Post by Logan on Jun 22, 2016 22:54:14 GMT -6
FORT WORTH -- The executive director of the Fort Worth Employees’ Retirement Fund told the City Council Tuesday that the fund lost money in 2015 because of poor market conditions and that its board is considering a more aggressive investment policy in hope of increasing returns.
Moreover, Joelle Mevi, the fund’s executive director and chief investment officer, said it may take an additional 5 percent in payroll contribution to close a gap in the amount of time the city would need to make its pension fund whole. The increase would bring the city’s liability to a more desirable 30-year amortization period, she said.
The council has been adamant about not adding more tax dollars to the pension fund.
Nearly 30 percent of payroll, both in city and employee contributions, goes to the pension fund. The fund’s only other revenue is its investment returns.
Read more here: www.star-telegram.com/news/local/community/fort-worth/article85144097.html
Moreover, Joelle Mevi, the fund’s executive director and chief investment officer, said it may take an additional 5 percent in payroll contribution to close a gap in the amount of time the city would need to make its pension fund whole. The increase would bring the city’s liability to a more desirable 30-year amortization period, she said.
The council has been adamant about not adding more tax dollars to the pension fund.
Nearly 30 percent of payroll, both in city and employee contributions, goes to the pension fund. The fund’s only other revenue is its investment returns.
Read more here: www.star-telegram.com/news/local/community/fort-worth/article85144097.html