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<br /> <br /> <br /> <br />Investments <br /> <br />One hundred percent of the Relief’s assets are invested through The Parr McKnight Wealth <br />Management Group, of Wells Fargo Advisors. The Parr McKnight Group specializes in <br />working with relief associations to help them formulate an investment policy statement, <br />manage, and supervise their investments, receive on going trustee education and assist in the <br />reporting process. They currently work with over sixty-five relief associations in the State. <br />The relief association has adopted an Investment Policy Statement for the investment for <br />our pension fund. Our target investment allocation is sixty percent in stocks, thirty-five <br />percent in bonds and five percent in cash. We rebalance to our target allocation annually. <br />The Relief Board believes in long-term investing and has resisted attempting to time market <br />moves. <br /> <br />Funding Ratios <br /> <br />The ERFD relief Board believes that it has fiduciary responsibilities to both the membership <br />and to the Council. The responsibility to the membership is to seek the highest financially <br />sound benefit level. The responsibility to the Council is to not expose the city to any <br />financial risk, which could lead to mandatory contributions. Even with a 9.7% increase for <br />2024 we are projecting a funding ratio over 100% with a zero dollar increase come yearend <br />2024. <br /> <br />Action Requested <br /> <br />Approve 9.7% benefit increase. This would change the yearly benefit level from $8,850 to <br />$9,735. <br /> <br />The Relief Association membership thanks the Council for its past and future support. <br />Page 371 of 389