Retirement board reviews portfolio, votes to change actuary to Foster & Foster

The Carbon County Retirement Board received an investment update from its consultant and approved a pair of actuary-related motions: to give Korn Ferry 60 days’ notice to terminate and to engage Foster & Foster for actuarial services.

Sarah, the board’s investment consultant, reviewed portfolio performance and macroeconomic context for trustees. She summarized market drivers including tariffs, Fed policy shifts and consumer spending trends and said the county’s portfolio value as of April 30 was $89,431,351.45. For the month of April the board’s report showed positive net performance; trailing 12‑month and since‑inception figures were also provided. Sarah emphasized the portfolio’s defensive positioning and noted infrastructure and real‑estate allocations were contributing as inflation hedges.

"You have met your actuarial assumption," the consultant summarized, reporting the fund’s rolling performance and the portfolio’s construction choices that helped protect the fund in down markets.

Board action on actuary

Trustees moved to provide Korn Ferry with 60 days’ notice to terminate its actuarial contract and separately voted to hire Foster & Foster for actuarial services. Both motions passed on recorded voice roll calls. Trustees also ratified routine retirement disbursements and reimbursements for April that the board’s packet itemized (monthly benefits, death benefits, refunds and expenses).

Context and next steps

The board asked staff to complete contract transition steps and to schedule Foster & Foster to provide an onboarding timeline. The board will receive continued monthly performance updates and the consultant said she would circulate additional manager-level detail to the trustees.

Ending

Trustees adjourned after taking the actuary vote and routine disbursement ratifications.