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Webster Retirement Board
Established in 1984, the Webster Retirement Board operates as the pension authority for the Town of Webster, Massachusetts. Chairman Robert Craver and...
Webster Retirement Board
Established in 1984, the Webster Retirement Board operates as the pension authority for the Town of Webster, Massachusetts. Chairman Robert Craver and Administrator Kristin LaPlante oversee a board that also includes Brian Perry, a retired investment banker; James Hoover, a retired police detective; and Eleanor P. Doros, among others. The board is bound by Chapter 32 of the Massachusetts General Laws and reports to the Public Employee Retirement Administration Commission. The board does not manage its assets through a dedicated internal investment team. Instead, Webster participates in the state-managed Pension Reserves Investment Trust, which pools assets from over 100 Massachusetts public retirement systems into a globally diversified portfolio spanning public equities, fixed income, real estate, private equity, and timberland. The board also holds legacy allocations to fixed-income funds managed by Loomis Sayles, based in Boston. Member units of the retirement system include the Webster Housing Authority alongside the Town of Webster itself. Total assets of the Webster Retirement Board have not been publicly disclosed, and the board does not publish an annual investment report independent of the town's broader financial statements. The board's affiliation with the Massachusetts Association of Contributory Retirement Systems provides a forum for governance education but does not alter its investment mandate, which is executed almost entirely through PRIT. The board's defining structural feature is its limited autonomy. Unlike large municipal pension funds with dedicated chief investment officers, Webster's investment function is outsourced by statute to the state's commingled trust. This means the board exercises governance oversight — approving actuarial assumptions and member benefits — rather than direct portfolio construction. The presence of a retired investment banker on a five-member board suggests a modest but deliberate technical capability for monitoring PRIT's performance.
General information
Firm type
Pension Fund
Year founded
1984
Location
Region
North America
Country
United States
City
Webster
Corporate office
Webster, MA, United States
Principals
Robert Craver
Chairman
Kristin LaPlante
Administrator
Brian Perry
Fifth Member, Board
Eleanor P. Doros
Board Member
James Hoover
Board Member
Timothy Bell
Board Member
Frequently asked questions
Who runs investment decisions at the Webster Retirement Board?
The Webster Retirement Board does not make direct investment decisions. The board oversees a contributory defined benefit plan whose assets are pooled in the Pension Reserves Investment Trust, managed by the Massachusetts Pension Reserves Investment Management Board. The five-member board, chaired by Robert Craver, exercises governance and fiduciary oversight rather than active portfolio management.
How is the Webster Retirement Board governed and regulated?
The board operates under Chapter 32 of the Massachusetts General Laws and is subject to oversight by the Public Employee Retirement Administration Commission. PERA regulations govern funding, benefit calculations, and board composition, leaving the board with limited discretion over asset allocation beyond participation in PRIT.
Does the Webster Retirement Board invest directly, or does it use external managers?
The board does not build a direct portfolio. Assets are channeled through PRIT, a commingled state trust that provides exposure to global public equities, fixed income, real estate, private equity, and timberland. The board also holds older allocations to fixed-income funds managed by Loomis Sayles, but its primary investment vehicle is the state pool.
What is the relationship between the Webster Retirement Board and the Town of Webster?
The Town of Webster is the sponsoring municipal entity. The board administers retirement benefits for town employees and employees of participating member units such as the Webster Housing Authority. Funding comes from employee contributions, town appropriations, and investment returns, with the town ultimately responsible for ensuring the plan remains actuarially sound.
Does the Webster Retirement Board publish an annual investment report?
No separate annual investment report is publicly available. The board's financial position appears within the Town of Webster's broader annual financial statements, and performance data for PRIT is published by the state's Pension Reserves Investment Management Board rather than by Webster directly.
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