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South Burlington pension fund posts strong 2024 returns; actuarial report shows funded status improving, recommended FY26 contribution just under $1.1 million
Summary
SEI reported a market value of about $47.3 million and a 2024 net return of 10.43% for South Burlington’s city‑sponsored pension fund; Newport Group’s actuarial valuation shows funded ratios of about 99.8% (unit credit) and 89% (entry‑age normal) and recommends an employer payment near $1.1 million for FY26.
The City Council on Jan. 13 received investment and actuarial updates on the city‑sponsored pension plan from Daniel Capel of SEI (investment manager) and Eric Shave of Newport Group (actuary). SEI reported that, as of Dec. 31, 2024, the pension plan’s market value stood at about $47.3 million and produced a 1‑year return of 10.43%.
SEI highlighted that the equity sleeve returned 23.78% in 2024 and that diversification in fixed income (including limited‑duration and high‑yield exposures) contributed to a 4.14% fixed‑income return that outperformed the broad U.S. aggregate index. The presentation noted that real estate has lagged (–5.47% in 2024) but that overall multi‑asset diversification contributed to positive performance. SEI also described its role as an outsourced chief investment officer (OCIO), including periodic manager changes; staff noted manager terminations and hires in some fixed‑income sleeves over the last year.
On the liability side, Newport…
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