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Chester County retirement fund posts quarterly loss; board hears questions on real estate allocation and funded ratio
Summary
At its Feb. 26 meeting, the Chester County Employees Retirement Fund heard a performance update showing a -1.2% loss in Q4 and a rebound in January; the board and a public commenter discussed the fund's real estate allocation (8.1% at Q4, 8.6% in January) and the timing of the actuarial funding report.
Chair Josh Maxwell presided over the Chester County Employees Retirement Fund retirement board meeting on Feb. 26, 2025, where the fund’s consultant delivered a market and portfolio performance update and answered questions about the portfolio’s real estate exposure and the plan’s funded ratio.
The fund’s consultant, Steve, told the board the portfolio lost 1.2% in the fourth quarter of 2024 but was up 10.3% for the year and rose about 2.5% in January 2025. “The portfolio lost 1.2% in the fourth quarter,” he said. He reported the fund began the quarter at $562,700,000, had $238,000 in net withdrawals, $4,100,000 of income and $10,800,000 in capital losses, ending the quarter at $555,700,000; the consultant said the portfolio was near $569,000,000 in January.
Why it matters: the board’s long-term return target is 7% and the consultant said the fund remains close to that target over the past 10 years. The board must weigh asset allocation choices — particularly real estate…
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