other post-employment benefits trust fund agenda … · 5/19/2012 · conditions related to the...

OTHER POST-EMPLOYMENT BENEFITS

TRUST FUND AGENDA

Las Vegas Metropolitan Police Department

Headquarters Building B – Conference Room 129

400 S. Martin L. King Boulevard

Las Vegas, NV 89106

December 5, 2019, at 9:00 a.m.

All items on this agenda are scheduled for action unless specifically noted otherwise. Items listed on the

agenda may be taken out of order; two or more agenda items for consideration may be combined; and any

item on the agenda may be removed or related discussion may be delayed at any time.

1. Call To Order

2. Public Comments

This Is A Period Devoted To Comments By The General Public About Items On This

Agenda. If You Wish To Speak To The Committee About Items Within Its Jurisdiction,

But Not Appearing On This Agenda, You Must Wait Until The “Citizen Participation”

Period Listed At The End Of This Agenda. Comments Will Be Limited To Three Minutes.

Please Step Up To The Speaker’s Podium, State Which Agenda Item Or Items You Wish

To Comment On, Clearly State Your Name And Address, And Please Spell Your Last

Name For The Record. If Any Member Of The Committee Wishes To Extend The Length

Of A Presentation, This Will Be Done By The Chair Or The Committee By Majority Vote.

3. Approval Of Agenda With The Inclusion Of Any Emergency Items And Deletion Of Any

Items (For Possible Action)

4. Approve The Minutes Of September 25, 2019 (For Possible Action)

5. Informational Item Reporting On Net Assets And Changes In Net Assets For The Period Ended

September 30, 2019.

6. Informational Item Reporting On The Quarterly Investment Report From FTN Financial Main

Street Advisors, For The Period Ended September 30, 2019.

7. Approve Compensation Of $80 Per Meeting For Retiree Trustee, To Include Reimbursement

For 18 Previously Held Meetings, For A Total Compensation Of $1,520 (For Possible Action)

8. Citizen Participation

A Period Devoted To Comments By The General Public, If Any, And Discussion Of Those

Comments. Comments Are Limited To Three (3) Minutes. No Action May Be Taken Upon

A Matter Raised Under This Item Of The Agenda Until The Matter Itself Has Been

Specifically Included On An Agenda As An Item Upon Which Action Will Be Taken Per

N.R.S. 241.020.2(C)(3)

OPEB Trust Fund Agenda December 5, 2019

9. Next Meeting – March 25, 2020, at 9:00 a.m. – Las Vegas Metropolitan Police Department

Headquarters Building B – Conference Center

10. Adjournment Of Meeting

THIS MEETING HAS BEEN PROPERLY NOTICED AND POSTED AT THE FOLLOWING LOCATIONS

Las Vegas Metropolitan Police Headquarters, 400 Martin L. King Boulevard, Principal Location, Building C First Floor

City Hall, 495 South Main Street, First Floor

State Government Office, 555 E Washington Avenue, First Floor

Clark County Government Center, 500 S. Grand Central Parkway, First Floor

Regional Justice Center, 200 Lewis Avenue, First Floor

OTHER POST-EMPLOYMENT BENEFITS TRUST FUND MINUTES

Las Vegas Metropolitan Police Department Headquarters Building A – Classroom 109

400 S. Martin L. King Boulevard Las Vegas, NV 89106

September 25, 2019, at 9:00 a.m.

Committee Members Present Committee Members Absent Richard Hoggan (Chair) None Jessica Colvin (Vice-Chair) Gary Ameling Karen Keller

1. Call To Order

Chair Hoggan called the meeting to order at 9:05 a.m.

2. Public CommentsThis Is A Period Devoted To Comments By The General Public About Items On This Agenda. If You Wish To Speak To The Committee About Items Within Its Jurisdiction, But Not Appearing On This Agenda, You Must Wait Until The “Citizen Participation” Period Listed At The End Of This Agenda. Comments Will Be Limited To Three Minutes. Please Step Up To The Speaker’s Podium, State Which Agenda Item Or Items You Wish To Comment On, Clearly State Your Name And Address, And Please Spell Your Last Name For The Record. If Any Member Of The Committee Wishes To Extend The Length Of A Presentation, This Will Be Done By The Chair Or The Committee By Majority Vote.

