Board approves minutes; OPEB trust holds $8.3 million with recent unrealized losses
November 02, 2023 | Portsmouth, Norfolk County, Virginia
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The Portsmouth Pension Board approved meeting minutes from May 4 and Aug. 3 and received an OPEB trust update before moving on to investment and actuarial presentations.
A representative attending the meeting said, "We have $8,300,000 in that fund," and reported an unrealized loss of roughly $265,000 for September and about $232,000 year‑to‑date. The representative added that since the fund's inception the unrealized gain is about $1.3 million and that John Hancock prepares the plan's actuarial report.
Board members asked about the size of the plan's actuarial liability; the representative said he did not have the liability figure on hand but would email it. No formal action was taken on the OPEB figures at the meeting.
On procedure, the chair moved to approve both sets of minutes, a board member seconded the motion, and the board voted to approve the minutes unanimously.
A representative attending the meeting said, "We have $8,300,000 in that fund," and reported an unrealized loss of roughly $265,000 for September and about $232,000 year‑to‑date. The representative added that since the fund's inception the unrealized gain is about $1.3 million and that John Hancock prepares the plan's actuarial report.
Board members asked about the size of the plan's actuarial liability; the representative said he did not have the liability figure on hand but would email it. No formal action was taken on the OPEB figures at the meeting.
On procedure, the chair moved to approve both sets of minutes, a board member seconded the motion, and the board voted to approve the minutes unanimously.
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