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Committee hears pension investment review; auditors point to possible fee savings from coordination
Summary
The special committee received a financial-services briefing on the Police & Fire Pension Fund and the Jacksonville Retirement System, including custodial fees, overlapping money managers and recommendations to document selection processes to potentially reduce money-manager fees.
The special committee on Duval DOGE on June 17 heard a financial-services update on the two main city pension systems and was told the plans may be able to reduce money-manager fees by coordinating investments and documenting selection decisions.
Committee auditors said the Police & Fire Pension Fund and the Jacksonville Retirement System use separate custodians and some overlapping investment managers, and that coordinated selection and documentation could reduce administrative costs. “The 2 plans combined for about $1,450,000,000 in the same and save a half million dollars per year by utilizing the same,…
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