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Council adopts amendments to pension investment policy; committee recommends global bonds and ESG‑aligned mid‑cap fund
Summary
After a briefing from investment advisor David Lytle, State College Borough Council voted to adopt changes to the defined‑benefit pension plans' investment policy, including adding a dollar‑hedged global credit bond fund, an intermediate‑term Treasury index and a mid‑small cap ESG manager for domestic equities.
Council heard a presentation on May 12 from David Lytle, partner and chief investment officer at the borough's investment adviser, on the performance and recommended changes to the borough’s two defined‑benefit pension plans. The investment committee recommended amendments to the investment policy statement that council subsequently adopted.
Lytle summarized recent performance and the plans' strategic posture. He said the two plans together returned about 11.4% in 2024 and 15.8% in 2023 and reiterated a long‑term, diversified…
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