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Pension board rescinds remaining Morgan Stanley real-estate redemptions, keeps distributions to cash
Summary
The Allentown City Pension Board voted to rescind the remaining scheduled redemptions from its Morgan Stanley real-estate allocations and to continue having distributions/dividends paid to the funds as cash. The motion passed by roll-call vote.
Trustee John Strobula moved that the board rescind the remaining partial redemptions from Morgan Stanley real-estate holdings and to continue taking quarterly income/distributions from the real-estate vehicle as cash; a trustee seconded the motion and the board approved it by roll call.
Pat from Marquette reviewed the history of the Morgan Stanley redemptions: partial redemptions were requested in 2022 and the plans have received roughly 70% of the…
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