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Consultants tell Lebanon County pension board 2024 ended strong; 10‑year return ~6.4%
Summary
Stifel Financial and CS McKee presented a fourth-quarter pension report showing a year-end fund balance decline in the fourth quarter but year‑to‑date growth and a 10‑year annualized return around 6.41%. Presenters noted allocation and liquidity positions and urged signing an updated investment policy statement.
Stifel Financial and CS McKee representatives briefed the county pension board on fourth-quarter and year-end performance and the portfolio outlook.
Brett Holland of Stifel and colleagues presented the pension's fourth-quarter and year-to-date numbers. The plan began the fourth quarter with $143,182,090; after withdrawals for retiree payments and a negative return during the quarter, the plan's year-end balance stood at about $138.7 million. Year-to-date figures showed growth driven by market appreciation. Asset allocation at the time of the presentation was approximately 65% equities, 29% fixed income and 5% alternatives (real-estate investment trusts), with cash-equivalents near 1% (presenters noted additional short-term Treasury holdings not reflected in that line).
Presenters highlighted that over a 10-year period the plan's annualized return was about 6.41%. CS McKee representatives noted that fixed-income yields have risen and that the fixed-income sleeve was yielding roughly 5%, which they described as a favorable starting point for pension income. Presenters recommended signing an updated investment policy statement and said they had enough cash on hand to cover the next three months of pension obligations.
Commissioners and board members asked about international exposure in certain managers; presenters said international equity exposure was low (around 2%) and offered to provide a list of country exposures for review.
Ending: Presenters left draft materials for the board and requested signatures on the investment policy statement; staff said updated audited numbers will follow the quarter close.
