Despite a 32% investment return in the last fiscal year, Marin County’s public pension fund is playing it safe.
The board of the Marin County Employees’ Retirement Association decided to factor in the extraordinary gain over four years rather than immediately when assigning annual employer contributions.
The association includes Marin County and eight other public entities. Its net investment return was $829.8 million for the fiscal year that ended June 30.
Last year, when the association’s board voted to cut the fund’s assumed annual rate of return from 7% to 6.75%, Block advocated reducing it to 6%. At that time, the association also lowered its assumed annual rate of inflation from 2.75% to 2.5%.
The Cheiron actuaries, however, said the association’s assumptions regarding inflation and the annual rate of return remain valid.
Author(s): Richard Halstead
Publication Date: 16 Jan 2022
Publication Site: Marin Indepedent
Marin County, Calif., supervisors have allocated $400,000 to participate in a universal basic income experiment with the Marin Community Foundation.
The foundation plans to spend $3 million to give $1,000 a month to 125 low-income women for 24 months. To qualify, the women must have a child under the age of 18.
“The ultimate endgame for this demonstration project is to have an example of how cash aid can be really helpful in terms of alleviating poverty, to test the usefulness of this approach to addressing poverty and addressing some of the racial inequities that we know exist in the county and beyond,” Johnathan Logan, a foundation vice president, told the Board of Supervisors before the unanimous vote on Tuesday.
Author(s): RICHARD HALSTEAD, THE MARIN INDEPENDENT
Publication Date: 25 March 2021
Publication Site: Governing