None

3. Approval Of Agenda With The Inclusion Of Any Emergency Items And Deletion OfAny Items (For Possible Action)

Motion: Trustee Keller moved to approve Vote: Unanimous approval

4. Approve The Minutes Of May 22, 2019 (For Possible Action)

Motion: Trustee Keller moved to approve Vote: Unanimous approval 4

OPEB Trust Fund Minutes Page 2 September 25, 2019

5. Informational Item Reporting On Net Assets And Changes In Net Assets For The PeriodEnded June 30, 2019.

LVMPD Accounting Manager Jackson Wong briefed the committee. Assets are now $18+ million.

Trustee Ameling inquired on the status of the FY2018 Audit. Audit is currently in progress. There’s been a delay as the committee members were still gather information on the new GASB rules that effected the plan.

Vice-Chair Colvin inquired if Trustee Keller had been paid for her participation on the board as the statue allows for payment. She has not been paid for the meetings she’s attended. It was agreed research would be completed and an agenda item brought back to the committee for approval.

Vice-Chair Colvin requested an update on the status of actuarial study for FY2019. Wong stated FY2018 is currently in the process. Numbers for FY 2019 are not yet complete. Colvin would like to review the implicit liabilities now to determine where the trust is for current funding. Wong agreed to forward the information from the prior study to Colvin. The committee discussed the liabilities associated with the trust fund and how it affects the liabilities.

A review and discussion item will be added to the agenda once the study is complete for the committee.

So noted.

6. Informational Item Reporting On The Quarterly Investment Report From FTN FinancialMain Street Advisors, For The Period Ended June 30, 2019.

President/Chief Investment Officer Rick Phillips with FTN Financial Main Street Advisors summarized for the committee the investments and market conditions related to the OPEB Trust Fund. Reports reviewed were Economic / Market Update dated September 25, 2019 and the Quarterly Investment Report as of June 30, 2019.

So noted.

7. Ratify The Fiduciary Liability Insurance Proposal Agreement Between LVMPD OPEBTrust Fund And Cragin & Pike, And Authorize The Chair Or His Designee To SignAgreement Or Take Other Action As Appropriate (For Possible Action)

8. Ratify The Directors’ & Officers’ Liability Insurance Proposal Agreement BetweenLVMPD OPEB Trust Fund And Cragin & Pike, And Authorize The Chair Or HisDesignee To Sign Agreement Or Take Other Action As Appropriate (For PossibleAction)

OPEB Trust Fund Minutes Page 3 September 25, 2019

Motion: Trustee Keller moved to approve agenda items seven and eight Vote: Unanimous approval

9. Citizen ParticipationA Period Devoted To Comments By The General Public, If Any, And Discussion Of Those Comments. Comments Are Limited To Three (3) Minutes. No Action May Be Taken Upon A Matter Raised Under This Item Of The Agenda Until The Matter Itself Has Been Specifically Included On An Agenda As An Item Upon Which Action Will Be Taken Per N.R.S. 241.020.2(C)(3)

None

10. Next Meeting – December 5, 2019, at 9:00 a.m. – Las Vegas Metropolitan PoliceDepartment Headquarters Building B – Conference Center

So noted.

11. Adjournment Of Meeting

Chair Hoggan adjourned the meeting at 9:55 a.m.

Meeting minutes completed by T. Wilson, PN 4870.

