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Retirement board hears pension and OPEB performance report; presenter recommends private infrastructure for part of OPEB
Summary
An external presenter told the Retirement Board the pension fund is near full funding, reported recent returns and recommended considering private infrastructure for part of the OPEB allocation to improve predictability of returns.
The Retirement Board received a quarter and year-to-date performance review of the county pension, OPEB and deferred-compensation plans during a presentation by an external investment presenter.
The presenter said the plan ended the quarter with substantial assets and that the county’s policy was down 1.2% for the quarter but the plan showed only a modest loss relative to the benchmark, noting, "You're only down 50 basis points." He highlighted long-term outperformance for the plan, saying the fund outperformed 85% of defined-benefit plans and that 2025 produced a strong year, with the pension up about 14% in 2025.
On the OPEB fund, the presenter said the county has funded the liability and the fund posted strong returns (near 17% in 2025), and recommended shifting some OPEB assets into private infrastructure to gain predictability of returns. He said the change could take two to three quarters to implement and would be coordinated with the investment committee.
The board approved routine retirement minutes earlier in the session; the presentation included market commentary on inflation, interest rates and the impacts of geopolitical events on markets. No formal investment policy changes were recorded in the transcript; the presenter's recommendation was described as a proposal to take to the investment committee.
