Lawrence County retirement fund posts 11.3% gain for 2024; consultant recommends manager shifts

The Lawrence County Retirement Board on Tuesday heard a quarterly investment report from Sarah Wilson, an investment consultant with Marquette Associates, who told the board the plan’s market value was about $104,000,000 and that the fund returned 11.3% for calendar year 2024, producing an investment gain of roughly $11,000,000.

Wilson summarized market conditions and changes Marquette has recommended for the county’s portfolio. She said the firm is shifting part of the equity lineup — moving half of the position held with Artisan into a global growth manager, WCM, and building a collective investment trust (CIT) to lower fees. She also reported that Marquette’s OCIO committee removed one non‑U.S. equity manager from the fund and placed that exposure into an index vehicle while the firm searches for a replacement.

"Going forward, I think we're very, very well diversified, and we have made some very good decisions to do that," Wilson said. She also told the board the WCM allocation is intended to “protect you more on the downside.”

The presentation reviewed asset‑class performance and recent manager moves. Exhibit figures that Wilson referenced show the plan’s since‑inception annualized return at about 7.6% and a three‑year return of roughly 3.6%. She noted specific manager performance: Eaton Vance and certain small‑/mid‑cap strategies underperformed in the quarter but have produced positive longer‑term results; real estate and listed infrastructure helped returns; and the board’s fixed‑income allocations (including an active manager, CS McKee) have provided stability. Wilson said Marquette placed a portion of non‑U.S. equity assets into indexed vehicles after identifying persistent issues with the prior manager’s health‑care stock selections.

Board members asked where the fund stands on funding status. Controller Preston Klein reported the most recent communication indicated the plan remained above its target funded level (Klein said the most recent figure was approx. 11.4; the consultant said full audited confirmation was pending). Wilson noted that because of the plan’s diversification and long‑term orientation she was not currently recommending major strategy shifts beyond the manager changes discussed.

The board also completed routine business: it voted unanimously to approve the minutes of the Nov. 12 retirement board meeting. "Mister Crestapine moves and mister Samata offers the second for the approval of minutes," the roll call showed; board members present (Rippon, Prestonpani, Samata and the presiding member) each recorded a "yes" vote and the motion carried unanimously.

In public comment, a resident identified as Debbie attended and discussed receiving commission packets and noted a scheduling/legal‑advertising issue affecting an associated prison board meeting. Board members said the retirement board will not meet on the previously advertised June 10 date and tentatively scheduled the quarterly June meeting for June 3, pending verification of quorum and a legal advertisement to meet statutory notice requirements.

The board will review Marquette’s recommended manager changes and the updated performance report at its next quarterly meeting. No formal vote on investment reallocations was recorded during the Feb. 18 session; Marquette described the OCIO/consultant‑level actions it had already taken.