At the Quincy Retirement Board’s April 28th meeting, on a motion made by Mr. Crespi, the Board voted to grant a Cost of Living Adjustment increase of 3% on $12,000.00 for eligible retirees and survivors. The increase is effective July1, 2011 and will be included in the July 31st checks.
The Board received the 1st quarter investment performance of the fund. The return was 3.7% for the quarter with the assets growing to over $273 million. The rolling 1 year return was 13.4%. The best performing manager in the portfolio for the quarter was Harbor Small Cap Value fund. They returned 10.2% exceeding their benchmark (Russell 2000 value) by 3.4%. The worst performing manager was Aberdeen Emerging Markets Equity fund whose return was 0.0%, while their benchmark (MSCI Emerging markets) returned 2% for the quarter.