The profitability of the Chicago Firemen pension fund for the fiscal year was -14.2%.

The city’s statutory contribution for 2023 is $399 million, which will increase to $428 million in 2024 and then be about 74.5% of the total projected payroll on an annual basis.

The firm issued the warning after the pension fund reported a strong return of 11.4% for the year ended December 31, 2021.

For the three, five and 10 years ended December 31, the pension fund returned an annualized gross of 3.4%, 4.7% and 7.4%, respectively, compared to their respective benchmarks of 3.9%, 5% and 7%.

The pension fund’s negative performance over the past year reflected the challenging market environment. For the year ended December 31, the Russell 3000 Index and the Bloomberg US Aggregate Bond Index returned -19.2% and -13%, respectively.

During this period, each asset class posted negative returns. Private equity performed best with a return of -2.3% (below the benchmark of 2.6%), followed by real estate at -9.6% (below the benchmark of -8.5%); fixed income, -11.5% (-13%); domestic shares, -17.4% (-19.2%); international equities, -17.7% (-16.6%); and liquid diversified assets, -18% (6.1%).

As of December 31, the actual distribution was 35.5% domestic shares, 24.7% fixed income shares, 23.9% international shares, 8.6% real estate, 3.6% private equity, 2.1% liquid diversified assets, 1.1% infrastructure, 0.4% private loan and the rest in cash.

Content Source

News Press Ohio – Latest News:
Columbus Local News || Cleveland Local News || Ohio State News || National News || Money and Economy News || Entertainment News || Tech News || Environment News

Related Articles

Back to top button