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Trustees hear investment performance update and progress report on PAS implementation and succession planning
Summary
Investment markets produced positive returns in May; the portfolio logged month‑over‑month and fiscal‑year‑to‑date gains. Staff also updated trustees on the pension administration system (PAS) procurement and succession planning; staff stressed the need to include in‑house staff in implementation and to continue cross‑training.
Trustees received an investment performance update for May and a staff report on succession planning tied to the pension administration system (PAS) project.
A staff speaker reported that markets improved in May with developed equities up and the S&P 500 rising 6.3%; emerging markets and international equities also posted gains while fixed‑income lagged slightly. The speaker reported month‑over‑month portfolio returns of 2.76% and a fiscal‑year‑to‑date return of 7.77% and said the end‑of‑day portfolio balance was approximately $1.268 billion.
On the PAS and succession planning front, staff described two drivers for organizational change: the PAS implementation and the shift from legacy members to PEPRA membership, which has increased retirement estimates and file processing. Staff noted consultant Linea Solutions was engaged for PAS and that internal staff, including Assistant Retirement Administrator Angie and Financial Officer David Puente, are actively involved in business‑requirements and vendor selection work.
Trustees and staff discussed cross‑training, the need to include the financial officer in implementation, and the merits of an organizational reclassification to create a lead Retirement Specialist 3 position as part of long‑term succession planning. Staff said cross‑training efforts will continue and that the ad hoc policy review will include governance and succession matters.
The board received the reports and directed staff to proceed with planned cross‑training and ad hoc review of governance policies; no formal votes were required on the informational items.
