Pension Funds On A Roll Assoc. PRIT encompasses the state and teachers' pension fund, as well as the funds of several local retirement systems. Local systems who manage their own pension funds have also done extremely well.
Most local systems assume a similar figure on their investments.
With a few exceptions, all 106 retirement systems in the Commonwealth show double-digit investment returns since the inception of mandatory funding schedules. Local retirement systems were also included in this legislation and are now in the process of adopting this figure retroactive to July 1999. And since Chapter 127 gave local systems the same option, they are also sharing their investment success with their retirees. Although Governor Paul Cellucci's budget appropriation for pensions is in line with the Commonwealth's long-range schedule to fully fund our pension system by the year 2018, the Governor again gave short shrift to the needs of the current day retirees. He failed to include language in his budget that would trigger a COLA increase this coming July.