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The retirement system reported an $8.1 million investment loss in March, resulting in a $2.9 million loss for the quarter to date. The board approved annual statements, payroll and expenses, new members, refunds, and a July 31 election date for a board seat.
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Investment performance declined sharply in March, with emerging markets down 13.1% and the S&P 500 down 5.0%. The investment consultant recommended withdrawing $1 million from PRIT Core Fixed Income for cash needs but did not recommend changing the system’s investment allocations. The board said its investments have averaged an 8% return over the past 10 years, while its long-term target is 7%.
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