09/30/2019 06/30/2019

ASSETS

Investments, at fair value:

Clark County Treasurer's Pool 3,144,248$ 124,763$

RBIF 19,865,267 18,608,771

Total Investments 23,009,515 18,733,534

Other Assets:

Cash (OPEB Checking Account) 28,131 29,583

Total Assets 23,037,646 18,763,117

LIABILITIES

Liabilities:

Payable‐Investment Consulting Fees 1,250 1,250

Accrued Bank Fees 52 202

Total Liabilities: 1,302 1,452

Net Assets 23,036,344$ 18,761,665$

LAS VEGAS METROPOLITAN POLICE DEPARTMENT

OPEB TRUST FUND

STATEMENTS OF NET ASSETS

FOR THE PERIOD ENDED SEPTEMBER 30, 2019

(Unaudited)

5

09/30/2019 06/30/2019

Additions to net assets attributed to:

Contributions:

Employer 4,000,000$ 4,000,000$

Investment Income:

Net appreciation (depreciation) in fair value

of investments at:

Quoted market price 146,200 910,251

Interest and dividends 130,974 483,058

Less Investment Fees (1,193) (4,269)

Net Investment Income 275,981 1,389,040

Total Additions 4,275,981 5,389,040

Deductions from net assets attributed to:

Operating Expenses:

Bank Fees 52 202

Trust Fiduciary Insurance Premiums ‐ 18,397

Investment Consulting Fees 1,250 5,000

FY17 Audit Fees ‐ 20,000

Total Deductions 1,302 43,599

Net Increase (Decrease) for the year 4,274,679 5,345,441

Net Assets:

Beginning Net Assets Available 18,761,665 13,416,224 Total Net Assets Available 23,036,344$ 18,761,665$

LAS VEGAS METROPOLITAN POLICE DEPARTMENT

OPEB TRUST FUND

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIOD ENDED September 30, 2019

(Unaudited)

DECEMBER 5, 2019

Las Vegas

Metropolitan Police Department

OPEB Trust

Quarterly Economic/Market Update

4

6

2

Executive Summary and US Economic Signals

Executive Summary

“No *Cuts* for You”! What Might Get the Fed to Cut Again…Stocks Soft Landing…Mission Accomplished? Employment Growth Slowing Inflation Expectations Remain Low…But Increasing U.S. Consumer Still Looks Strong’ish Stocks Having a Strong Year

Source: Bloomberg, CNBC, FHN Main Street

3

State of the Markets

Source: Investing.com, FHN Main Street

1. S&P 500: +25% YTD, All-Time-High

2. Unemployment Rate: 3.6%, Near

50 Year Low

3. Econ Expansion: 123 Months,

Longest in History

4. Job Growth: 108 Straight Months,

Longest in History

5. Core CPI: 2.4%, 11-Year High

6. Fed: Cut Rate 3 Times This Year

4

Market Looking at Aug 2020 for Next Cut

Source: Bloomberg

5

What Gets the Fed to Cut Rates Again?

Source: Bianco

6

Stocks and the Fed

Source: Bloomberg

Fed Cuts: Jul, Sep, and Oct

7

Going from Good to Less Good…But Still Good

Source: Bloomberg

8

World GDP vs. 10Yr

Source: Bianco

9

US: Big Variance: Soft vs. Hard Data

Source: Bloomberg

10

But…Chair Powell Says: Economy’s in a “Good Place”

Source: Bloomberg, CNBC

11

Bernanke: “The Fed Murders the Economy”

Source: MarketWatch

12

US Employment Growth Much Slower This Year

Source: Bloomberg

13

US Inflation’s Mixed Bag

Source: Bloomberg

14

Commodities Pushing Inflation/Yields Higher?

Source: Bloomberg

15

US Consumer Remains Strong’ish

Source: Bloomberg

16

Lower Mortgage Rates Helping Housing

Source: Bloomberg

17

Dovishness Around the World…Continues

Source: Charlie Bilello

18

Stocks Liking the Doves

Source: Bloomberg

19

Yield Curve…Back to Yellow

Source: Bloomberg

3 Fed Cuts Really Helped

20

Still the “Cleanest Shirt” in Long-Term Rates

Source: Bloomberg

21

It’s Tough to Time the Stock Market

Source: S&P

22

It’s Tough to Time the Bond Market

Source: S&P

23

RBIF FY2019 Report

24

Disclaimer

Although this information has been obtained from sources which we believe to be reliable, we do not guarantee its accuracy, and it may be

incomplete or condensed. This is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or

sale of any security. All herein listed securities are subject to availability and change in price. Past performance is not indicative of future results,

and changes in any assumptions may have a material effect on projected results. Ratings on all securities are subject to change.

