Shortly after Mayor Charles Ryan appointed Control Board member Tom Trimarco to the Retirement Board, Trimarco said that the city's pension fund investments had underperformed the state's Pension Reserves Investment Trust (PRIT) Fund by about $12 million a year over the past six years.

While not directly blaming the Board members, Trimarco's criticism of the fund came at a March 28 Board meeting which was attended by a large contingent of news media. Board elected members Jim Harrigan (Chairman) and Joe Nowak were critical of Trimarco's strategy, feeling that he had made certain that there would be a strong media presence at the meeting. In fact, an angered Nowak said he objected to the board being given a “political dog and pony show” and walked out of the meeting.

The Board agreed to invite officials of the PRIM Board (PRIT Fund trustees) to make a presentation at an April 20 meeting. Local retirement boards have the option of placing their pension fund within the PRIT Fund pool for investment.