In a recent government meeting, officials reported strong financial performance for the public pension fund, highlighting a total investment gain of over $760,000 for the quarter, translating to a 5.8% return net of fees. This performance places the fund in the top 30th percentile among more than 580 public pension funds nationwide. The standout performer was the Cohen and Sears Global Infrastructure Fund, which achieved nearly a 15% return, significantly bolstered by a 19% return from utilities.

For the fiscal year 2024, the fund generated $2.6 million in investment gains, equating to a robust 23.4% return, ranking it in the top 15th percentile among over 550 public pension funds. Notable contributors to this success included the S&P 500 MX Fund and the Global Infrastructure Fund, both of which saw returns exceeding 34%.

Over the past five years, the fund has accumulated $4.8 million in investment gains, averaging an annualized return of 8.2%, well above the assumed rate of 7.4%. The decade-long performance also remains strong, with nearly $8 million in gains and a net return of 6.9%, surpassing the Florida Retirement System's assumption rate of 6.7%.

The meeting also addressed the fund's asset allocation, noting a slight underweight in U.S. equity and fixed income, while being overweight in cash. This positioning has proven beneficial, especially during a challenging October for equities and fixed income, as cash holdings continue to yield 4% to 4.5% interest.

Looking ahead, officials indicated plans for rebalancing the portfolio to capitalize on rising interest rates and explore undervalued equity opportunities.

Additionally, updates were provided on new Florida laws affecting government contractors, requiring them to verify the absence of coercive labor practices and to attest that they are not entities from foreign countries of concern when handling personal identifying information. These regulations are being implemented without significant pushback from contractors.

Lastly, new IRS regulations impacting retirees living outside the U.S. were discussed, emphasizing the need for plan administrators to stay informed about these changes, particularly for retirees without permanent U.S. addresses.