FHN Financial Capital Markets, FHN Financial Portfolio Advisors, and FHN Financial Municipal Advisors are divisions of First Horizon Bank. FHN

Financial Securities Corp., FHN Financial Main Street Advisors, LLC, and FHN Financial Capital Assets Corp. are wholly owned subsidiaries of

First Horizon Bank. FHN Financial Securities Corp. is a member of FINRA and SIPC — http://www.sipc.org/.SIPC.

FHN Financial Municipal Advisors is a registered municipal advisor. FHN Financial Portfolio Advisors is a portfolio manager operating under the

trust powers of First Horizon Bank. FHN Financial Main Street Advisors, LLC is a registered investment advisor. None of the other FHN entities,

including FHN Financial Capital Markets, FHN Financial Securities Corp., or FHN Financial Capital Assets Corp. are acting as your advisor, and

none owe a fiduciary duty under the securities laws to you, any municipal entity, or any obligated person with respect to, among other things, the

information and material contained in this communication. Instead, these FHN entities are acting for their own interests. You should discuss any

information or material contained in this communication with any and all internal or external advisors and experts that you deem appropriate

before acting on this information or material.

FHN Financial, through First Horizon Bank or its affiliates, offers investment products and services. Investment products are not FDIC insured,

have no bank guarantee, and may lose value.

Client Management Team

Rick Phillips President & Chief Investment Officer 702-575-6666 [email protected]

Tonya Dazzio Chief Operating & Compliance Officer 702-575-6592 [email protected]

Greg Balls, CFA Senior Portfolio Manager 702-575-6655 [email protected]

Dan Rusk Portfolio Manager 702-575-6633 [email protected]

Christine Wilson Operations Analyst 702-575-6640 [email protected]

Ruth Phillips Financial Analyst 702-575-6600 [email protected]

Quarterly Investment Report

Las Vegas Metropolitan Police

Department OPEB Trust

September 2019

10655 Park Run Drive, Suite 120 | Las Vegas, NV 89144 | Phone 702.575.6600 | www.FHNMainStreet.com

Portfolio Summary

Sector

Clark County Inv Pool (Fixed Income)

Cash Equivalents - RBIF

U.S. Bonds -RBIF

U.S. Stocks - RBIF

International Stocks - RBIF

Total

Market Value

Book Value

Variance

Total Gain/Loss %

Since Inception

Annualized Return

Since Inception

RBIF Allocations

U.S. Equity

International Equity

U.S. Bonds

*Rebalance minimum

Note: First deposit into RBIF was 12/24/15

46.5%-54.0%

19.0%-23.5%

25%*

49%

21%

30%

19,974,248.15

3,067,572.98

15.36%

3.86%

Target Range

23,041,821.13

9,975,740.54 9,373,760.20 601,980.34

4,214,930.98 3,992,689.67 222,241.31

23,041,821.13 18,733,542.84 4,308,278.29

Cost vs Market Value Total Asset Allocation

147,998.88 147,270.16 728.73

5,526,596.61 5,095,051.30 431,545.32

3,176,554.11 124,771.52 3,051,782.59

9/30/19Metro OPEB Trust

Current Market Value Prior Qtr Market Value Period Change

Inv Pool-13.8%

Cash Eqv-RBIF0.6%

U.S. Stocks-RBIF 43.3%

Int'l Stocks-RBIF 18.3%

U.S. Bonds-RBIF 24.0%

2

Contribution History to OPEB Trust

Month FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

Jul 333,333 333,333 333,333

Aug 333,333 333,333 333,333

Sep 333,333 333,333 333,333

Oct 333,333 333,333

Nov 333,333 333,333

Dec 650,000 333,333 333,333

Jan 650,000 655,000 333,333 333,333

Feb 650,000 655,000 333,333 333,333

Mar 487,500 655,000 333,333 333,333

Apr 487,500 655,000 333,333 333,333

May 487,500 655,000 333,333 333,333Jun 487,500 655,000 333,333 333,333

Total 3,900,000 3,930,000 4,000,000 4,000,000 1,000,000

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2027 Total

3.90 3.93 4.00 4.00 1.00 16.83

9/30/19Metro OPEB Trust

Fiscal Year Contributions to RBIF

Fiscal Year Contributions to RBIF - Millions

0

1

2

3

4

5

6

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

$ M

illio

ns

3

Market Recap

Quarterly Return:

