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Pension manager reports steady fund performance; staff flags budget pressure and legal costs
Summary
Raymond James reported the commission's pension fund has sustained distributions while maintaining corpus; staff warned of litigation costs and declining boxing revenue though new events (including bare knuckle) provide offsetting income.
Raymond James investment manager Cyril Shaw told the commission the pension plan the firm manages has a balanced allocation (roughly 50% equities, 50% bonds and cash) and has funded distributions to professional boxers while maintaining the plan corpus since 2007. Shaw said the fund paid roughly $400,000 in distributions in 2025 and that investment performance has helped preserve principal while supporting payouts.
Executive staff reported financial pressures unrelated to investment performance: litigation and legal costs have drawn on commission revenue and commercial boxing revenue has declined with changes in television rights. Staff said new revenue streams, including bare-knuckle events recently approved, have helped offset some declines but that the commission is monitoring cash flow. The executive director said a contingency loan application was prepared as a precaution.
Commissioners asked about cashflow projections and directed staff to continue monitoring revenue, evaluate cost pressures and return to the commission if further budget actions are needed.
Next steps: Staff will continue fiscal monitoring and report any material changes; pension manager will provide periodic performance updates to the commission.
