Press Release  Massachusetts State Retirement Board Executive Director Stepping Down After 19 Years of Service

Boston — Today, Massachusetts State Treasurer Deborah B. Goldberg announced that the Executive Director of the Massachusetts State Retirement Board, Nicola “Nick” Favorito, is departing from the agency for a new role outside of state government effective January 6, 2023. 

Favorito has been the executive director of the Massachusetts State Employees’ Retirement System (MSERS), a defined benefit retirement plan, since February 2003. He also serves as a Deputy Treasurer.

“I want to thank Nick for his countless contributions to the Massachusetts State Retirement Board and Treasury over the last 19 years,” said State Treasurer Deborah B. Goldberg. “I wish him well in all his future endeavors. He will surely be missed.”

Favorito also oversees the Commonwealth’s Deferred Compensation Plans Division and is Treasurer Goldberg’s designee to the Massachusetts Teachers’ Retirement Board, the State Retiree Benefit Trust (OPEB) Fund Board, and various other boards and committees.

“I am forever grateful to Treasurers Goldberg, Grossman, and Cahill for having the confidence in me to serve the employees of the Commonwealth over the past 19+ years.  The thousands of women and men of the retirement system whom I have met, exemplify a high-standard of public service. I would also thank our agency partners across state government for their collaboration. Most of all, I want to acknowledge the relentless efforts of my current and former colleagues at the MSRB who professionally support the members every day to the best of their ability.”

The North Atlantic States Carpenters Benefits Fund (NASCBF) recently announced the hiring of Favorito as their new executive director.

Treasurer Goldberg has appointed Kathryn Kougias as interim Executive Director.

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