David Kelly presented Glynn County’s quarterly pension portfolio report at the Pension Committee meeting on Jan. 15, saying “for the fiscal year, net of fees, we did 11.93%.” The report, distributed in the committee packet, also listed a five‑year smoothed return of 8.81% and total plan assets of about $159,000,000.

Kelly described a recovery in the plan’s performance over 2025: “we have battled back from really mid April to December 31 from a minus 14 to a positive 12,” he said, and added that the plan’s target return is 7%. He reported the plan holds roughly $3,000,000 in cash, equities valuing about $120,000,000 (approximately 75.5% of the portfolio) and that the equity allocation is slightly above the committee’s 75% threshold. Kelly warned of recurring risks, including geopolitical concerns and the possibility of periodic market pullbacks of 5%–10% during the year.

On fixed income, Kelly noted that cash yields had fallen to about 3.6% from roughly 5.3% earlier, and he flagged several bonds maturing in 2026 that serve as an income anchor. He described a recent bond purchase: an Oracle bond with a 4.9% coupon bought at a small discount (price 96) yielding just over 5% to maturity. Kelly also reviewed major equity holdings cited in the packet, including Elanco, Lilly, Mastercard, Apple, Microsoft and NVIDIA, and discussed pockets of exposure to technology and industrial companies.

In dollar terms, the packet showed the plan began the most-recent reporting period near $143,000,000; appreciation and income added about $17,000,000; contributions totaled $8,000,000; benefit payments were about $11,000,000; fees were listed in the packet (as stated in the report). Kelly added that the plan was up about 2.6% through Jan. 12, 2026.

A committee member asked whether a correction could follow an S&P 500 concentrated rally led by a handful of large tech names. Kelly responded that valuations may narrow over time and emphasized the plan’s long-term, retirement-focused posture: “we're trying to retire people. We're not trying to win the lottery,” he said.

Earlier in the meeting the committee approved the agenda by show of hands after Speaker 3 moved to accept it and Speaker 1 seconded the motion. Routine quarterly materials — a list of invoices paid from the pension fund (Oct.–Dec.) and benefit applications/lump-sum payouts — were received by the committee and required no vote.

On administrative matters, a member asked about an upcoming continuing-education conference; the presenter said the committee needs 12 hours every two years and that HR would assist members who wished to attend. The meeting proceeded toward adjournment following the report and brief exchanges.

What happens next: no formal investment actions or votes were taken at the meeting; the committee received the report and will continue to monitor portfolio performance and any potential rebalancing needs.