Council Approves 7.5% Expected Rate of Return for General Employees Fund

The Pension Board of Jacksonville Beach convened on August 11, 2021, to discuss key financial matters affecting the city's pension funds. The meeting primarily focused on approving the quarterly investment performance report and setting expected rates of return for various employee groups.

The board unanimously approved the quarterly investment performance report for the period ending June 30, 2021. Members expressed satisfaction with the report's findings, highlighting a 20% return on investments, which they hope will remain stable moving forward.

In a significant decision, the board set the expected rate of return for general employees and police officers at 7.5% for the upcoming year and beyond. This decision was met with a motion and a second, receiving unanimous support from board members.

Additionally, the expected rate of return for firefighters was set at 6.9% for the next year and several years thereafter. This motion also passed with full agreement from the board.

The meeting concluded with a sense of optimism regarding the pension fund's performance and the strategic decisions made to ensure its continued growth and stability. The board will reconvene to review further investment strategies and performance metrics in the coming months.