Katherine O'Leary

Katherine O'Leary's Photo

Katherine O'Leary is one of five members of the Essex Regional Retirement Board, but she is much more than that. She is the dean of the system, tracing her roots in setting retirement policy and funding back to 1979. That's when Kathy O'Leary was first elected Treasurer.

She was a pioneer in a man's field. She graduated with the first four-year class at Bentley College with a Bachelor of Science degree in Accounting, one of only three women in a class of 150.

As County Treasurer, a position she held for three full terms, she also chaired the Retirement Board. Through all the changes in government, and all the changes in retirement law, Kathy has held to one principle which makes the system so viable today.

She says we have always focused on the continuous steady growth of assets without taking unnecessary risk. Our goal has always been to produce the funds necessary to pay for our pensioner's retirements. We have aimed to be in the top tier of retirement funds in performance and we have done that. Out of the 78 retirement boards in Massachusetts that self-manage their investments, Essex Regional ranks 5th in 2006.

When Kathy retired from elected office in 1997, state law changed to expand boards from three to five members. She was appointed to the Board, allowing her to continue to apply her knowledge and expertise. Back in 1979 the law allowed boards to only to invest in banks, railroads and bonds.

When the law changed requiring full funding, Boards were allowed to expand their investment opportunities. The Board hired professional investment consultants. The result has been a continuation of steady, dynamic growth of the portfolio. When Kathy became involved in the system in 1979, the Board's assets were about $15 million, today they have grown to $375 million.

She is the corporate memory of the board, knowing what things have been tried before and whether or not they succeeded.

Kathy had a long career coaching softball and field hockey at Salem State College. In the course of that service her teams won both the Massachusetts State College Athletic Conference field hockey championship and the ECAV softball title.

A Salem resident, she and her husband Richard have three married children. The couple enjoys having more time to spend with their seven grandchildren.

Kathy O'Leary is a woman for all seasons, and members of the system can be grateful for her service.



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