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Massachusetts pension fund nears $130B, as payouts top $300K

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Massachusetts pension fund nears 0B, as payouts top 0K


For the fourth time in a row, the Massachusetts Pension Reserves Investment Management’s main investment fund ended last fiscal year at another record level, swelling to $129.5 billion.

Michael Trotsky, PRIM’s executive director and chief investment officer, said this week that the Pension Reserves Investment Trust (PRIT) fund earned $14.7 billion (a return of 12.7%) and expanded on the high-water mark of $115.4 billion it set a year ago. After paying beneficiaries, the PRIT fund grew by $14.1 billion during fiscal 2026 to reach $129.5 billion as of June 30.

He told the PRIM Investment Committee that it was the fund’s strongest fiscal year return in five years and landed well above its 9% historical average.

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“For the second consecutive fiscal year, all seven major asset classes posted positive returns – the first time in 20 years the Fund has produced back-to-back fiscal years with every major asset class positive. That combination has occurred only six times in the past two decades, and never in consecutive years until now,” Trotsky said, according to remarks provided to the News Service. “Our 12.7% net one-year return far exceeded our most important goal, the 7% actuarial rate of return, by a wide margin.”

While Trotsky celebrated that the fund beat the actuarial rate of return, meeting materials showed that the fund actually trailed its own investment benchmark in fiscal 2026. PRIM said the fund produced a 12.7% annualized return, which is 2.1 points below PRIM’s total capital fund benchmark of 14.8% and 1.6 points below its net implementation benchmark of 14.4%, according to PRIM documents.

The retirement funds of state employees, teachers and many municipal employees in Massachusetts are invested through PRIM and its PRIT fund. Officials have said there are more than 300,000 beneficiaries of the fund.

Top pension earners

The fund is needed for ever-growing retirement checks, with the Top 10 all big earners, according to state Comptroller records.

First is Thomas Manning, formerly of the UMass Medical School, who earns $349,906 a year in pension. He is tops after heading out in 2012 as deputy chancellor and ex-head of the University of Massachusetts Medical School’s Commonwealth Medicine consulting division.

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Next is Vivian Budnik, also formerly of UMass Medical, at $341,805. In line behind that is Joyce Murphy, $341,061; Jacqueline Moloney, $340,382, both UMass Medical alums.

Formerly from UMass Amherst, Derek Lovley, $313,087; John McCarthy, $293,165; William “Billy” Bulger, $274,539, the former UMass president long retired.

Next, Michael Czech, $255,366, UMass Medical.

Ex-UMass Amherst’s James Kurose at $251,678 in pension.

And, back to UMass Medical, Michele Pugnaire is paid $251,252 in retirement annually.

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State House News contributed to this report. 

Former state Senate President and UMass President William ‘Billy’ Bulger seen outside his Southie home enjoying his retirement a decade ago. (Herald file photo)

 



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Massachusetts

Massachusetts Will Require New Data Centers to Use Clean Energy – Energy News, Top Headlines, Commentaries, Features & Events

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Massachusetts Will Require New Data Centers to Use Clean Energy – Energy News, Top Headlines, Commentaries, Features & Events


By Greg Ryan and Mark Chediak Massachusetts Governor Maura Healey announced major restrictions on data center development, including a requirement that companies procure their own renewable energy supply. Healey, who is seeking reelection in November, issued an executive order Tuesday mandating that developers invest in their own clean energy generation…



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Teen Suffers Life-Threatening Injuries In Milford Stabbing

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Teen Suffers Life-Threatening Injuries In Milford Stabbing


Edwyn Sanchez, 19, was charged after the incident on Sunday evening after officers responded to the Hayward Street area, where an 18-year-old victim had been stabbed, according to the Milford Police Department. The victim was flown to UMass Memorial Medical Center in Worcester for treatment.

The Milford Public Safety Communications Center received multiple emergency calls reporting the stabbing at about 6:24 p.m., police said. One caller told dispatchers they were taking the victim to a hospital.





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UMass falls to Princeton despite strong scoring chances

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UMass falls to Princeton despite strong scoring chances


The Massachusetts men’s soccer team faced Princeton on Monday afternoon at Rudd, where the Minutemen (2-2-1) suffered a tough 2-0 loss to the Tigers (3-0-1). Princeton controlled much of the game and capitalized on its scoring opportunities, while UMass struggled to turn its chances into goals despite putting pressure on the Tigers’ defense.

Princeton struck first midway through the opening half, as Jackson Martin put the Tigers on the scoreboard. Princeton worked the ball into the box with a well-placed pass in front of the Minutemen goal, creating an opportunity for Martin to get a shot off. Martin’s finish found its way past UMass goalkeeper Dean Linden, giving the Tigers an early lead and putting the Minutemen under pressure.

UMass was dealt a major setback in the first half when Taylon Gayle received a red card, forcing the Minutemen to play a man down for the remainder of the match. The red card made it more difficult for UMass to maintain possession and defend against Princeton’s attacking pressure, as the Tigers took advantage of the extra player and created more opportunities in the attacking third.

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Princeton added to its lead during the beginning of the second half when Roka Tsunehara delivered a well-placed pass into the box for Julien Lacher. The freshman showed great composure with the ball, beating a UMass defender with a quick move to create space before firing a shot past Linden and into the back of the net.

“They defended very well, so [you’ve] got to give them big credit,” head coach Fran O’Leary said. They got blocks in, they were really committed in defending.”

Although the Minutemen put up more shots in the first half, the Tigers had the more effective team throughout the match. Princeton did a strong job of controlling the pace, defending its lead and making the most of its opportunities. UMass continued to generate chances, but the Tigers’ defense and goalkeeper Andrew Samuels remained solid, keeping the Minutemen from finding the back of the net.

In the final minutes of the first half, UMass created two promising opportunities to find the equalizer. Shun Murasawa and Gayle each came close to getting the Minutemen on the scoreboard, but Princeton’s Samuels stood tall in net. Samuels made two important saves to deny both UMass chances, preserving the Tigers’ lead as the clock continued to wind down.

Princeton continued to apply pressure on the Minutemen defense, creating several dangerous scoring opportunities throughout the match. Despite the Tigers’ offensive pressure, Linden remained composed in net, coming up with several key saves to keep Princeton off the scoreboard.

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“I thought the whole team was great when we were playing a man down, just the mentality and maintaining emotional control,” O’Leary said. “They kept competing. [I’m] disappointed with the result, but heartened that I think we’re going to have a very good season, given the strength of personality shown by everybody today.”

The Minutemen hope to bounce back when they return to Rudd Field on Saturday, Sept. 12 to take on the University of New Hampshire. The noon matchup will give UMass an opportunity to regroup following Monday’s loss and make adjustments. With the Minutemen looking to build on their strong stretches of play while improving their finishing and defensive consistency, UMass will work to put together a complete performance against New Hampshire and use the home-field advantage to get back into the win column and continue building momentum as the season progresses. Saturday’s matchup can be streamed on MSP+.

Ashley Son can be reached at [email protected]



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