# Concord Retirement Board

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

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Concord, United States
- **Region:** North America
- **Address:** Concord, MA, United States
- **Founded:** 1941
- **Assets under management:** $200M (Altss estimate)
- **Website:** concordma.gov/160/Retirement-Board
- **LinkedIn:** https://www.linkedin.com/company/concord-ma

## Regulatory record

- **Reports private funds:** No

## About

The Concord Retirement Board was established in 1941 as a contributory retirement system for public employees of Concord, Massachusetts. Chairman Brian Whitney and Executive Director Jill Hersey oversee the board, which administers pensions for three distinct labor pools: Town of Concord employees, non-teaching staff of the Concord-Carlisle Regional School District, and Concord Housing Authority workers. The system is embedded within the state's regulatory framework under the Public Employee Retirement Administration Commission (PERAC). The board allocates its estimated $200M across a portfolio that includes global equity, core fixed income, portfolio completion strategies, real estate, natural resources, and timber. A significant portion of assets is invested through the PRIT Fund, managed by Mass PRIM, which provides the board with access to institutional private equity and real estate programs that a $200M plan could not efficiently build in-house. Known holdings include the PRIT Core Real Estate Fund and a direct fixed-income book. The board does not operate a standalone fund-of-funds structure but gains diversified exposure through PRIT's pooled vehicles, supplemented by direct mandates where cost and control warrant. The board operates from Concord's municipal offices with administrative support from the Town Treasurer and Town Accountant staff. It maintains professional affiliations through the Massachusetts Association of Contributory Retirement Systems (MACRS) and functions under PERAC's oversight. A notable recent governance event occurred in 2025, when Board Member and Town Finance Director Anthony Ansaldi Jr. filed a whistleblower notice against the municipality, drawing attention to internal financial controls and board dynamics. Structurally, the Concord Retirement Board is a creature of Massachusetts public law rather than a private trust — its investment policy, board composition, and actuarial assumptions are governed by state statute and PERAC regulations. Unlike private-sector pensions, its liabilities are backed by the taxing power of the sponsoring municipality and the Commonwealth's guarantee, a structural differentiator that shapes both its risk tolerance and its steady, PRIM-centric investment posture.

## Sectors

- Natural Resources
- Timber
- Real Estate
- Global Equity
- Core Fixed Income

## People

- Brian Whitney — Chairman
- Jill Hersey — Executive Director
- Anthony Ansaldi Jr. — Board Member and Town Finance Director

## Questions

### Who runs investment decisions at Concord Retirement Board?

The five-member board, chaired by Brian Whitney, holds fiduciary authority over asset allocation and investment policy. Day-to-day administrative and operational functions are executed by Executive Director Jill Hersey. The board does not employ a dedicated internal investment staff; instead, it relies on PRIM for pooled fund management and periodically engages external consultants for asset-liability studies and manager selection, as required by PERAC guidelines.

### What is Concord Retirement Board's approach to direct holdings versus pooled funds?

The board runs a hybrid structure: publicly traded equities and fixed income are often managed through direct or separate-account mandates, while private equity and core real estate exposure flows primarily through PRIT's commingled vehicles. The board also holds direct interests in local real assets, including the PRIT Core Real Estate Fund and a tangible fixed-income book, reflecting a pragmatic mix of pooled efficiency and direct oversight where scale permits.

### How does the Massachusetts public pension regulatory framework affect the board?

The board operates under the regulatory oversight of the Public Employee Retirement Administration Commission (PERAC), which sets investment, actuarial, and governance standards for 104 Massachusetts public retirement systems. PERAC reviews the board's investment policies, audits its financial statements, and mandates periodic actuarial valuations. The board is also subject to Chapter 32 of the Massachusetts General Laws, which defines benefit formulas, funding schedules, and board composition.

### How is the board's liability backed differently from a private pension plan?

As a governmental defined-benefit plan, the board's pension obligations are ultimately backed by the taxing authority of the Town of Concord and, indirectly, by the Commonwealth of Massachusetts' statutory guarantee for public employee retirement benefits. This public backing reduces the insolvency risk that private-sector pensions face under ERISA, but it also subjects the board to political budget cycles and the municipality's overall fiscal health.

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- [Charles H. Revson Foundation](https://altss.com/profile/charles-h-revson-foundation)
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Last updated: 2026-06-03T20:00:00.000Z

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

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