The pension fund for Winter Springs' general employees closed the fiscal year with $89.7 million in assets, according to the quarterly investment report its Board of Trustees will review Thursday, Nov. 12.
The report, prepared by the plan's investment consultant, Mariner, shows a net return of 10.91% for the 12 months ended Sept. 30. That topped the 9.20% median for public pension plans in Mariner's comparison group but fell short of the 11.24% return of the plan's own policy benchmark.
Over three years the plan earned 15.46% a year, and over 10 years 10.28% a year, both slightly ahead of the benchmark.
A flat final quarter
The July-through-September quarter was nearly flat at 0.10%. Stocks in the fund gained about $749,000 while bond holdings lost about $684,000 as interest rates climbed, the report shows. The fund took in $785,708 in contributions during the quarter and paid out $1.37 million in distributions, so its value slipped from $90.2 million at the end of June.
At the end of September about 52% of the money sat in a single U.S. stock index fund, roughly 15% in foreign stocks and the rest mostly in bonds, with small slices in real estate and cash.
What the board decided in September
Thursday's agenda also asks trustees to approve minutes from their Sept. 8 meeting, which record two votes.
First, with the plan needing about $2 million in cash to cover benefits through year-end and monthly payouts running near $430,000, the board voted 4-0 to raise the money from bond and foreign-stock funds rather than the domestic stock fund.
Board member Michael Blake pushed for that approach, citing risk in those holdings, and Vice Chair Arif Fareed agreed, noting a likely Federal Reserve rate increase.
