# Clinton Retirement Board

Clinton Retirement Board is a Pension Fund based in Clinton, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Clinton, United States
- **Region:** North America
- **Address:** Clinton, MA, United States
- **Assets under management:** $82M (Altss estimate)
- **Website:** www.clintonma.gov

## Regulatory record

- **Reports private funds:** No

## About

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. 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.

## Sectors

- Real Estate
- Private Equity
- Infrastructure
- Hedge Funds

## People

- Paul B. Cherubini — Chairperson
- Patricia Hazel — Retirement Board Administrator
- Diane L. Magliozzi — Ex Officio Member
- David J. Baird — Appointed Member
- Joseph P. Casasanto — Elected Member
- James McNamara — Elected Member

## Questions

### Who runs investment decisions at the Clinton Retirement Board?

The five-member board holds all investment authority. Members are drawn from town government and the retiree base: two are elected by employees and retirees, two are appointed by the town manager, and the town accountant serves ex officio. The board is not advised by a disclosed OCIO.

### What is the legal framework governing the Clinton Retirement Board?

The system operates under Massachusetts General Law Chapter 32, which governs all 106 state and municipal contributory retirement systems. This imposes uniform reporting, actuarial, and investment constraints, including oversight by the Public Employee Retirement Administration Commission.

### Does the Clinton Retirement Board invest in private equity or real assets?

Yes. The board's disclosed asset allocation includes private equity, real estate, and a timberland allocation. Public records do not name specific fund commitments or co-investments, but the inclusion of timberland is a distinctive feature for a sub-$100 million plan.

### What professional associations does the board participate in?

The board is a member of the Massachusetts Association of Contributory Retirement Systems, the standard industry group for Chapter 32 systems. MACRS conferences and committees are where trustees from Clinton interact with peers from across the state.

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Last updated: 2026-08-11T02:43:31.692Z

Canonical page: https://altss.com/profile/clinton-retirement-board

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