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Quarterly pension reports show a down quarter for police and fire funds; general plan also reviewed
Summary
Council received police-and-fire and general-employee pension performance reviews: police-and-fire assets decreased from about $143M to just above $141M in Q2, producing an approximate $2M decline for the quarter; annual returns remained positive. The general pension fund also showed a small Q2 decline to $50.5M.
Council received a quarterly performance review of the police-and-fire pension fund and the general employee retirement system.
The financial advisor (speaker 13) told the council police-and-fire pension assets were about $143 million on 04/01/2024 and just above $141 million on 06/30/2024. Market returns produced a negative quarter (Q2) resulting in a roughly $2 million decline; quarterly benefit distributions were approximately $4.2 million against city contributions of about $2.2 million. The advisor said the quarter was weak but that the year-to-date return remained positive (the annual return figure was stronger). For the general pension plan the advisor reported a beginning balance near $52 million in April and about $50.5 million at June 30, with quarterly distributions around $1.7 million.
Council asked for clearer summaries in future packets and the advisor agreed to point members to the summary pages in the longer report. The council voted to receive and file both performance reviews.
