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New Bedford Retirement Board
The New Bedford Retirement Board is a contributory defined-benefit plan covering municipal employees of the City of New Bedford and participating units like...
New Bedford Retirement Board
The New Bedford Retirement Board is a contributory defined-benefit plan covering municipal employees of the City of New Bedford and participating units like the Southeastern Regional Transit Authority, excluding school department teaching staff. The system operates under the regulatory oversight of the Public Employee Retirement Administration Commission (PERAC) and participates in the statewide Pension Reserves Investment Trust (PRIT) Fund based in Boston. The fund spreads risk across an unusually wide mandate for a plan of its size. Asset-class coverage spans buyout, growth equity, venture capital from seed to late stage, distressed debt, mezzanine, secondaries, special situations, and natural resources including timberland exposure. A nine-person team supports the board, led by Executive Director Eric Cohen alongside Chairman Leonard F. Baillargeon and a five-member board that includes the City Auditor and Bristol County Treasurer Christopher Saunders. The fund maintains ties to the Massachusetts Association of Contributory Retirement Systems (MACRS), embedding it in the state's professional pension network. Structurally, the board is both a local municipal plan and a participant in the PRIT commingled vehicle — a hybrid architecture that splits decision-making between in-state pooled capital and board-level direct commitments, a configuration uncommon among smaller Massachusetts contributory systems.
General information
Firm type
Pension Fund
Location
Region
North America
Country
United States
City
New Bedford
Corporate office
New Bedford, MA, United States
Principals
Eric Cohen
Executive Director
Leonard F. Baillargeon
Chairman
Billy Cabral
Board Member
Quillan Lowney
Board Member (City Auditor)
Angela M. Natho
Board Member
Christopher Saunders
Appointed 5th Member
Sandra Cardoso
Office Manager
Mary Lou Davis
Administrative Specialist
Sonia Monchique
Financial Analyst
Sector focus
Frequently asked questions
Who controls investment decisions at the New Bedford Retirement Board?
A five-member board governs the system: two elected members, one ex-officio member (the City Auditor), one appointed member, and a fifth appointed member who also serves as Bristol County Treasurer. The board is supported by Executive Director Eric Cohen, who functions as legal counsel and records access officer, and a small staff that includes a financial analyst.
How does the New Bedford Retirement Board allocate its capital?
The board pursues a hybrid strategy combining participation in the state-run Pension Reserves Investment Trust (PRIT) Fund with direct and co-investment commitments across buyout, venture capital, distressed debt, mezzanine, secondaries, special situations, and natural resources including timberland.
Who oversees the New Bedford Retirement Board?
The Public Employee Retirement Administration Commission (PERAC), a Massachusetts state body, provides regulatory oversight. The board also operates under the governance structure required for Massachusetts contributory retirement systems, with membership in the Massachusetts Association of Contributory Retirement Systems (MACRS).
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