Massachusetts should set a five-year deadline for 102 local, regional and agency public pension systems to transfer their assets to the Pension Reserves Investment Management Board, the Pioneer Institute argues in a report.

PRIM, with $62.5 billion in assets gross of fees as of Dec. 31, manages the Massachusetts State Employee Retirement System and the Massachusetts Teachers Retirement System. The commonwealth is also home to 102 agency, local and regional public pension systems, which can make their own investment decisions.

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