The pension fund assets of the City of Springfield Retirement System are invested through the Commonwealth of Massachusetts' Pension Reserves Investment Management (PRIM) Board. Detailed investment and asset allocation information can be found here. Below is a short description of the fund, provided by PRIM.
“As a fiduciary, PRIM’s mandate is to construct and manage a portfolio of investments that delivers strong risk-adjusted returns to reduce the Commonwealth’s unfunded pension liability and also help local participating retirement systems meet their pension obligations. PRIM aims to be a leading investor of retirement funds through strong financial performance, a high degree of professionalism and transparency, and responsible resource management.
PRIM’s highly experienced, professional investment staff seeks to maximize the return on investment with an acceptable level of risk by broadly diversifying the investment portfolio, capitalizing on economies of scale to achieve cost-effective operations, and providing access to high-quality investment strategies. Through a disciplined yet innovative approach to market opportunities, PRIM has consistently exceeded both its benchmark and its actuarial target rate of return as established by the Commonwealth over the long term.
We are focused on building a portfolio that maximizes our probability of achieving the actuarial rate of return while minimizing risk and cost. We believe that evaluating any investment and any portfolio must focus on three equally important parameters: return, risk, and cost. As a result of those beliefs, we don’t make tactical asset allocation decisions or investment decisions based on market or economic predictions. Instead, we engineer a strategic, long-term asset allocation policy that we construct to stand the test of a long-time horizon.”