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Peabody Retirement Board
The Peabody Retirement Board was established in 1937 to administer retirement benefits for employees of the City of Peabody, the Peabody Municipal Light Plant,...
Peabody Retirement Board
The Peabody Retirement Board was established in 1937 to administer retirement benefits for employees of the City of Peabody, the Peabody Municipal Light Plant, and the Peabody Housing Authority. Operating under Massachusetts General Laws Chapter 32 and regulated by the state's Public Employee Retirement Administration Commission, the system covers more than 1,700 active and retired members. Chairperson Richard A. Yagjian and Board Administrator James Freeman oversee the fund from its single office in Peabody, Massachusetts. With an estimated $200 million in assets (Altss estimate), the board deploys capital across a mix of real estate, private credit, and timberland holdings. The portfolio includes allocations to the PRIT Real Estate Portfolio and PRIT Timberland Portfolio — vehicles managed by the state's Pension Reserves Investment Trust — alongside direct manager relationships such as the Invesco IRT Equity Real Estate Securities Trust and the BGO US Value Add Lending Fund. This structure blends state-level pooled vehicles with third-party fund commitments, giving the small board access to global real assets and US commercial property debt without requiring in-house asset management capability. Governance rests with a board that includes local banking relationships — board member Edward Lomasney III serves as a Senior Vice President at Rockland Trust, the Massachusetts-based commercial bank. The board participates in the Massachusetts Association of Contributory Retirement Systems, the professional body for the state's public pension administrators. The system also maintains ties to the Peabody Area Chamber of Commerce and the J.B. Thomas-Lahey Foundation. Structurally, the Peabody Retirement Board exemplifies the Massachusetts contributory retirement model: locally governed by a part-time board with minimal dedicated staff, heavily reliant on PRIT for core asset allocation and external managers for specialized exposure. This architecture separates investment execution from the two-person administrative office in Peabody — a governance pattern common among the Commonwealth's smaller municipal pension systems that collectively manage billions in aggregate but operate with little standalone infrastructure.
General information
Firm type
Pension Fund
Year founded
1937
AUM
$200M (Altss estimate)
Location
Region
North America
Country
United States
City
Peabody
Corporate office
Peabody, MA, United States
Principals
Richard A. Yagjian
Chairperson
James Freeman
Board Administrator
Sector focus
Frequently asked questions
Who runs investment decisions at Peabody Retirement Board?
The board of directors holds fiduciary responsibility for investment policy and manager selection under Massachusetts law. Day-to-day administration is handled by Board Administrator James Freeman and a two-person office staff. The board relies heavily on external managers and the state-run PRIT funds rather than internal investment analysts.
How is Peabody Retirement Board's portfolio structured?
The fund uses a hybrid model that combines allocations to the Massachusetts PRIT Real Estate and Timberland portfolios with direct third-party manager relationships. Known external commitments include the Invesco IRT Equity Real Estate Securities Trust and the BGO US Value Add Lending Fund, giving the board exposure to global real estate and US commercial real estate debt.
Is Peabody Retirement Board part of a larger state pension system?
No. It is an independent contributory retirement system established under Massachusetts General Laws Chapter 32, serving only City of Peabody employees, the Municipal Light Plant, and the Housing Authority. However, it invests alongside other Massachusetts municipal systems through the state's PRIT pooled vehicles.
What is the relationship between Peabody Retirement Board and Rockland Trust?
Board member Edward Lomasney III is a Senior Vice President at Rockland Trust, a Massachusetts commercial bank. The relationship is a governance connection, not necessarily a custodial or investment management mandate — though local pension boards in Massachusetts often use regional banks for transactional services.
Does Peabody Retirement Board have a philanthropic arm?
The board is connected to the J.B. Thomas-Lahey Foundation, a local philanthropic entity. However, the foundation is not a direct investment vehicle of the pension system — it reflects the civic engagement of board leadership within the Peabody community.
How does the board source its investment managers?
Peabody Retirement Board, like most Massachusetts contributory systems, is likely to rely on consultant-led searches or relationships developed through the Massachusetts Association of Contributory Retirement Systems. The board's small staff size means manager sourcing is almost certainly external, not proprietary.
What is the governance structure of Peabody Retirement Board?
The board operates under a part-time governance model typical of Massachusetts municipal systems. A chairperson oversees board meetings and fiduciary duties, while a full-time administrator manages daily operations. Investment decisions are made by board vote based on recommendations from external advisors.
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.
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