Cocoa Beach Pension Board Analyzes Fund Performance and Actuarial Assumptions

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.

Cocoa Beach Pension Board Approves Full Redemption from ASB

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.