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Retirement Board report by Lilly Calvache, Retirement Board Member Our new Retirement Plan Manager came on board Feb. 12. Duamel Vellon has assured us that he will work with the active and retired employees to create the best retirement plan with the best customer service in the state. With our help he will succeed. Our board meetings are open to the public, and if you have the time and would like to join us please do so. The board meetings are the third Thursday of the month at 8:30 a.m. in the JFB, Room 1559. At the present time we are writing investment policies that benefit the retirement plan. Previous practices were not always adequate for typical public plans. Investment beliefs and principles with a prudent investment strategy create a plan that conforms with other public systems’ retirement plans. When we have asked our investment advisors why a particular investment was made, they have said that it was the previous board philosophy The advisors are then technically off the hook for any bad investments. Our goal is to make them responsible and increase our returns. Establishing investment beliefs and polices eliminates misunderstanding, establishes guidelines, and is the firm foundation for future plan investments. It also helps direct our investment managers by providing limits to protect the assets. |
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Business Manager's report
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