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El Paso City retirement trust reports $1.19 billion in assets, approves $14 million rebalancing plan
Summary
Trustees were briefed on the June treasury and flash investment reports showing year‑to‑date gains and net investment income well above targets; the board approved a $14 million rebalancing to restore IPS fixed‑income targets and also adopted clarifying IPS amendments.
The City of El Paso Employees Retirement Trust reported assets available for benefits of about $1.194 billion as trustees received the monthly treasury report and a June performance snapshot, and then approved an investment rebalancing plan intended to bring allocations back within policy ranges.
April Shammy (presented as the treasury presenter) told trustees the trust held roughly $1.189 billion in cash and total investments, with receivables of about $3.046 million and liabilities near $593,000, yielding net assets available for benefits of roughly $1.194 billion. She said fiscal‑year‑to‑date pension contributions were about $55.9 million and net investment income totaled roughly $155–156 million, producing a net positive change in assets of approximately $133.1 million through June 30, 2026. Shammy also reported benefits paid to retirees of about $72.07 million and that the plan’s cumulative returns had exceeded several internal targets.
In a related trustee briefing, Callan’s June flash report (presented to the board) estimated the total fund’s fiscal‑year‑to‑date return at about 14.9% with two months remaining. Callan noted active managers contributed materially to performance (small‑ and mid‑cap managers and an overseas active manager were singled out), and that private equity distributions and capital calls were becoming more self‑sustaining for that asset class.
Because Callan identified a fixed‑income weight at 20.9%—just below the trust’s IPS rebalancing threshold—trust staff and the investment committee recommended raising $14 million from the U.S. equity composite (roughly $3 million from S&P‑500 exposure and $11 million from small/mid‑cap allocations) and allocating the proceeds to fixed income and cash to restore policy ranges. A motion to approve that rebalancing plan was made, seconded and the board polled trustees by name; the motion passed.
The board also considered instrument‑level governance: Cowen and the investment committee presented a set of proposed clarifications to the trust’s Investment Policy Statement derived from a tri‑annual review by RVK. The trustees approved a resolution adopting the IPS amendments, which Cowen characterized as language cleanups and alignment of policy text with current practice.
The meeting included no public‑comment speakers on the investment items and adjourned after later procedural business. The board will next meet for a special session on Aug. 14 and resume its regular meeting schedule on Aug. 19, when the budget will be presented for approval.
