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Pension board shifts U.S. large-cap allocation to S&P 500 index after strong quarter
Summary
The Firefighters Pension Board received a quarterly report showing a 6.49% gain for the June 30 quarter and approved moving its entire U.S. large-cap allocation into an S&P 500 index fund effective Oct. 1 to reduce fees and simplify management.
The Firefighters Pension Board reviewed quarterly financial results and confirmed a portfolio change at its Oct. 7 meeting, moving its full U.S. large-cap allocation into an S&P 500 index fund effective Oct. 1.
The change came after the board’s consultant reported that the fund returned 6.49% for the quarter ending June 30 and closed the fiscal year with an ending balance of $12,140,680.27. "Your beginning balance for the June 30 quarter was just over 11 and a half million ... ending balance was $12,140,680.27,"…
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