Clinton Retirement Board

Clinton Retirement Board

The Clinton Retirement Board operates as one of 106 independent contributory retirement systems in Massachusetts, bound by the rules of Massachusetts General Law Chapter 32. Its fiduciary duty runs to the retired police officers, teachers, municipal workers and housing authority staff of Clinton, a former mill town in Worcester County. A five-member board governs the system: Chair Paul Cherubini, an executive at nearby Dunn & Co., sits alongside Town Accountant Diane Magliozzi, Principal Assessor David Baird, Retired Police Lieutenant Joseph Casasanto, and Police Officer James McNamara. Administrator Patricia Hazel handles day-to-day operations. Investment policy divides the plan's assets across seven allocation sleeves. The portfolio touches global equity, core and value-added fixed income, private equity, real estate, timberland, and a portfolio completion strategies bucket. The timberland allocation is notable for a fund of this scale — it suggests a long-duration, inflation-sensitive asset picked for liability matching rather than fashion. Allocations are set by the board with support from the Massachusetts Association of Contributory Retirement Systems, the professional body where Clinton's trustees compare notes with peers from larger systems like Boston and Worcester. No external OCIO is disclosed in public records. The board publishes meeting minutes and annual reports through the Town of Clinton's municipal website, the sole public window into its activities. Board elections and appointments follow the Chapter 32 framework, with two elected members drawn from the active workforce and retiree base, two appointed by the town manager, and the town accountant serving ex officio. Recent meeting agendas show standard public-pension business: custodian reviews, PERAC filing deadlines, and manager performance monitoring. Clinton's structure is pure Chapter 32: no private investment staff, no separate entity, no ability to opt out of state reporting requirements. That makes it structurally identical to sister systems in Athol, Greenfield, or Montague — and fundamentally different from the single-family offices and endowment-style funds that dominate most allocator directories. Its presence in any allocator dataset is a function of Massachusetts' uniquely fragmented pension landscape, not of distinctive strategy.