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Milford Retirement Board
The Milford Retirement Board administers the defined-benefit plan for employees of the Town of Milford, Countryside Health Care of Milford, and the Milford...
Milford Retirement Board
The Milford Retirement Board administers the defined-benefit plan for employees of the Town of Milford, Countryside Health Care of Milford, and the Milford Housing Authority. Founded as one of Massachusetts's 104 contributory retirement systems, it operates under the regulatory oversight of the Public Employee Retirement Administration Commission and participates in the Massachusetts Association of Contributory Retirement Systems, the trade body that advocates for the state's local pension boards. The system's investment program runs almost entirely through the Pension Reserves Investment Trust, the $100-billion-plus pooled vehicle managed by the state's investment board in Boston. PRIT allocates across global equities, fixed income, private equity, real estate, and timberland on behalf of participating local systems, giving the Milford Board institutional exposure it could not achieve independently. Through PRIT the Board owns indirect stakes in pooled real estate funds, a global timberland portfolio, and a diversified hedge-fund portfolio. The Board holds a PRIT Cash sleeve for liquidity management. The system covers over 900 active members and retirees across its three employer groups. The Board constitutes five members, though daily administration sits with Retirement Administrator Kelly Capece. Chairperson Zachary Taylor serves ex officio and is also the Town of Milford's Finance Director. Elected Board Member Richard A. Villani practices law and serves concurrently as Town Administrator. The Board maintains memberships in the Massachusetts Association of Contributory Retirement Systems and receives training and regulatory guidance from PERAC, the state's pension oversight commission. Milford's architecture is the structural differentiator. Unlike larger municipal systems that build internal investment teams or hire their own consultants, the Board effectively delegates all asset-allocation, manager-selection, and portfolio-construction authority to the state's PRIT board. That removes investment-staff overhead and isolated governance risk while tying the system's fortunes directly to the Commonwealth of Massachusetts's pension investment performance. The trade-off is a loss of local control — the Board cannot tilt toward a particular asset class, manager, or strategy unless PRIT tilts first.
General information
Firm type
Pension Fund
Location
Region
North America
Country
United States
City
Milford
Corporate office
Milford, MA, United States
Principals
Zachary Taylor
Chairperson and Ex Officio Member
Richard A. Villani, Esq.
Elected Board Member
Kelly Capece
Retirement Administrator
Sector focus
Frequently asked questions
Who makes investment decisions at the Milford Retirement Board?
The Board itself does not make day-to-day investment decisions. It has delegated virtually all asset-allocation and manager-selection authority to the Pension Reserves Investment Management board in Boston, which runs the state's pooled PRIT Fund. The Milford board's investment role is fiduciary oversight — monitoring PRIT performance, ensuring compliance with Massachusetts pension law, and certifying the system's funding status.
How does the Milford Retirement Board access private markets?
It accesses private markets exclusively through the PRIT Fund. PRIT allocates to private equity, real estate, and timberland on behalf of participating local systems. The Milford Board receives the blended return of those asset classes rather than committing to individual funds or direct deals.
Is the Milford Retirement Board a standalone pension fund or part of a larger system?
It is a legally separate contributory retirement system — one of 104 in Massachusetts — but its assets are pooled inside the state-managed PRIT Fund. The Board retains independent governance and fiduciary responsibility for its own plan, while PRIT provides the investment infrastructure.
What employers participate in the Milford Retirement System?
The Town of Milford, Countryside Health Care of Milford (formerly the Milford Geriatric Authority), and the Milford Housing Authority. Together they represent over 900 active employees and retirees covered by the defined-benefit plan.
How is the Board governed?
The five-member board includes the town's Finance Director serving ex officio as chairperson, an elected member who also serves as Town Administrator, and others appointed or elected under Massachusetts law. The Retirement Administrator handles daily operations. The Public Employee Retirement Administration Commission provides regulatory oversight.
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