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Revere Retirement Board
The Revere Retirement Board was established in 1936 under Massachusetts General Laws Chapter 32, making it one of hundreds of contributory retirement systems...
Revere Retirement Board
The Revere Retirement Board was established in 1936 under Massachusetts General Laws Chapter 32, making it one of hundreds of contributory retirement systems serving the Commonwealth's cities and towns. The plan covers employees of the City of Revere, the Revere Housing Authority, and the Metro North Regional Emergency Communication Center. Richard Viscay, the City's Finance Director, serves as Chairman and Ex-Officio member of the five-person board, which also includes elected members from the fire department and an appointed fifth member, Gennaro Cataldo. The Board does not select individual managers or direct investments. Instead, it invests the overwhelming majority of its assets in the Pension Reserves Investment Trust Fund, managed by the state's Pension Reserves Investment Management Board. PRIM oversees a globally diversified portfolio spanning public equities, fixed income, private equity, real estate, and timberland. For the Revere Retirement Board, this means exposure to institutional-caliber assets — the PRIT Real Estate and Timberland portfolios hold properties and working forests across North America and Europe — without the governance burden of an in-house investment staff. Scott Provensal serves as the plan's Executive Director and Board Administrator, handling day-to-day operations. The Board maintains memberships in the Massachusetts Association of Contributory Retirement Systems and the National Conference on Public Employee Retirement Systems, earning the Public Pension Standards Award from the Public Pension Coordinating Council. Revere's retirement system operates alongside a broader municipal financial ecosystem that includes the City of Revere Affordable Housing Trust Fund and the Community Investment Trust, though these are separate from the pension plan's fiduciary structure. What distinguishes the Board structurally is its status as a cost-sharing, multiple-employer defined benefit plan governed entirely by state statute. It is not a standalone institutional allocator making independent portfolio decisions. The five-member board exercises oversight responsibility but outsources investment management to the state — a model chosen by most small and midsize Massachusetts public plans that gain economies of scale by pooling assets. Succession risk sits with the board seats, which rotate among city officials, elected members, and appointees per Chapter 32.
General information
Firm type
Pension Fund
Year founded
1936
Location
Region
North America
Country
United States
City
Revere
Corporate office
Revere, MA, United States
Principals
Richard Viscay
Chairman and Ex-Officio Member
Scott Provensal
Executive Director / Board Administrator
Sector focus
Frequently asked questions
How does the Revere Retirement Board invest its assets?
The Board does not select individual money managers. It invests the majority of assets through the Pension Reserves Investment Trust Fund, managed by the Commonwealth's PRIM Board. This gives the Revere plan exposure to a globally diversified portfolio that includes public equities, fixed income, private equity, real estate, and timberland. The arrangement provides small municipal plans with institutional-quality diversification they could not achieve independently.
Who sits on the Board and how are members selected?
The five-member board is composed per Massachusetts General Laws Chapter 32. Richard Viscay, the City's Finance Director, serves as Chairman and Ex-Officio member. Two members are elected — historically from the fire department, including Assistant Chief James Cullen and Deputy Chief Sean Manion. A fifth member, Gennaro Cataldo, is appointed by the other board members. Ida Cody serves as an appointed member.
What employers participate in the Revere retirement system?
The plan is a cost-sharing, multiple-employer system covering the City of Revere, the Revere Housing Authority, and the Metro North Regional Emergency Communication Center. Employees of these three public entities participate in the same defined benefit pension plan, with costs shared among the employers and employees per state statute.
Does the Board have an internal investment team or CIO?
No. The Revere Retirement Board does not employ an internal investment staff or Chief Investment Officer. Scott Provensal serves as the Executive Director and Board Administrator, managing the plan's operations. Investment management is entirely delegated to PRIM via the PRIT Fund, which employs a professional investment team in Boston.
How is the pension plan funded, and is there a funding gap?
The plan is funded through employer contributions from the City of Revere and other participating entities, along with employee contributions and investment returns from the PRIT Fund. Funding status is reported in the plan's annual actuarial valuation. Like many Massachusetts municipal systems, Revere has historically faced funding challenges, though the PRIT structure provides professional management of investment assets.
What is the relationship between the Revere Retirement Board and PRIM?
PRIM — the Pension Reserves Investment Management Board — acts as the investment manager for the PRIT Fund where Revere invests. PRIM is a separate state entity that manages roughly $100 billion for Massachusetts teacher and municipal retirement systems. Revere's Board retains fiduciary responsibility for plan governance but relies on PRIM for all investment management and portfolio construction decisions.
Does the Revere plan make any direct or local investments beyond PRIT?
The plan may hold a small cash operating account, but the structure is designed around the PRIT relationship. There is no evidence of separate direct investment programs, private market co-investments, or local impact investing outside the state-managed pool. The Board's assets are commingled with those of other Massachusetts systems inside the PRIT Trust Fund.
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