Key Points

▪ Trade Worries Subside

▪ Stronger Than Expected Earnings

▪ Accommodative Fed

Quarterly Return:

Key Points

▪ Investor Confidence Strengthened

▪ Accommodative Central Banks

▪ Economic Signals Potential Turn Around

Quarterly Return:

Key Points

▪ Muted Inflation

▪ Fed Cuts Fund Rates Twice

▪ Slower Growth and Tariff War Concerns

Source: Bloomberg, FHN Main Street

Metro OPEB Trust 9/30/19

BAML US Treasury Bond Index (Domestic Fixed-Income)

2.47%

S&P 500 (Domestic Stocks)

11.82%

MSCI EAFE (International Stocks)

7.79%

2800

2850

2900

2950

3000

3050

Jul-19 Aug-19 Sep-19

S&P 500 Index

1750

1800

1850

1900

1950

2000


MSCI EAFE Index

1.3

1.5

1.7

1.9

2.1

25.00

25.50

26.00

26.50

27.00


5Y

r T-

No

te %

Yie

ld

Tre

asu

ry In

de

x

Treasury Aggregate Bond Index vs 5Yr T-NoteTsy Index 5Yr

4

Historical Sector Allocation - All Assets

Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19

CC Inv Pool 15.9% 13.9% 12.6% 10.2% 8.1% 6.2% 4.3% 2.6% 0.7% 16.7% 15.4% 13.8%

U.S. Stocks - RBIF 42.7% 43.6% 44.3% 46.2% 47.4% 48.2% 49.8% 48.7% 50.0% 42.6% 42.1% 43.3%

U.S. Bonds - RBIF 23.8% 24.1% 24.0% 23.2% 24.4% 25.1% 25.3% 30.0% 27.2% 22.8% 23.9% 24.0%

Int'l Stocks - RBIF 16.7% 17.2% 17.9% 19.3% 19.7% 19.7% 20.1% 20.7% 21.3% 17.4% 17.9% 18.3%

Cash Equiv - RBIF 0.9% 1.2% 1.2% 1.0% 0.4% 0.8% 0.5% -2.0% 0.8% 0.4% 0.7% 0.6%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Sector


-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%


U.S. Stocks-RBIF

U.S. Bonds-RBIF

Int'l Stocks-RBIF

Cash Equv-RBIF

Inv Pool

5

Historical Sector Allocation - RBIF Assets


U.S. Stocks - RBIF 50.8% 50.6% 50.7% 51.5% 51.6% 51.4% 52.0% 50.0% 50.4% 51.2% 49.8% 50.2%

Int'l Stocks - RBIF 19.8% 20.0% 20.5% 21.5% 21.4% 21.0% 21.0% 21.3% 21.5% 20.9% 21.1% 21.2%

U.S. Bonds - RBIF 28.3% 28.0% 27.4% 25.9% 26.5% 26.8% 26.5% 30.7% 27.4% 27.4% 28.2% 27.8%

Cash Equiv - RBIF 1.1% 1.4% 1.4% 1.1% 0.5% 0.8% 0.5% -2.0% 0.8% 0.5% 0.9% 0.7%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

