This is the name of the report filed by the City Auditor last Tuesday as item number 13A.  Here are the highlights:

WRS=Worcester Retirement Plan

PRIM= Commonwealth of Mass Retirement Plan

  1. During the past three years WRS has been paying higher fees than PRIT expense ratio of .65% vs  ,55%.
  2. PRIT’s 2015 one year return, net of fees, earned .7% versus  a loss for the WRS of -1.7%.
  3. The lasted ten year returns, on a net of fees basis ending with calendar year 2015 shows PRIT’s averse annualized returns of 5.53% compared to WRS 4.88%, a difference of .55%.
  4. Over a long period of time a difference of .55% to .75% can exceed seventy million dollars.
  5. Returns of the WRS have fallen short of the PRIT by 2.24% to 3.11% in the recent three calendar years.

This has been referred to the Municipal Operation Committee chaired by Mo Bergan.  We will see what this committee recommends.