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CBIZ reports strong first-half returns for Upper Providence pension plans
Summary
CBIZ Investment Advisory Services reported that Upper Providence's police, fire and nonuniform pension plans returned strongly in the first half of 2026, with combined plan assets near $41 million and year‑to‑date police-plan returns of 8.83%, above the actuary’s 7% assumption.
Rich Ritzer, senior vice president at CBIZ Investment Advisory Services, gave the township an update on its uniform and nonuniform pension plans, saying the firm has advised the township since 2016 and emphasizes low‑cost, broad-market investments. "We had a positive return for the 1st 0.5 of the year at 8.83%," Ritzer told the board, noting that the police plan began 2026 at about $23.3 million and was $25,271,000 on June 30.
Ritzer said the police pension allocation is roughly 70% equities and 30% bonds and explained that actuaries use assumed interest‑rate and mortality assumptions when setting funding targets; the police actuary’s assumed return is 7%. He said the three plans together were just under $41 million as of June 30 and that CBIZ’s longer-term average return for the township since 2016 has been about 9.5%, which has helped the plans’ funded status. The presentation closed with a brief question period and thanks from board members.
The presentation included a staff reminder that actuarial valuations, which determine the township’s minimum municipal obligation (MMO), incorporate both recent returns and prior years’ results; Ritzer cautioned markets can change but said the first half of 2026 outpaced the actuarial bogey used for budgeting.
