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The board unanimously approved moving funds from Brandywine to American Funds Washington Mutual after reviewing three years of underperformance. The pension plan was reported as 105.1% funded, up from 101.16% last year.
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The board approved an investment-manager change intended to address long-term underperformance in part of the pension portfolio. It also directed staff to study lowering the assumed investment return from 6.75% to 6.50% and authorized analysis of possible benefit changes. The board separately voted to keep the assumed return at 6.75% for now, and no city contribution was expected for fiscal year 2026–27.
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