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Jacksonville Beach pension boards approve quarterly performance report and move $15M index holding from Vanguard to lower‑cost Fidelity fund
Summary
ENCO Consulting reported the pension funds rose above $101 million for the fiscal year and recommended switching a $15 million Vanguard total stock index holding (4 bps) to a Fidelity total market index fund (2 bps) to save roughly $3,000 annually. All three boards approved the recommendation.
ENCO Consulting presented the pension funds’ quarterly investment performance and recommended a housekeeping change to reduce index fees. The three pension boards voted to approve the quarterly investment performance report and to transition the Vanguard Total Stock Market index holding to a Fidelity Total Market index fund.
The presenter reported that markets recovered from spring lows and that the total fund stood a little over $101 million as of the…
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