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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