For years, Wellesley has prided itself on its forethought and success in growing the town's retirement funds with investments so successful the town hasn't had to appropriate money to cover retirees benefits.
But now, the town's Retirement Board has proposed moving those investments into a pool of state and local employee benefits managed by a state board under the Pension Reserves Investment Management Board (PRIM).
While the current Wellesley-managed fund is a "top performer," said town Executive Director Hans Larsen, the PRIM fund has "outperformed us." The larger pool also has greater flexibility in investment vehicles and the ability to hire more investment advisers.
Selectmen will weigh in on the proposal at their regular meeting, Monday tonight and the Retirement Board is expected to vote on the idea Wednesday. The town has between $125 million and $150 million to invest in the fund.
-- Lisa Keen
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