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Glynn County pension committee orders actuarial pricing to study earlier public-safety retirement; portfolio posts positive returns
Summary
At a Glynn County pension committee meeting, staff asked an actuary to price options for earlier retirement for public-safety employees and reported a portfolio gain and current funding status; no formal policy change was decided.
Glynn County pension committee members directed staff to obtain an actuarial cost estimate for possible earlier retirement options for public-safety employees and reviewed the fund's quarterly investment report during a committee meeting.
The committee heard the quarterly portfolio review from Bowen, Haynes and Company, delivered by David, a portfolio manager with the firm. David reported the plan's total market value at about $154,000,000 and said the plan's year-to-date return was roughly 9.7 percent. He told the committee the fund held about $4,500,000 in cash earning about 4.02 percent and that the portfolio is near its equity allocation target, with stocks making up the bulk of the plan's investments. "I got a little bit of cash — $4,500,000 in cash is earning 4%," David said during his report.
The f…
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