- FL
- Brevard County
- 5/16/24
- 05/16/2024
- 42 Minutes
- Noteworthy
- Highly Noteworthy
- Routine
Overview: The Cocoa Beach Pension Board recently convened to discuss several issues affecting the pension fund’s performance and future outlook. The board’s debate on the potential economic impact of artificial intelligence (AI), particularly on employment and the Federal Reserve’s policies, emerged as the focal point of the meeting. The session also covered the real estate market’s current state, investment strategies, the fund’s financial performance, and regulatory compliance concerns.
- FL
- Brevard County
- 5/7/24
- 05/07/2024
- 33 Minutes
- Noteworthy
- Highly Noteworthy
- Routine
Overview: The Cocoa Beach Pension Board recently convened to discuss several matters, notably the impact of Federal Reserve’s interest rate cuts on real estate transactions and the devaluation of assets, the performance of equity markets affecting the fire and police funds, and the ongoing process of repapering contracts. The board also reviewed the quarterly reports provided by Anco, which highlighted a transition to Mariner and the positive performance of equity markets.
- FL
- Brevard County
- 2/15/24
- 02/15/2024
- 85 Minutes
- Noteworthy
- Highly Noteworthy
- Routine
Overview: The Cocoa Beach Pension Board recently engaged in discussions regarding the performance of the pension fund, the sale of Sterling Capital to Guardian Group, and the actuarial assumptions critical to the city’s defined benefit pension plan. The board reviewed a solid 9.4% increase in the pension fund’s performance and the stability of the actuarial rates, acknowledging the need to manage the plan’s health without additional tax burdens.
- FL
- Brevard County
- 2/6/24
- 02/06/2024
- 57 Minutes
- Noteworthy
- Highly Noteworthy
- Routine
Overview: The Cocoa Beach Pension Board has unanimously approved a full redemption request from the real estate investment manager ASB during their latest meeting. This decision follows a detailed evaluation of ASB’s underperformance, particularly within the real estate sector, where approximately 47% of ASB’s properties are over 20 years old and facing tenancy challenges due to a preference for newer buildings. ASB had historically used less leverage compared to peers, but concerns were raised after their leverage increased late in the cycle. The redemption process is expected to unfold over multiple quarters due to the slow real estate market and the firm’s guidance is likely to evolve during this time.