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February 6, 2018
Today the Cobb County Employee Pension Board of Trustees held a regularly scheduled meeting. Several investment managers made presentations regarding past performance and the future outlook. Managing our pension investments is the core job of the Board of Trustees. From what I saw today, and at previous meetings, it appears they are doing a very good job. The market did great last year and all pensions did well, but our overall fund has outperformed three quarters of other similar pension funds.
The Trustees have been very successful in managing the assets, but disclosures to the members of the pension have been inadequate. I addressed the board and asked for better communication and more frequent disclosures. They are working on a report that will be presented to the Board of Commissioners (and available to employees).
In response to an employee request at the November meeting, the Trustees approved adding a Vanguard S&P 500 index fund as an investment option for the defined contribution plans (the voluntary portion of the Hybrid Plan).
The Trustees will present a report to the Board of Commissioners at the February 26th work session at 1:30pm. I encourage everyone to attend this public meeting. It will be your best opportunity to know the status and future direction of your pension.
Cobb Professional Firefighters, Local 2563
Update December 14, 2017
Dear Members -
At the pension meeting earlier this month, there was no discussion about the proposed pension changes from the November meeting.
Several investment managers including representatives from Suntrust, Vanguard, UBS, and Dodge and Cox made presentations. They all said investment performance has been very good. The investments in our pension fund consistently outperform other similar size pension funds. The pension fund has seen 13.3% return YTD and the total balance was $632 million as of December 6th. Average return since 1994 has been 8.34%. The board was happy with the investment managers’ performance and did not recommend changing any investment managers.
In an ongoing effort to achieve the best possible return, the pension board is looking into including real estate and/or private equity in the portfolio. The Chairman stressed that no decisions had been made and they were only gathering information at this point. If added in the future, these investments would supplement the existing investment types and they would be a relatively small portion of the overall portfolio.
When the defined contribution 457 investment options were recently changed, index funds were eliminated as options. The board wants to bring back a passive S&P 500 index fund. They asked one of the investment managers to present an S&P 500 index fund with good performance and low expense ratio at the next meeting.
The next pension meeting is February 6th at 8:00am. Neither the Pension Board nor the Board of Commissioners has indicated when the proposed pension changes from the November meeting will be voted on.
If you have any questions please contact us.