The Elevate Pension Board approved a set of rebalancing recommendations after reviewing the pension plan’s first‑quarter investment report and April valuations.

The board voted to move cash among equity and fixed‑income holdings, including a recommendation to withdraw $500,000 from the Principal high‑yield account and place $500,000 into a new high‑yield fund to be selected later. The board also approved a $500,000 contribution to the plan’s principal core fixed‑income account, the account used to pay benefits, and smaller equity reallocations including $140,000 to a Vanguard S&P 500 fund and $80,000 to an iShares S&P small‑cap fund. The motion passed with all members present voting in favor.

Jonathan, an investment consultant for the board, told members the total fund started the quarter at “just over $23,000,000,” recorded net cash outflows of about $555,000 during the quarter and ended March 31 at $22,377,508. Jonathan also provided an April estimate that the plan value was roughly $22,254,780 with an estimated April return of about down 0.55%.

Tom, an investment consultant who presented with Jonathan, said the board had to move the old Principal high‑yield holding into a new Principal high‑yield fund after Principal merged the prior product on Feb. 28. Tom described the change as forcing a swap of the discontinued vehicle into Principal’s replacement product and framed the trades as part of a measured rebalancing: “We recommended contributing $140,000 to the Vanguard S and P 500 fund, $80,000 to the iShares S and P small cap fund… and recommending $500,000 be contributed to that [core fixed income] account,” he said.

Board members discussed preserving a cash buffer for benefit payments and noted an expected city contribution of “about 200, 300,000” (as stated in the meeting) arriving in June that will be allocated to the core fixed‑income account. The transcript records the motion to adopt the recommendations and a second; the chair called for the vote and recorded the motion as approved with no opposition.

The board also reviewed fees. Jonathan estimated annual investment manager fees of about $85,973—an expense ratio near 38 basis points—slightly above an industry median of about 35 basis points. The board did not change manager lineups at the meeting beyond approving the rebalancing transactions and directing staff/consultants to implement the trades and return with any required follow‑up.