Representatives from Innovess presented the board with the retirement plan’s recent investment results and long‑term funding outlook, telling trustees that under current assumptions and the city’s funding policy the non‑emergency employee retirement plan is projected to reach full funding by about 2035.

Innovess noted several portfolio changes, including an allocation to the Brookfield Infrastructure Income Fund and a replacement of a Goldman Sachs fund with an IMGP‑style strategy earlier in the year. Presenters reported the plan’s five‑year average return of about 9.6% and highlighted a strong quarterly return (about 5.97% for the quarter reported). "We've been maintaining our path forward, and that is really that we are still expected to hit that target of a 100% funded in 2035," one presenter said during the slide review.

The consultants explained that near‑term funded‑ratio dips reflect the actuarial recognition of 2022 investment losses and that those short‑term effects are expected to smooth out over the funding horizon as the city continues to contribute the actuarially determined contribution rate. Innovess also ran sensitivity scenarios showing that lower‑than‑expected returns would slow the path to full funding and raise near‑term employer contribution requirements; conversely, stronger returns would reach full funding sooner.

Board members asked about membership stability and contribution‑rate impacts if payroll or membership changes occur; Innovess said those scenarios could be modeled in future reports. The presenters also pointed to a small number of manager‑level concerns they are monitoring but did not recommend immediate manager changes.

The board thanked the presenters and indicated interest in additional scenario testing on membership changes and stress cases at a future meeting.