City Employees Retirement Fund Named Small Public Plan of the Year
(3/30/2012) The City Employees Retirement Fund (CERF) has been named Small Public Plan of the Year by Institutional Investor in its 11th Annual Public Pension Fund Awards. The publication praises CERF’s portfolio diversification and savvy investments, noting the fund earned more than 20 percent for the fiscal year ending June 30, 2011. “Led by Executive Director Jerry Sagnella and aided by consultant Derek Ciampini of Ameriprise, the fund also launched a full-scale diversification of its fixed-income portfolio. It allocated $7 million to be split between emerging market bonds, strategic international bonds and defensive high-yield bonds." Money Management Intelligence states.
Money Management states: “In the end, its various moves helped the fund hold its asset size in a year when market volatility was rampant.” The full report can be found here: http://www.moneymanagementintelligence.com/Article/3001083/Small-Public-Plan-of-the-Year.html
The City Employees Retirement Fund has a total of 2,212 members, 1,104 of which are currently retired. The City of New Haven consistently budgets and funds the actuarially required contribution (ARC) for its pension funds. In the current fiscal year, the City’s contribution to CERF is approximately $12 million. Other trustees of the fund are Mayor John DeStefano Jr., Acting Controller Michael O’Neil, John Varrone, Thomas Cama, and Adriana Arreola.
“Pension and medical benefits remain cost drivers in the City budget. While more must be done to restructure benefits to assure long term financial stability, effective management of our pension funds is critical to containing liability,” said Mayor John DeStefano Jr.
"This is a significant achievement that speaks well of the job that the fund trustees, Jerry Sagnella, and Derek Ciampini have done in developing and executing a winning strategy on behalf of New Haven employees and taxpayers,” said Acting Controller Michael O’Neil.
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