RBIF Sector


15%

20%

25%

30%

35%

40%

45%

50%

55%


Intl. Stock TargetRange

U.S. Bond Target Range

U.S. Stock Target Range

6

Cost vs Market ValueMetro OPEB Trust 9/30/19

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

Dec

-16

Jan

-17

Feb

-17

Mar

-17

Ap

r-1

7

May

-17

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-1

8

May

-18

Jun

-18

Jul-

18

Au

g-1

8

Sep

-18

Oct

-18

No

v-1

8

Dec

-18

Jan

-19

Feb

-19

Mar

-19

Ap

r-1

9

May

-19

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Mill

ion

s

Cost Value vs. Market Value

Market Value

Cost Value

-$1,000

-$800

-$600

-$400

-$200

$0

$200

$400

$600

$800

$1,000

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

Dec

-16

Jan

-17

Feb

-17

Mar

-17

Ap

r-1

7

May

-17

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-1

8

May

-18

Jun

-18

Jul-

18

Au

g-1

8

Sep

-18

Oct

-18

No

v-1

8

Dec

-18

Jan

-19

Feb

-19

Mar

-19

Ap

r-1

9

May

-19

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Tho

usa

nd

s

Gain/Loss from Previous Month

7

Historical Total Rate of Return Performance - RBIF Investments Only

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun0.447% -0.382% 1.275%0.439% -0.308% 1.278%

0.008% -0.074% -0.003%0.008% -0.066% -0.070%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY272.292% 12.366% 8.337% 7.931% 1.340%2.707% 12.101% 8.308% 7.939% 1.409%

-0.415% 0.265% 0.030% -0.009% -0.070%Benchmark: 49% S&P 500, 30% Barclays Aggregate Treasury Bond, 21% MSCI EAFE -- RBIF Returns are net of feesFY 2016 Started for the month ending January 2016


FTYD Variance

RBIF PortfolioBenchmark

RBIF PortfolioRBIF Benchmark

Monthly Variance

Yearly Variance

-2%

-1%

0%

1%

2%

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

Pe

rce

nt

Var

ian

ce

Monthly and FYTD Total Rate of Return Variance to BenchmarkMonthly FYTD

-0.415%

0.265%

0.030%

-0.009% -0.070%

-1.0%

-0.5%

0.0%

0.5%

1.0%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27

Pe

rce

nt

Var

ian

ce

Fiscal Year Total Rate of Return Variance to Benchmark

8

Historical Total Rate of Return Performance - RBIF Indexes

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun1.44% -1.58% 1.87%

-1.25% -2.56% 2.92%

-0.01% 3.35% -0.84%

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun1.44% -0.17% 1.70%

-1.25% -3.77% -0.96%

-0.01% 3.34% 2.47%


U.S. Stocks

Int'l Stocks

U.S. Bonds

U.S. Stocks

Int'l Stocks

U.S. Bonds

-3%

-2%

-1%

0%

1%

2%

3%

4%


Pe

rce

nt

Var

ian

ce

Monthly Total Rate of Return

US Stocks

Int'l Stocks

US Bonds

-6%

-4%

-2%

0%

2%

4%


Pe

rce

nt

Var

ian

ce

Fiscal Year-To-Date Total Rate of Return

US Stocks

Int'l Stocks

US Bonds

9

Total Return Performance

Latest Latest One Three Five SinceMonth QTR FYTD Year Years Years Inception*1.28% 1.34% 1.34% 5.16% 8.90% N/A 8.38%1.28% 1.41% 1.41% 5.40% 8.81% N/A 8.13%

