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Salem Contributory Retirement System
The Salem Retirement System was created in 1937 to deliver retirement benefits to public employees of the City of Salem, Massachusetts, excluding educators.
Salem Contributory Retirement System
The Salem Retirement System was created in 1937 to deliver retirement benefits to public employees of the City of Salem, Massachusetts, excluding educators. Paul E. Findlen acts as executive director. The fund reports total assets of $274 million. Allocations include a 17.1 percent target to private equity, 4.4 percent to commodities, and additional exposure to hedge funds, global tactical asset allocation, and risk parity strategies. Confirmed holdings encompass limited partnership interests in the Pension Reserves Investment Trust Fund, Ascent Venture Partners, Invesco Core Real Estate Fund USA, TerraCap Partners II Institutional, and Intercontinental Real Estate Investment Fund. Geographic reach centers on the United States with supplementary exposure to global commodities markets. The system maintains relationships with the Public Employee Retirement Administration Commission for regulatory oversight and the Pension Reserves Investment Management Board for pooled asset management. It participates in the Massachusetts Association of Contributory Retirement Systems. Service providers include Fiducient Advisors as investment consultant since 2015, Sacco & Collins as legal counsel since 2010, Segal Consulting as actuary since 2014, Marcum LLP as auditor since 2023, and State Street Bank as custodian. January 2024 attendance at PERAC Mandatory Retirement Board Member Training on ethics and legislative updates constitutes the most recent documented operational activity.
General information
Firm type
Pension Fund
Year founded
1937
Location
Region
North America
Country
United States
City
Salem
Corporate office
20 Central Street Suite 110, Salem, MA 01970, United States
Principals
Paul E. Findlen
Executive Director
Sector focus
Frequently asked questions
Who runs investment decisions at Salem Retirement System?
Paul E. Findlen serves as executive director. The system receives investment advisory services from Fiducient Advisors and participates in the PRIT Fund managed by the Pension Reserves Investment Management Board.
Does Salem Retirement System participate in fund commitments or only direct deals?
The system acts as a limited partner in multiple commingled vehicles, including the PRIT Fund, Ascent Venture Partners, and several real estate funds. No direct deal program is documented.
What asset classes receive the largest allocations at Salem Retirement System?
Private equity holds a 17.1 percent allocation. Commodities exposure stands at 4.4 percent, with remaining assets in hedge funds, global tactical asset allocation, risk parity, and real estate funds.
How is Salem Retirement System related to the City of Salem?
The City of Salem sponsors the retirement system and supplies the membership base of public employees excluding educators. The system operates under oversight from the Public Employee Retirement Administration Commission.
Which professional networks does Salem Retirement System belong to?
The system holds membership in the Massachusetts Association of Contributory Retirement Systems.
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