CS McKee reports double-digit 2024 gains; board approves fourth-quarter performance report

At a meeting of the Lackawanna County Employees Retirement Fund pension board, CS McKee reported the fund returned over 12% in 2024 and the board approved the firm's fourth‑quarter performance report.

CS McKee president Mark Gensheimer told trustees the fund grew by approximately $18,000,000 last year and that the portfolio is “up over $220,000,000,” with an allocation near target: roughly 50% domestic equity, about 10–11% international and the remainder in fixed income. Gensheimer said the portfolio returned “almost 2.4% just for the month of January” in the most recent update and that the firm was “conservatively positioned” amid market volatility.

Shane Nicholas of CS McKee, introduced as a longtime colleague, reviewed market drivers and said broad market gains in 2024 were concentrated among the largest stocks. “The S and P 500 set 57 record highs last year,” Nicholas said, and he noted that the top 10 S&P stocks accounted for about 40% of market value, a dynamic the firm monitors when allocating assets.

Gensheimer and Nicholas said higher fixed‑income yields create income opportunities for the fund and reduce pressure on the equity portion to meet actuarial assumptions; CS McKee said it expects fixed‑income returns in the range of about 4–6% given current yields. Trustees and presenters also discussed the benefit of continued employer contributions; a CS McKee representative said full contributions materially enhance long‑term funding.

After the presentation, a board member moved to approve the fourth‑quarter performance report; the board voted and the motion passed.

Votes at a glance

- Motion 25‑5‑20 — Approve CS McKee fourth‑quarter performance report: approved.

Note: Figures and quotations above are drawn from CS McKee’s presentation and the board’s recorded discussion at the meeting.