Travaglini Leaving Mass. Pension Fund

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The head of the state's main pension fund is stepping down next month, a treasury staffer said Monday.

Michael Travaglini is resigning as executive director of the Pension Reserves Investment Management Board, effective June 11. The move will be announced June 1, said the treasury staffer, who spoke to The Associated Press on the condition of anonymity because that formality hadn't occurred.

The PRIM board is overseen by state Treasurer Timothy Cahill, an independent candidate for governor who'll be replaced as treasurer in January.

Travaglini had no immediate comment Monday, but the treasury staffer said he will be going into the private sector.

Cahill wasn't available for comment, treasury and campaign spokesmen said.

The nine-member PRIM board oversees the Pension Reserves Investment Trust. It invests the assets of the Massachusetts State Teachers' and Employees' Retirement systems and the assets of any county, authority, district or municipal retirement system choosing to invest in the fund.

As of March 31, it had $44 billion under management.

Travaglini was appointed executive director in February 2004. Previously, he had been a senior vice president and relationship manager for Putnam Investments, according to his official biography. He also had worked as first deputy treasurer under former Treasurer Shannon O'Brien.

Travaglini graduated from Harvard University in 1985 and received a law degree from Georgetown University Law Center in 1990. He's the brother of former Senate President Robert Travaglini.

This program aired on May 25, 2010. The audio for this program is not available.