Pension Board Quarterly Meeting (08/11/2021)

Jacksonville Beach Pension Board · August 12, 2021

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Opening and process note on sending recommendations to council

Announcement

1:55 → 3:06(1m 11s)

Unidentified Speaker 1 explained the proper process for sending investment-policy changes to city council: the board crafts a recommended investment policy (with staff and counsel) and then submits that recommendation to council rather than sending a standalone letter.

Keywords:

Speakers:Unidentified Speaker 1

The Jacksonville Beach pension board reviewed strong June 30 investment returns, discussed that equities had exceeded the 65% ordinance cap, agreed to rebalance at least $910,000 out of equities into cash and approved a motion to sell from Wells Capital to bring total equity back to 65% pending further analysis and potential ordinance changes.

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Transcript

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