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Allentown pension trustees approve market rebalancing and rescind remaining real‑estate redemptions
Summary
The Allentown City Pension Board voted May 20 to adopt investment rebalancing recommendations from its consultant and to rescind the remaining scheduled redemptions from its Morgan Stanley real‑estate account, moves aimed at trimming equity exposure and preserving cash amid market uncertainty.
Allentown City Pension Board trustees voted May 20 to approve a set of rebalancing moves proposed by Marquette Associates and to rescind outstanding requests to redeem remaining holdings in a Morgan Stanley real‑estate fund.
The rebalancing motion, moved by John Strobula and seconded by Bina Patel, passed by roll call with eight yes votes and one absence. Trustees cited recent market volatility, a value tilt in the funds' equity sleeve, and attractive short‑term yields on cash and short maturities as reasons to shift allocations within the police, fire and O&E (Other and Exempt) plans.
Marquette presenter Pat said the board's recommended moves were intended to reduce exposure to the largest, most volatile U.S. stocks and to slightly increase higher‑quality fixed‑income exposure without extending the short‑term ladder. For the Police Plan the proposal included a $1,000,000 redemption from the Vanguard Total Stock Market Index into the Vanguard Equity Income fund; for the…
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