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Olivette pension board approves $1 million redemption request to Principal, rebalances $400,000 into core fixed income
Summary
The Olivette City pension board voted to increase its redemption/top-off request to Principal US Property to $1,000,000 and approved rebalancing $400,000 into Principal core fixed income (funded by $300,000 from equities and $100,000 from Fidelity cash); members also discussed actuarial assumptions and scheduling an actuary review.
The Olivette City pension board approved two portfolio moves at its meeting: increasing its redemption/top-off request with Principal US Property to $1,000,000 and rebalancing $400,000 into Principal core fixed income to replenish liquidity and move allocations closer to target. Speaker 6, an unidentified board member, made the motion to raise the Principal US Property redemption request from $500,000 to $1,000,000; Speaker 2 seconded and the motion carried by voice vote with no opposition or abstentions recorded in the transcript.
The board also approved a rebalancing motion. Speaker 6 moved, and Speaker 2 seconded, to move $300,000 from equities and $100,000 from the Fidelity cash account into Principal core fixed…
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