BY STACI WILSON
The county’s pension plan grew through the first quarter of the year, up $800,000 since Jan. 1. The portfolio now stands at $13.9 million reported the Seneca Group at the May 11 Retirement Board meeting. The Seneca Group manages the county pension plan.
In light of the group’s report and recommendations, the board opted to amend the investment policy statement to allow for a better diversification of allocations.
Over the next two years, the county will transition its holdings to new weightings which include an increase in alternate funds; a decrease in stock holdings; adding emerging market allocations; and diversifying the county’s fixed income strategies.
Commissioner Leon Allen, Treasure Catherine Benedict and Chief Clerk Sylvia Beamer voted in favor of the changes.
Commissioners MaryAnn Warren and Michael Giangrieco were not present at the meeting.
At the meeting, the Seneca Group gave a general market overview and reviewed county’s holdings with the board. The group presents a review of the pension plan to the board on a quarterly basis.
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