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Reading Retirement Board
The Reading Retirement Board is a contributory public pension fund established under Chapter 32 of the Massachusetts General Laws to serve non-teaching...
Reading Retirement Board
The Reading Retirement Board is a contributory public pension fund established under Chapter 32 of the Massachusetts General Laws to serve non-teaching municipal employees. Chaired by Sharon Angstrom and vice-chaired by David A. Gentile, the board is one of over one hundred local retirement systems operating under the regulatory oversight of the Public Employee Retirement Administration Commission (PERAC). The sponsoring entity is the Town of Reading, and the board's composition blends ex-officio, elected, and appointed members, reflecting standard Massachusetts public pension governance. The board's investment strategy is heavily defined by its relationship with the Massachusetts Pension Reserves Investment Management (PRIM) Board, which manages the Pension Reserves Investment Trust (PRIT) Fund. A significant portion of the plan's assets are invested in PRIT's commingled pools, gaining exposure to a diversified mix including global public equities, fixed income, private equity, real estate, and timberland. Beyond the PRIT structure, the board has made independent allocations to real estate, holding a position in the TA Realty Core Property Fund, a vehicle focused on U.S. commercial properties. This hybrid approach allows the small fund to punch above its weight in alternatives while maintaining direct oversight of a portion of its assets. The board engages with the Massachusetts Association of Contributory Retirement Systems (MACRS), the professional and advocacy network for the state's local pension boards. Board Administrator Elaine Kelly serves as the staff lead, managing the day-to-day administration of benefits and board logistics for the retirees and active employees of departments ranging from public works to town administration. The fund's size, estimated at $191 million (Altss estimate), places it in the smaller tier of Massachusetts' local retirement systems. The fund's defining structural feature is its statutorily required investment in the PRIT Fund, an arrangement that aggregates the assets of numerous local Massachusetts systems. This changes the fund's posture from a stand-alone allocator to a commingled LP within a larger state entity, centralizing manager selection and due diligence for a substantial share of its portfolio while leaving the board with a narrower direct-allocation mandate for the remaining capital.
General information
Firm type
Pension Fund
Location
Region
North America
Country
United States
City
Reading
Corporate office
Reading, MA, United States
Principals
Sharon Angstrom
Chairman (Ex-Officio Member)
David A. Gentile
Vice Chairman (Elected Member)
Elaine Kelly
Retirement Board Administrator
Sector focus
Frequently asked questions
How is the Reading Retirement Board governed?
The board operates under Chapter 32 of the Massachusetts General Laws and is overseen by the Public Employee Retirement Administration Commission (PERAC). It is composed of five members: an ex-officio chairman, an elected member, an elected member from the board itself, a select board appointee, and a retirement board appointee. The sponsoring municipal entity is the Town of Reading, Massachusetts.
What is the PRIT Fund and how does the board use it?
The Pension Reserves Investment Trust (PRIT) Fund is a commingled investment pool managed by the Massachusetts Pension Reserves Investment Management (PRIM) Board for the benefit of local retirement systems. Reading invests a substantial portion of its assets into the PRIT Fund to gain diversified exposure across asset classes including global public equities, fixed income, private equity, real estate, and timberland. This structure allows smaller systems to access institutional-quality managers and alternatives at scale.
Does the board make any direct investments outside of the PRIT Fund?
Yes. While a significant allocation flows into the PRIT Fund, the board retains control over a portion of its assets and makes independent investments. Notably, it holds a position in the TA Realty Core Property Fund, a vehicle focused on U.S. commercial real estate.
Who runs the day-to-day operations of the retirement system?
Elaine Kelly serves as the Retirement Board Administrator, acting as the staff lead for the board's operations. She handles benefit administration, board meeting logistics, and day-to-day member services for the plan's active employees and retirees.
Which Town of Reading employees are covered by this plan?
The Retirement Board administers the pension plan for public employees of the Town of Reading, excluding school department teaching employees, who are covered under a separate Massachusetts Teachers' Retirement System. Covered employees typically work in municipal departments such as public works, police, fire, library services, and town administration.
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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