Bill > H3964

This bill modifies the composition of the Pension Reserves Investment Management (PRIM) board, which oversees the investment of the PRIT Fund, a fund established to manage pension reserves. Specifically, it amends existing law by removing the current paragraph (a) and inserting a new one that outlines the eleven members of the board. These members will include the governor or their designee, the state treasurer who will chair the board, a private citizen with investment experience appointed by the treasurer, an elected representative from the state teachers' retirement system, an elected representative from the state employees' retirement system, the elected member of the state retirement board, an elected member of the teachers' retirement board, a non-employee/official appointed by the governor, another non-employee/official appointed by the treasurer, a public safety union representative appointed by the governor, and the president of the Massachusetts Association of Contributory Retirement Systems or their designee. The bill also clarifies that appointed members will serve four-year terms and details how vacancies will be filled and that appointed members are eligible for reappointment and can be removed for cause.