Jack R. Benintende
About Jack R. Benintende
Jack R. Benintende (year of birth: 1964) serves as Treasurer and Principal Financial and Accounting Officer of NYLI MacKay DefinedTerm Muni Opportunities Fund (ticker: MMD) with an indefinite term and has held this role since 2011 . He is a Managing Director at New York Life Investment Management LLC (NYLIM) since 2007 and holds parallel officer roles across multiple affiliated registered investment companies, reflecting long-tenured operational oversight of fund finance and reporting . He is not a director of MMD, and officer-level compensation metrics (salary/bonus/equity) are not disclosed at the fund level; officers are affiliated with the adviser and considered “interested persons” of the fund complex . He signs SEC Form N‑CEN filings as Treasurer, evidencing principal financial officer responsibilities .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| New York Life Investment Management LLC | Managing Director | Since 2007 | Senior leadership in investment management; oversight of finance/operations supporting multiple funds . |
| NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) | Treasurer & Principal Financial and Accounting Officer | Since 2011 | Principal finance/accounting oversight for the closed‑end fund . |
| NYLI CBRE Global Infrastructure Megatrends Term Fund | Treasurer & Principal Financial and Accounting Officer | Since 2021 | Treasurer/PFAO duties across infrastructure term fund . |
| NYLI MacKay Muni Income Opportunities Fund | Treasurer & Principal Financial and Accounting Officer | Since 2024 | Treasurer/PFAO duties across municipal income opportunities fund . |
| New York Life Investments Funds Trust; New York Life Investments Funds; NY Life Investments VP Funds Trust | Treasurer/PFAO (various) | Since 2007/2009 | Broad fund complex finance leadership . |
| NY Life Investment Management Holdings LLC | Assistant Treasurer | 2008–2012 | Corporate treasury support within NYLIM Holdings . |
| New York Life Investments ETF Trust; New York Life Investments Active ETF Trust | Vice President | Since 2023 | Vice President roles supporting ETF operations/compliance . |
External Roles
No outside directorships or external positions are disclosed beyond the NYLIM fund complex officer roles .
Fixed Compensation
- Officer compensation for MMD is not disclosed; officers are employees of NYLIM and are considered “interested persons” due to adviser affiliation .
- Trustee compensation is disclosed for related funds; however, no officer-level salary/bonus details for MMD are provided .
Performance Compensation
- No disclosures of bonus plans, performance share units, or options for MMD officers; performance metric weighting, targets, and payouts are not provided at the fund level .
Equity Ownership & Alignment
- As of the proxy date, Trustees and Officers of the fund as a group owned less than 1% of the fund’s beneficial interests, indicating minimal insider ownership exposure .
- Top reported beneficial owners (street name custodians) in MMD:
| Beneficial Owner | Class of Shares | Number of Shares | Percentage of Shares |
|---|---|---|---|
| Charles Schwab & Co. Inc. (Christina Young) | Common | 1,554,051 | 8.28% |
| National Financial Services LLC (Joanne Padarathsingh) | Common | 1,308,392 | 6.97% |
- No pledging/hedging or officer ownership guideline disclosures were found for MMD officers .
Employment Terms
| Officer | Position | Term of Office and First Elected/Appointed | |---|---|---|---| | Jack R. Benintende | Treasurer & Principal Financial and Accounting Officer (MMD) | Indefinite term; since 2011 . |
- Officers are appointed annually by the Board across fund complexes and are affiliated with NYLIM; similar indefinite term language applies across related funds .
Investment Implications
- Compensation alignment: Fund officers’ pay is not disclosed and is typically paid by the adviser (NYLIM), limiting direct pay‑for‑performance transparency at the fund level .
- Ownership alignment: Insider ownership is minimal (<1%), reducing insider trading signal value and “skin‑in‑the‑game” indicators for the fund itself .
- Retention/execution: Benintende’s long tenure (since 2011 at MMD; NYLIM since 2007) across multiple funds suggests continuity and deep process knowledge in fund finance/reporting, but no severance/change‑of‑control economics are disclosed at the officer level for MMD .
- Trading signals: Absence of officer-level equity grants/vesting data and the closed‑end fund structure mean classic executive‑insider pressure signals (vesting cliffs, option expiries) are not available; investors should focus on the adviser’s stewardship and fund portfolio performance rather than officer incentives .