabilities — primarily retiree healthcare. The trust is sponsored by the city and operates under the financial oversight of the City Auditor and City Treasurer. The trust's investment strategy focuses on capital preservation and liability-matching. It allocates across infrastructure and private credit, with a structural reliance on the Pension Reserves Investment Trust (PRIT) Fund, a pooled investment vehicle managed by the Commonwealth of Massachusetts. The trust does not make direct private equity or venture investments; its mandate is to generate steady, low-volatility returns to offset future benefit payments. Richard Viscay serves as CFO and City Auditor, managing financial reporting and investment oversight. Cathy Bowden, as City Treasurer and Collector, acts as custodian of the trust. Mayor Patrick M. Keefe Jr. recommends budget transfers into the trust. The city is a member of the Massachusetts Municipal Association, which provides guidance on public-sector trust management. No recent operational events are publicly recorded for this trust. The City of Revere OPEB Trust Fund is structurally distinct from corporate or family-office pools: it is a public-sector trust funded by municipal budget allocations, not private capital. Its governance is tied to the city's elected and appointed officials, and its investments are channeled through state-level pooled funds, giving it a low-cost, passive-oriented posture.

## Sectors

- Infrastructure
- Private Credit

## People

- Richard Viscay — CFO and City Auditor
- Cathy Bowden — City Treasurer and Collector
- Patrick M. Keefe Jr. — Mayor of Revere

## Questions

### Who manages investment decisions for the City of Revere OPEB Trust Fund?

Investment decisions are overseen by Richard Viscay (CFO and City Auditor) and Cathy Bowden (City Treasurer and Collector). The trust primarily invests through the Pension Reserves Investment Trust (PRIT) Fund, a professionally managed state pool.

### How is the trust funded?

The trust is funded by annual transfers from the City of Revere's general fund, as recommended by the mayor and approved by the city council. These transfers are budgeted based on actuarial projections of retiree healthcare liabilities.

### Does the trust make direct investments or use external managers?

The trust does not make direct investments. It allocates capital to the Pension Reserves Investment Trust (PRIT) Fund, which is a pooled investment vehicle managed by the Commonwealth of Massachusetts. This structure provides professional management and diversification.

### What types of assets does the trust invest in?

The trust invests in infrastructure and private credit through the PRIT Fund, a portfolio that includes multiple asset classes. The overall strategy prioritizes capital preservation and stable income to match long-term benefit liabilities.

### Who are the key officials responsible for the trust?

Key officials include Richard Viscay (CFO and City Auditor), Cathy Bowden (City Treasurer and Collector), and Mayor Patrick M. Keefe Jr. They are City of Revere employees or elected officials, not external investment professionals.

### What is the trust's known investment posture on co-investments or private equity?

Based on available public records, the trust does not participate in direct co-investments or private equity deals. Its capital is allocated through the pooled PRIT Fund, which makes asset-allocation decisions on behalf of participating municipalities.

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Last updated: 2026-06-03T20:00:00.000Z

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