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Pension Review Board adopts updated investment‑practice guidance, flags three fire systems' return assumptions
Summary
The PRB voted to adopt updated guidance for investment practices and performance evaluations and pressed three fire plans using 7.75%+ return assumptions to reassess those assumptions; staff will follow up with letters to actuaries and sponsors.
The Pension Review Board adopted updated guidance for conducting investment practices and performance evaluations on Nov. 7 and used the discussion to press several local fire pension plans to reconsider optimistic investment assumptions.
Robert Munter, presenting the investment‑practice and performance evaluation guidance (documents behind tab 7b), said staff updated the PRB schedule and guidance following statutory changes and feedback from systems. "We have all of the updates to the draft as a red line version as well as a clean version, so that's easier to see and read…
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