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The committee will give Morgan Stanley more time but recommend faster portfolio changes and monitor its performance closely after the OPEB portfolio underperformed its policy benchmark: fiscal-year-to-date returns were 10.41% versus 12.48%.
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The OPEB Trust, which helps fund retiree benefits, was valued at $64.8 million on February 28, with 71.9% invested in equities and 28.1% in fixed income. The committee did not approve replacing Morgan Stanley, but it plans to press the firm to follow the investment policy and limit underperforming active investments. The committee also agreed that any move into U.S. Agencies should be studied carefully before purchases are made.
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