Massachusetts Gov. Charlie Baker is looking to have the MBTA Retirement Fund, Boston, transfer investment of its assets to the Massachusetts Pension Reserves Investment Management board, confirmed William Pitman, a spokesman for the governor’s office.
The plan, included in the governor’s proposed state budget issued Wednesday, would authorize MassPRIM to manage the MBTA fund’s $1.5 billion, which “will benefit these retirees by increasing returns and lowering administrative costs,” according to the budget.
Michael H. Mulhern resigned as executive director of the MBTA Retirement Fund in August after the plan was criticized for poor performance and hedge fund losses that it allegedly failed to report on a timely basis.
Representatives from the Massachusetts Bay Transit Authority and MassPRIM could not be reached for comment by press time.