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Hampden County Board of Retirement (HCRB)
The Hampden County Board of Retirement (HCRB) administers pension benefits for current and former public employees in Hampden County, Massachusetts.
Hampden County Board of Retirement (HCRB)
The Hampden County Board of Retirement (HCRB) administers pension benefits for current and former public employees in Hampden County, Massachusetts. Chairman Karl J. Schmaelzle leads a board composed of appointed and elected members, including Executive Director Karen P. Martin. The board operates under Massachusetts General Law Chapter 32, which governs the state's 104 contributory retirement systems. HCRB allocates across a diversified institutional portfolio spanning public equities, fixed income, real estate, private equity, and hedge funds. A meaningful portion of the fund's assets is invested through the Pension Reserves Investment Trust (PRIT), the Commonwealth's commingled investment vehicle managed by PRIM. This relationship provides HCRB with exposure to asset classes — including timberland, private credit, and venture capital — that would be difficult to access directly at the system's individual scale. The board manages a separate timberland portfolio outside the PRIT allocation. The board is an active member of the Massachusetts Association of Contributory Retirement Systems (MACRS), the trade body for the state's public retirement systems. The board's structure, with its elected and appointed seats, creates direct accountability to Hampden County's municipal workforce. While the system does not publicly disclose detailed direct co-investment positions, its PRIT sleeve gives it economic participation in a globally diversified institutional portfolio. HCRB's most notable architectural feature is its reliance on the PRIT fund for core alternatives exposure. This is not a passive delegation; the board retains authority over asset allocation policy and supplemental mandates. The arrangement is common among Massachusetts' smaller county systems but remains structurally distinct from fully independent pension plans in other states — capturing institutional pricing and manager access while maintaining local governance control over the decision to participate.
General information
Firm type
Pension Fund
Year founded
1937
Location
Region
North America
Country
United States
City
Agawam
Corporate office
Agawam, MA, United States
Principals
Karl J. Schmaelzle
Chairman and Treasurer of the Board
Karen P. Martin
Executive Director of the Retirement Board
Dawn Fonte
Appointed Board Member
Robert Taylor
Elected Board Member
Steven Castelli
Elected Board Member
Patrick E. O'Neil
Appointed Board Member
Sector focus
Frequently asked questions
Who runs investment decisions at Hampden County Board of Retirement?
The five-member board, chaired by Karl J. Schmaelzle, sets investment policy and asset allocation. Karen P. Martin serves as Executive Director. The board is composed of two elected members, two appointed members, and the chairman/treasurer. Day-to-day management of a substantial portion of assets is delegated to the Pension Reserves Investment Management (PRIM) board via the PRIT fund.
What is the relationship between HCRB and the Massachusetts PRIT fund?
HCRB invests a significant share of its assets in the Pension Reserves Investment Trust (PRIT), the Commonwealth's $100-billion-plus commingled pension pool. By participating in PRIT, HCRB gains exposure to institutional-grade alternatives, global equities, and fixed income that would be challenging to source independently at its size. The board retains authority over its allocation to PRIT and any supplemental mandates it chooses to run separately.
Does Hampden County Board of Retirement invest directly in venture capital?
There is no evidence that HCRB runs a standalone direct venture capital program. Venture capital exposure appears to come through the PRIT fund, which allocates to venture strategies. The board's own disclosed separate holdings include a timberland portfolio, but detailed direct-investment line items are not publicly reported.
How is the HCRB board structured and how are members selected?
The five-member board includes the chairman/treasurer, two elected members chosen by the system's participants, and two appointed members. The fourth elected seat was eliminated through a statutory change several years ago. This structure is defined by Massachusetts General Law Chapter 32 and mirrors the governance model used by other county retirement systems in the Commonwealth.
What role does MACRS play for HCRB?
HCRB is a member of the Massachusetts Association of Contributory Retirement Systems (MACRS), which advocates for the state's 104 local retirement systems on legislative and regulatory matters. MACRS provides training, best-practice guidance, and a collective voice for county and municipal boards — including Hampden County — when pension legislation is pending on Beacon Hill.
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