Variance 0.00% -0.07% -0.07% -0.24% 0.09% N/A 0.25%

*Inception Date of 11/30/15

RBIF PortfolioBenchmark


0%

2%

4%

6%

8%

10%

1 Month QTR FYTD 1 Year 3 Years 5 Years Inception*

Total Returns RBIF Portfolio

Benchmark

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

No

v-1

5

Feb

-16

May

-16

Au

g-1

6

No

v-1

6

Feb

-17

May

-17

Au

g-1

7

No

v-1

7

Feb

-18

May

-18

Au

g-1

8

No

v-1

8

Feb

-19

May

-19

Au

g-1

9

Cumulative Total ReturnsRBIF PortfolioBenchmark

10

Stock and Bond Indicies History

Data Souce: Bloomberg


700

1200

1700

2200

2700

3200D

ec-

99

Jun

-00

De

c-0

0

Jun

-01

De

c-0

1

Jun

-02

De

c-0

2

Jun

-03

De

c-0

3

Jun

-04

De

c-0

4

Jun

-05

De

c-0

5

Jun

-06

De

c-0

6

Jun

-07

De

c-0

7

Jun

-08

De

c-0

8

Jun

-09

De

c-0

9

Jun

-10

De

c-1

0

Jun

-11

De

c-1

1

Jun

-12

De

c-1

2

Jun

-13

De

c-1

3

Jun

-14

De

c-1

4

Jun

-15

De

c-1

5

Jun

-16

De

c-1

6

Jun

-17

De

c-1

7

Jun

-18

De

c-1

8

Jun

-19

Ind

ex

Val

ue

S&P 500 and MSCI EAFE Indexes

S&P 500 EAFE

95

100

105

110

115

120

Sep

-03

Feb

-04

Jul-

04

De

c-0

4

May

-05

Oct

-05

Mar

-06

Au

g-0

6

Jan

-07

Jun

-07

No

v-0

7

Ap

r-0

8

Sep

-08

Feb

-09

Jul-

09

De

c-0

9

May

-10

Oct

-10

Mar

-11

Au

g-1

1

Jan

-12

Jun

-12

No

v-1

2

Ap

r-1

3

Sep

-13

Feb

-14

Jul-

14

De

c-1

4

May

-15

Oct

-15

Mar

-16

Au

g-1

6

Jan

-17

Jun

-17

No

v-1

7

Ap

r-1

8

Sep

-18

Feb

-19

Jul-

19

ETF

Pri

ce

Barclays Aggregate U.S. Bond ETF

11

Glossary and Disclosure

Report Source Data: RBIF Information:

RBIF: Bank of New York Mellon RBIF investments are overseen by Nevada PERS personnel

Benchmark: Bloomberg Investment object is to generate an 8% long-term return, exceeding CPI by 4.5%

Clark County Investment Pool: FHN Main Street Asset classes will be rebalanced according to range triggers shown on page 2

Rebalancing funding source/destination shall be those asset classes furthest away from their targets

Glossary:

S&P 500: S&P index capturing large-cap U.S. based companies

MSCI EAFE: MSCI index capturing large and mid-cap equities across developed markets in EAFE (Europe, Australasia, and the Far East), excluding the U.S. and Canada

Barclays Aggregate Treasury Index: ETF which seeks to track the investment results of an index composed of U.S. Treasury bonds and notes

Barclays Aggregate Bond: Barclays index which tracks an index of U.S. investment-grade government (including mortgage-backed) and corporate bonds

ETF: Exchange traded fund, is a marketable security that tracks an index, such as the Barclays Aggregate Bond Index

Investment Pool: Short-term, high quality fixed income pool overseen by the Clark County Treasurer

Although this information has been obtained from sources which we believe to be reliable, we do not guarantee its accuracy, and it may be incomplete or condensed. This is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. All herein listed securities are subject to availability and change in price. Past performance is not indicative of future results, and changes in any assumptions may have a material effect on projected results. Ratings on all securities are subject to change.

FHN Financial Capital Markets, FHN Financial Portfolio Advisors, and FHN Financial Municipal Advisors are divisions of First Horizon Bank. FHN Financial Securities Corp., FHN Financial Main Street Advisors, LLC, and FHN Financial Capital Assets Corp. are wholly owned subsidiaries of First Horizon Bank. FHN Financial Securities Corp. is a member of FINRA and SIPC —http://www.sipc.org/.

FHN Financial Municipal Advisors is a registered municipal advisor. FHN Financial Portfolio Advisors is a portfolio manager operating under the trust powers of First Horizon Bank. FHN Financial Main Street Advisors, LLC is a registered investment advisor. None of the other FHN entities, including FHN Financial Capital Markets, FHN Financial Securities Corp., or FHN Financial Capital Assets Corp. are acting as your advisor, and none owe a fiduciary duty under the securities laws to you, any municipal entity, or any obligated person with respect to, among other things, the information and material contained in this communication. Instead, these FHN entities are acting for their own interests. You should discuss any information or material contained in this communication with any and all internal or external advisors and experts that you deem appropriate before acting on this information or material.

FHN Financial, through First Horizon Bank or its affiliates, offers investment products and services. Investment products are not FDIC insured, have no bank guarantee, and may lose value.

12

other post-employment benefits trust fund agenda … · 5/19/2012 · conditions related to the...

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