Updated:
Massachusetts Housing Finance Agency Retirement System
The Massachusetts Housing Finance Agency Retirement System is a mandatory defined benefit plan for MHFA employees. It covers nearly all full-time and part-time...
Massachusetts Housing Finance Agency Retirement System
The Massachusetts Housing Finance Agency Retirement System is a mandatory defined benefit plan for MHFA employees. It covers nearly all full-time and part-time employees. The plan focuses on the biotech and life science sectors.
General information
Firm type
Pension Fund
Year founded
1974
Location
Region
North America
Country
United States
City
Boston
Corporate office
Boston, MA, United States
Principals
Michael Fitzmaurice
Chairman of the Retirement Board
Joseph M. Petty
Executive Secretary
Sector focus
Frequently asked questions
Who sponsors the Massachusetts Housing Finance Agency Retirement System?
The plan is sponsored by MassHousing, the quasi-public state agency that issues bonds to finance affordable rental and homeownership housing across Massachusetts. The retirement system was created in 1974 to serve MassHousing employees. Because the sponsor is an agency rather than a municipality, the plan's governance and participant base are narrower than a typical city or town retirement board.
What is the fund's asset allocation mix?
Public records indicate the system holds US real estate, global infrastructure, investment-grade bonds, TIPS, emerging-market bonds, and high-yield bonds, alongside private-market buyout commitments. The exact target weights are disclosed through PERAC filings. The presence of both domestic real estate and global infrastructure alongside a full fixed-income suite suggests a liability-driven core with satellite illiquidity sleeves.
Who runs investment decisions at the Retirement System?
The Retirement Board, chaired by former MassHousing CFO Michael Fitzmaurice, governs investment policy and manager selection. Joseph M. Petty serves as Executive Secretary, responsible for day-to-day administration. Day-to-day investment management is typically carried out by external managers and consultants, consistent with the operating model of Massachusetts agency pension plans.
Does the plan invest directly in affordable housing?
The system's sponsor, MassHousing, is an affordable-housing bond issuer, but the retirement trust is a separate fiduciary entity. The plan's real estate allocation targets institutional property returns through commingled funds and separate accounts; whether any of those vehicles explicitly include affordable-housing investments is not disclosed in standard PERAC filings. The connection to MassHousing does, however, give the board unusual in-house real estate credit expertise.
How is the plan regulated?
The Massachusetts Public Employee Retirement Administration Commission — PERAC — provides regulatory oversight, investment reporting standards, and actuarial compliance for the system, as it does for all public pension plans in the Commonwealth. PERAC oversight requires quarterly investment reporting and annual actuarial valuations, making plan-level data accessible through public records requests.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on pension funds?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: