HomeMy WebLinkAboutMinutes - Pension Advisory Committee - 10/22/2019Pension Advisory Committee (PAC)
Minutes
22 October 2019
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. Hubbard, Deputy City Manager; Donna Kinville, City Clerk; Brad Dattillo, LT
Firefighter; D. Boyer, Police Department; S. Baker, Appointed Citizen; S. Moore, HR Director; From SEI,
Pat Blizzard.
Stefanie Moore was appointed to take minutes.
Minutes and Agenda
Motion to accept 7/23/19 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 in September
- 3rd Qtr. and one year – Value and Growth are aligned
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 .2%
- Calendar year up 12.6%
- End market value on 9/30/19 35.3 million
o Cash flow
Receivables 102,840.21
Disbursements (497,002.01)
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 2:41pm.
Next scheduled meeting Tuesday, January 21, 2020 at 2:00 pm.
Presentation by Council. Stefanie Moore