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Centre County Retirement Board hears 4Q 2025 portfolio review from PFM; approves December minutes
Summary
At its Feb. 12 meeting in Bellefonte, the Centre County Retirement Board heard a fourth-quarter 2025 portfolio presentation from PFM Asset Management, approved early-December 2025 meeting minutes and adjourned at 1:50 p.m.
The Centre County Retirement Board met Feb. 12, 2026, in Room 146 of the Willowbank Office Building in Bellefonte and heard a presentation from Perry Giovanelli of PFM Asset Management on the pension portfolio's fourth-quarter 2025 performance. The board approved minutes from early December 2025 and adjourned at 1:50 p.m.
Giovanelli introduced the portfolio results on behalf of PFM Asset Management; the transcript records the presentation introduction but does not include numerical performance figures or additional discussion. County Administrator John Franek and Director of Budget and Finance Richard Killian were present along with board members Commissioner Higgins, Commissioner Concepcion (participating remotely), Commissioner Dershem, Treasurer Kennedy and Controller Jason Moser.
On a motion from Commissioner Dershem, seconded by Controller Moser, the board unanimously approved the minutes from early December 2025. (The meeting materials list the item as "Approval of December 5, 2025 Minutes" while the motion text refers to "the December 4, 2025" minutes; the board approved the minutes as presented.)
After no further questions or public comment, Commissioner Dershem moved to adjourn the meeting at 1:50 p.m.; Commissioner Concepcion seconded, and the motion was approved unanimously. The meeting was called to order at 1:03 p.m. and lasted approximately 47 minutes.
No formal vote was recorded on the portfolio presentation in the transcript.
Meeting records list Jason Moser as Secretary of the Retirement Board and Controller.
