Natick Retirement Board

Natick Retirement Board

The Natick Retirement Board administers the Natick Contributory Retirement System, a defined-benefit plan covering Town of Natick employees and their beneficiaries. The Board operates under the regulatory oversight of the Massachusetts Public Employee Retirement Administration Commission, and its members include both elected and appointed officials, such as Chairperson Michael Melchiorri and Town Comptroller Michelle Laramee. Nearly all of the System's assets are allocated to the Pension Reserves Investment Trust (PRIT) Fund, managed centrally by the state's Pension Reserves Investment Management (PRIM) Board. This fund-of-funds structure provides Natick with diversified exposure to global equities, fixed income, private equity, real estate, and timber. By participating in the PRIT pool, the Board gains access to investment strategies and manager relationships that its scale could not independently support. With an estimated $229 million in assets (per Altss estimate), the Board participates in industry groups including the Massachusetts Association of Contributory Retirement Systems and the National Conference on Public Employee Retirement Systems. No dedicated internal investment staff or separate direct investment programs have been reported, placing all asset-management discretion with the PRIM Board's professional team. The Board's structural differentiator is its complete delegation of investment authority under Massachusetts General Law. Unlike similarly sized municipal funds that retain separate consultants or direct managers, Natick's exclusive PRIT commitment creates an unusually streamlined governance model — the Board focuses on benefits administration and fiduciary oversight while the state handles every portfolio decision.