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
- During the past three years WRS has been paying higher fees than PRIT expense ratio of .65% vs ,55%.
- PRIT’s 2015 one year return, net of fees, earned .7% versus a loss for the WRS of -1.7%.
- 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%.
- Over a long period of time a difference of .55% to .75% can exceed seventy million dollars.
- 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.