William D'Amico

The board reviewed the Treasurer's report regarding fund value and received updates from RBC Wealth Management, including the Nationwide transition and a recommendation to reallocate funds to fixed income to align with investment policy. The board approved the movement of funds from the Vanguard 500 fund to fixed income accounts. Principal Custody Solutions provided an update on custodial transitions and online enhancements for pensioners. A discussion was held regarding an increase in the Board Secretary's compensation, which was subsequently approved. Litigation updates were provided concerning two class action settlements where the fund is the lead plaintiff. Additionally, the board discussed the potential formation of a committee to review the investment policy and the possibility of issuing an RFP for an investment advisor.

The board reviewed the Treasurer's report regarding fund value and received an update from RBC Wealth Management covering year-to-date performance, economic data, market trends, and investment fund performance. The custodial bank provided an overview of the pension fund's market value, benefit payments, and updates on enhanced decedent reporting and audit process streamlining. Additionally, a litigation update confirmed the settlement of all class action suits where the fund served as a lead plaintiff. Board members discussed educational conferences regarding retirement systems and controllers, and announced the formation of a committee to explore pension fund investment management models.

The board reviewed a report from RBC Wealth Management regarding a search for new fixed income managers to replace the Swarthmore Group. Candidates evaluated included Garcia, Hamilton and Associates, MetLife Investment Manager, Nuveen, Pugh Capital, and Ramirez Asset Management, with a focus on performance, investment quality, and diversity initiatives. The board reached a decision to split the assets previously managed by the Swarthmore Group equally between Ramirez Asset Management and MetLife Investment Manager. Additionally, the board authorized the Secretary and Solicitor to execute necessary documentation, and discussed an annuity rate issue regarding a communication from Nationwide.

The meeting focused on an investment portfolio update from RBC Wealth Management, which addressed market volatility, asset allocation performance, and comparisons of various investment managers. Other agenda items included the implementation of a new monthly pension payment structure, a status report on the transition to a new custodial bank, and updates regarding ongoing litigation. Additionally, the board discussed future employee headcount increases for the Prison and Health departments with the Plan's actuaries.

The board reviewed the Treasurer's Report regarding the value of the Fund and its annuities. The investment advisor presented an economic and investment review, highlighting fund performance and the impact of sector concentration in the S&P 500, as well as discussing potential investment terminations. The Board also received updates regarding online access for retirees, cybersecurity, class action settlements, and administrative expenses. Additionally, the Board reviewed legal updates concerning ongoing litigation and discussed a project aimed at improving communication regarding pension benefits for employees.