The city of Northampton was apparently wise to minimize its investment in the Massachusetts state pension fund, the Pension Reserves Investment Trust, or PRIT, this past year, a fund which suffered a loss of 29.5% in 2008. The State House News Service reported the following:
"The best-performing fund in 2008 was the $60 million Northampton Retirement Board fund, which covers the benefits of 683 active public employees and 338 retirees. Its 19.3 percent loss in 2008 was the smallest in the state.
“We’ve done consistently well and that’s without doing some of the more risky investment types,” said Christopher Pile, city finance director and chair of the board. “We didn’t get into hedge fund or any of that kind of stuff.”
Pile said the board has about $2 million invested with PRIT, but wants to remain independent from the state fund. “We don’t feel any pressure to put any more in there obviously since the state pension fund did far worse than we did,” he said. “I think we’ll just stick with what we’re doing.”
Investments in cash and bonds helped insulate Northampton from losses that other funds took in riskier categories, such as emerging markets and international equities, but the local fund is moving back towards stocks again. Pile credited the advice of the DeBurlo Group, a fund consultant that also advised Malden retirement officials."
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