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The board approved $15 million in investment transfers and voted to request raising the cost-of-living adjustment base to $14,000, subject to City Council approval. Both actions passed with four votes in favor and one member absent.
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The board approved moving $5 million into a mid-cap stock fund and $10 million into an emerging-markets fund that excludes China. It also approved a request to increase the base used for retiree cost-of-living adjustments to $14,000, but City Council approval is still required. The board approved three retirement applications, one annual involuntary disability retirement benefit of $55,166.40, and other routine financial and membership actions.
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