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Olivette City pension board approves $500,000 reallocation after third‑quarter review
Summary
At its meeting, the Olivette City Pension Board reviewed third‑quarter investment performance, heard that net cash flows remain negative as benefits exceed contributions, and approved a $500,000 reallocation into the principal core fixed‑income account to replenish paid‑out funds.
The Olivette City Pension Board on an unrecorded voice vote approved a $500,000 reallocation recommended by its investment advisor after reviewing third‑quarter performance data.
Board members heard from the advisor that the plan is mature and running net negative cash flow because pension benefits paid out have exceeded contributions. The advisor said long‑term returns have been modest and that fixed income is below target because the board has paid benefits from that sleeve.
The advisor…
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