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Augusta Commission hears pension investment review; 2.8% COLA to take effect March 1
Summary
Investment consultant Randy Snipes reviewed 2024 performance for the '49 and '45 pension plans; the commission received the report as information and the plans will apply a 2.8% cost-of-living adjustment to March 1 checks under plan documents.
Randy Snipes, speaking as a presenter standing in for Heather, summarized fourth-quarter and full-year 2024 performance for Augusta's two municipal pension plans and presented plan-level figures to the Augusta Commission. The governing body received the investment review as information without objection.
Snipes said the fourth quarter was volatile but the plans finished the year with positive returns. He told the commission, “the fourth quarter was an interesting quarter to say the least,” and noted that while the 10‑year Treasury yield moved from about 3.8% up toward 4.4% late in the quarter, the plans ended the year with strong overall gains.
The presentation listed the market-value and cash-flow details the commission was given. For the '49 plan, the report shows a beginning market value near $70,000,000, distributions of about $2,300,000, investment gains of almost $10,000,000, and an ending value reported as $77.8 million; monthly transfers to cover pension payouts were reported as about $602,000. For the '45 plan, the packet shows a beginning value of about $4,900,000, distributions of roughly $50,000, earnings of $593,000 and an ending balance of $5,472,000; monthly transfers were reported as about $67,000. The presenter said the '45 portfolio does not include international exposure because “small plans do not allow for international exposure.”
Staff noted both plans’ asset allocations are “in line with the Georgia code” and that, for smaller plans, Georgia law caps certain equity exposure (the packet cited a 55% total-equity cap for small plans). Commissioners asked a procedural question about a one-line net-contribution figure in the packets; Snipes said some updates arrived after the quarter closed and the number should be adjusted in the next quarterly report.
Separately on the agenda, staff presented that, under plan documents tied to the Southern Region CPI, a 2.8% cost-of-living adjustment (COLA) will be applied to pension checks for the '45 and '49 plans effective with March 1 payments. The commission received that information as presented; no further formal vote was required.
No implementation steps beyond standard payroll processing were recorded during the meeting. The commission did not adopt new policy or change plan documents during this session; it accepted the quarterly report and the COLA information as information only.
