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Investment adviser reports pension, OPEB and 457 plans outperformed medians year-to-date; fees negotiated lower
Summary
An investment adviser reported York County’s pension fund was up about 11.5% year-to-date through the third quarter, OPEB approached $48 million, and negotiated fee reductions lowered annual management costs.
An investment adviser identified in the meeting transcript as Lee delivered an update on York County’s pension, OPEB and 457 plans during the Oct. 15 meeting.
Lee said the defined-benefit pension fund ended the third quarter with assets reported around $621,000,000 and year-to-date performance above 11.5 percent. The adviser said the fund’s returns have outpaced median peer performance over longer horizons and that fee negotiations lowered the pension plan’s investment management fees from about 42 basis points earlier in the year to about 37 basis points after summer negotiations. Lee said those fee reductions will save the county “over $300,000” in investment management costs year to date compared with the start of the year.
On OPEB, Lee said the fund finished the quarter at about $45,000,000 and had since increased to approximately $48,000,000 after further contributions, moving closer to a $50,000,000 threshold that would allow access to an alternative, less-volatile infrastructure vehicle. The adviser recommended switching to that vehicle once the $50,000,000 level is reached.
Lee also reported on the county’s 457 defined-contribution plan administered through Empower, noting participation trends and low overall fees (reported as about 10 basis points for the plan). The adviser suggested several fund changes for 2026 to align the DC plan with the defined-benefit strategy and pointed to growing employee use of managed-advice services.
No formal vote was taken on investment policy changes at the meeting; Lee said a forthcoming asset-allocation review would inform contribution expectations and any formal allocation changes.
