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Town of Clinton Retirement Board
The Town of Clinton Retirement Board is a Massachusetts public pension plan providing retirement, disability, and survivor benefits for eligible employees of...
Town of Clinton Retirement Board
The Town of Clinton Retirement Board is a Massachusetts public pension plan providing retirement, disability, and survivor benefits for eligible employees of the Town of Clinton and participating employers such as the Clinton Housing Authority. The board is chaired by Paul B. Cherubini and operates under the regulatory framework of the Massachusetts Public Employee Retirement Administration Commission (PERAC). Its sponsoring municipality anchors a system designed to pool liabilities and contributions across a small, defined base of local government workers. The fund does not deploy capital directly into private assets. It participates in the Pension Reserves Investment Trust (PRIT) Fund, the Commonwealth's nearly $100 billion co-mingled investment pool managed by the Pension Reserves Investment Management (PRIM) Board. Through PRIT, the board gains exposure across public equities, fixed income, private equity, and real assets including the PRIT Fund Real Estate Sleeve and the PRIT Fund Timberland Portfolio. This structure places asset allocation and manager selection with the state's investment staff, while the local board retains governance and administrative oversight. Board members include Chairperson Paul B. Cherubini, Town Accountant Diane L. Magliozzi as ex officio member, and Retirement Board Administrator Patricia Hazel. The board is a member of the Massachusetts Association of Contributory Retirement Systems (MACRS), the statewide association that represents the common interests of municipal retirement systems before PERAC and the state legislature. The system follows retirement eligibility and benefit rules codified under Massachusetts General Laws Chapter 32. Unlike independent municipal pension funds that hire consultants and select direct investment mandates, the Clinton board's structural differentiator is its fully delegated investment model via PRIT, which trades autonomy for scale and cost efficiency. This architecture shifts the board's core competency from investment selection to compliance, beneficiary administration, and legislative engagement through MACRS.
General information
Firm type
Pension Fund
Location
Region
North America
Country
United States
City
Clinton
Corporate office
Clinton, MA, United States
Principals
Paul B. Cherubini
Chairperson and Fifth Member
Diane L. Magliozzi
Ex Officio Member and Town Accountant
Patricia Hazel
Retirement Board Administrator
Frequently asked questions
How does the Town of Clinton Retirement Board invest its assets?
The board does not directly select investment managers. Assets are invested through the Pension Reserves Investment Trust (PRIT) Fund, managed by the state's PRIM Board. This gives the Clinton system access to a diversified institutional portfolio including public equities, fixed income, private equity, and real assets like the PRIT Real Estate Sleeve and Timberland Portfolio.
Who oversees the Town of Clinton Retirement Board?
The board is governed by a five-member board under Massachusetts General Laws Chapter 32. It is also subject to the regulatory authority of the Public Employee Retirement Administration Commission (PERAC), which sets standards for funding, governance, and reporting for all Massachusetts public pension systems.
Who are the participating employers in the Clinton retirement system?
The primary sponsoring employer is the Town of Clinton. The Clinton Housing Authority is also a documented participating employer. Public record identifies these as the key municipal and affiliated entities that make contributions into the system on behalf of their employees.
Does the Town of Clinton Retirement Board make direct private equity or venture capital investments?
No. The board does not operate as a direct allocator to private equity funds or venture capital. Any exposure to private markets comes indirectly through its participation in the PRIT Fund, where private equity and real asset allocations are managed centrally by PRIM.
What is MACRS and how does the board engage with it?
The Massachusetts Association of Contributory Retirement Systems (MACRS) is a professional network representing municipal retirement boards across Massachusetts. The Clinton board is a member and uses MACRS for collective advocacy on regulatory and legislative matters that affect funding requirements, governance rules, and benefit structures under state law.
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