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Portfolio posts gains in May; trustees discuss succession planning ahead of PAS implementation
Summary
Investment report showed month-over-month and fiscal-year-to-date gains; trustees also discussed succession-planning work tied to implementation of the new pension administration system and cross-training staff.
Investment advisors reported that the retirement system’s portfolio posted a positive month in May and provided trustees with asset-class performance and allocation updates.
The presenter said May returns were strong across developed equities (S&P 500 up about 6.3% in the period cited) while fixed income lagged modestly; fiscal-year-to-date return for the system was reported in the materials at about 7.77%. Capital calls remained limited in May and distributions were modest, and the portfolio balance end-of-day was reported in the materials at roughly $1.268 billion.
Trustees also returned to a discussion of succession planning. Staff said succession planning work had been under way for years (including a 2017 consultant report) and that the PAS implementation increases the need to develop internal subject-matter expertise. Scott and Trustee David H. Prince emphasized that including the financial officer and other staff in the PAS project builds institutional knowledge and reduces future dependence on external contractors.
Trustees asked staff to increase cross-training and flagged the governance ad hoc committee for additional policy review. No formal votes were taken on succession-planning items; trustees discussed adding related items to upcoming ad hoc meetings.
