HomeMy WebLinkAboutMinutes - Pension Advisory Committee - 01/21/2020Pension Advisory Committee (PAC)
Minutes
January 21, 2020
The South Burlington Pension Advisory Committee held its regular quarterly meeting on Tuesday, October 22, 2019, 2:00
pm at City Hall.
Members present: T Greggory, J Held, HR Manager, T. Hubbard, Deputy City Manager; Donna Kinville, City Clerk; D.
Boyer, Police Department; S. Baker, Appointed Citizen; From SEI, Pat Blizzard.
Jaimie Held was appointed to take minutes.
Minutes and Agenda
Motion to accept 10/22/19 meeting minutes, accepted.
There were no changes requested for the agenda.
SEI review of markets and performance
Flat fiscal YTD – market is stabilized.
- Longer durations did better
- Downward pressure on commodities
- Overall good calendar year to date on equity
U.S. Equity Market
- Value and Growth did very well
International Equity Market
- Lags the U.S.
- City is well positioned for now
Fixed Income review
- Inversion is starting to flatten out
- Possible (2) 25 pts rate cut in future
- Recession is still a low possibility
Defined Benefit Portfolio
- Flat fiscal YTD
- Up .6.04%
- Calendar year up 18.75%
- End market value on 12/31/19 37,114,155 million
o Cash flow
Receivables 196,122
Disbursements (1058,245.29)
All actively managed funds out performed with the exception of high yield bonds & Dynamic Asset Allocation
underperformed. Fixed Income had a 9.62% return.
Meeting adjourned 3:03pm.
Next scheduled meeting Tuesday, April 28, 2020 at 2:00 pm.
Presentation to Council that day as well.
Respectfully submitted,
Jaimie Held, HR Manager