SUBJECT/RECOMMENDATION:
Title
Annual review of the Employees’ Pension Plan investment performance for the calendar and plan year that ended December 31, 2023.
Body
SUMMARY:
Annually a presentation of the Plan’s calendar year investment performance is made to the Trustees. For calendar 2023, the Plan realized an investment return of 13.46%, versus the plan’s benchmark of 11.42%. It was a very good year of investment performance on both an absolute basis and a relative basis.
For the last three calendar years, the plan had an average annualized return of 3.16%, versus a benchmark of 4.44%; and for the last five calendar years, the plan had an annualized return of 8.83% versus a benchmark of 8.44%.
The investment committee, with the assistance of the Plan’s investment consultant, CapTrust Advisors, meets on at least a quarterly basis to monitor asset allocation and money manager performance, and will continue to recommend money manager terminations, replacements, and/or additions when appropriate.
STRATEGIC PRIORITY:
Professional administration of the pension plan assists in attracting and retaining top-quality personnel via this attractive and competitive compensation benefit.
