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Police and Fire pension fund valued at $994.9 million; $8 million in cash queued for LaSalle
Summary
At its June 11 meeting, the Police and Fire Retirement Fund Board heard a treasurer's report showing the fund's value at $994,916,116.44 and discussed quarterly transfers that have put $8,000,000 in cash pending investment with LaSalle; the board approved the report and transfer letter.
The Police and Fire Retirement Fund Board on June 11, 2025 heard a treasurer's report showing the plan's value at $994,916,116.44 and approved an amended transfer letter.
The update matters because it outlines where large portions of the fund's assets are placed and the board's plan to move cash into private investments over multiple quarters.
Chad, Treasurer, told the board the value of the plan "as of yesterday morning was $994,916,116.44, which compares to last month at $982,890,992.23." He said the board currently has $8,000,000 in cash that has been queued to move to LaSalle but has not yet been transferred. "What's gonna happen in July is they're gonna give us an amount that we can move again. And part of that will be this $8,000,000," Chad said, adding that Callan will direct additional moves from equity funds.
Board discussion clarified that transfers to LaSalle happen on a quarterly basis and that the board has requested $21,000,000 be placed in the queue for investment. Chad described the process as multi-step and uncertain in timing: "So, once again, this is gonna be a process" and later noted LaSalle handles allocations in "chunks" and the pace depends on other investors and sales by JPMorgan.
The treasurer noted the cash balance is currently earning roughly "4 something percent," a significant improvement from the low rates before 2022. He said a separate call for JP Morgan will follow the LaSalle call and could move additional cash into securities after that call.
A motion to accept the treasurer's report and approve the amended transfer letter passed by voice vote.
The board did not set a precise timetable for all transfers; board members were told the queue and fund managers (Callan, LaSalle, JP Morgan) will determine when cash is invested.
