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The PFRF is funded by employer and employee contributions. Employees contribute 11% of their salary and the LFUCG contributes 18% of salaries. The financial management and oversight of the fund includes active investment management, an annual financial audit and a bi-annual actuarial analyses.
Investments
The PFRF has contracted with external investment managers to manage all funds. The Board has adopted an investment policy that recommends the following target allocations based on asset class:
| Asset Class | Target Share | Manager
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| US Large Cap Value Equities | 15% | Dodge Cox |
| US Large Cap Growth Equities | 10% | Chase Invsetment Counsel |
| US Small Cap Value Equities | 15% | Neuberger & Berman, LLC |
| Total Equities | 40% | |
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| US Broad Market Fixed Income | 25% | Dupree & Company, Inc. |
| US High Yield Fixed Income | 5% | MacKay Shields |
| Total Fixed Income | 30% | |
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| International Growth Equities | 10% | Baring Asset Management |
| International Value Equities | 10% | Acadian Asset Management |
| Total International | 20% | |
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| Real Estate | 10% | JP Morgan Real Estate |
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| Total Portfolio | 100% | |
Investment performance is monitored by administrative staff on a monthly basis
and by performance consultant, Becker, Burke & Associates, on a quarterly basis.
Click
here to view the latest quarterly performance report.
Financial Statements
The funds of the PFRF are audited on an annual basis and are included in the LFUCG Comprehensive Annual Financial Report. The financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and the reporting standards of the Governmental Accounting Standards Board.
Click here to view the Comprehensive Annual Financial Report
Actuarial Report
An actuarial analysis that evaluates the funding status of the PFRF is conducted every two years.
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