Upper Darby pension fund reports double‑digit 2025 return; 2026 performance remains strong

Mike Glacken, president of CBIZ INR, told the Upper Darby Police Pension Fund Board of Trustees on July 13 that the fund’s shift to an all‑ETF index strategy in 2012 has produced an annualized return of about 9.14% since inception. He said 2025 produced a 16.39% return and the fund is up roughly 8.31% year‑to‑date in 2026.

"Since inception, performance has been 9.14%," Glacken said, noting that equities have been the primary driver of long‑term returns while the bond portfolio outperformed its benchmark this year by seeking higher yields. He attributed the recent outperformance to tactical rebalancing: "We sold high. We bought low," he said, describing moves away from large‑cap growth into value and small‑cap stocks that performed strongly in 2026.

Glacken walked trustees through benchmark comparisons included in the report, saying the fund’s bond allocation returned roughly 1.78% versus the Bloomberg Aggregate’s 0.62% year‑to‑date, and the stock portfolio returned about 12.52% against the MSCI All‑World index at 11.25% for the same period.

The board heard that the next actuarial valuation will include 2025 performance and could affect the municipality’s minimum municipal obligation (MMO). The actuary and investment consultant said they would continue to monitor asset allocation and provide any recommendations at future meetings.

Next steps: the board will include the recent returns in the actuarial valuation process and consider any recommended adjustments when the valuation and MMO calculations are presented.